Essential Components of Employee Financial Wellness Benefits

Today’s hourly workforce faces an undeniable financial health crisis, prompting many employers to prioritize financial wellness benefits. According to PwC’s 2023 Employee Financial Wellness Survey, one in three full-time employees say money worries have negatively impacted their productivity at work.

Financial stress shows up in the workplace as employee absenteeism, turnover, and lower engagement. With two out of three workers ranking financial wellness as the #1 support they expect from employers, offering a well-structured program is now table stakes for any employer serious about workforce well-being and retention.

Here are the essential components of a modern, compliant, and effective employee financial wellness program.

1. Earned wage access, done the right way

When employees face a financial emergency, access to earned wages can make the difference between stability and crisis. Nearly 40% of American workers can’t afford a $400 emergency expense. Earned wage access (EWA) allows employees to access wages they’ve already earned, without waiting for payday.

But how that access is structured matters.

The right EWA solution should:

• Avoid payroll deductions or redirects, as they can trigger wage assignment and constructive receipt risks. 

• Deliver funds directly to employee-owned, FDIC-insured accounts.

• Be completely fee-free (no transaction fees, no tipping, no hidden costs).

Chime Workplace™ offers EWA as part of a comprehensive financial wellness platform, designed to reduce financial stress without introducing compliance risks. However, EWA is meant to bridge the gap between paychecks as a part of a greater financial wellness suite that supports employee financial progress.

2. Financial tools that truly support financial wellness

Legacy EWA programs often operate as point solutions, designed for frequent use and reliant on fees. That’s not financial wellness — it’s financial dependency.

A truly modern financial wellness benefit helps employees go beyond short-term fixes and build long-term progress. That means:

• Credit tracking and improvement tools¹

• High-yield savings options that reward consistent saving²

• Goal-setting and progress tracking

• Real-time financial insights and education

Chime Workplace combines flexibility with long-term growth, providing employees with the tools they need to improve their financial outcomes and enabling employers to measure the positive impact on retention.

3. Actionable insights for employers

HR and payroll leaders need to show ROI on benefit investments. The right financial wellness platform offers aggregate, anonymized analytics on:

• EWA adoption and use patterns

• Savings behavior and balances

• Credit health improvements

• Employee engagement with financial tools

But these insights aren’t useful if they’re scattered across systems or buried in spreadsheets.

That’s why a centralized employer dashboard is critical. It provides teams with a single platform to monitor trends, understand workforce needs, and track financial progress across their entire employee base. With Chime Workplace, HR and payroll leaders can easily identify which tools are being used, pinpoint gaps, and track overall employee financial health trends — all without compromising individual privacy.

This level of transparency enables employers to validate ROI, refine their communication strategies, and make data-informed decisions about future benefit offerings.

4. Designed with compliance in mind — today into tomorrow

With increased oversight from the IRS, CFPB, and state regulators, compliance is non-negotiable. Financial wellness benefits must be structured to avoid:

• Wage assignment violations (triggered by payroll deduction or redirect)

• Constructive receipt (triggering early tax obligations)

• Usury law exposure from fees and tips on wage access

Chime Workplace is designed to support compliance by offering EWA through a no-fee, loan-based structure.

A financial wellness platform that enables progress, not just checks the boxes

The future of employee financial wellness lies in integration. Employees want a single destination where they can access earnings, build credit, track savings, and plan for the future. They want tools that fit their life stage, income, and financial goals — not one-size-fits-all apps.

Chime Workplace delivers on that promise. It’s designed for diverse workforces, built for regulatory confidence, and proven to drive adoption across frontline teams.

A well-designed financial wellness platform does more than alleviate stress. It builds confidence, improves productivity, and fosters a strong employer-employee relationship from day one.

When employees make financial progress, employers do too.

Thought leaders Jason Lee, Chief of Chime Enterprise, and Pete Tiliakos, global HR and payroll expert and advisor, recently hosted the “Future-Proof Your Workforce: Top Financial Wellness Trends for 2025" webinar. Watch the replay to learn how offering your workforce relevant, timely wellness benefits is a strategic initiative that goes a step beyond the basics.