Employers can help

While this is a frustrating reality for many Americans, the good news is that employers can help and provide a high-value benefit to their employees. Financial wellness benefits can help employees achieve their financial goals, including buying their first home, in a variety of ways:

• Education is often the first step for employees to improve their financial situation. Many Americans do not have a clear understanding of fundamental personal finance topics.
• Financial wellness platforms and coaching help employees with the juggling act that is personal finance. For employees struggling to buy their first home, support that prioritizes and holds employees accountable to saving, paying off debt and increasing their credit score can be the difference between making consistent progress toward their goal and never being able to afford a home.
• There are also specialized financial wellness products that are designed to meet specific financial challenges, such as student loan repayment, debt management, credit-score monitoring, emergency savings, caregiver assistance and many more.

Financial insecurity is a pervasive issue that restricts young workers’ access to prior generations’ primary wealth-building tool. Employers can provide a cost-efficient benefit to their employees that addresses this issue, strengthens their relationship with their people and attracts and retains employees in a competitive talent market.

Learn more

Download our insights that:

• Illustrate the timeline of the housing challenge for young workers
• Provide statistics on the challenge
• Outlines four types of employer-sponsored programs to address the challenge