Fact Sheet Improving Financial Wellness in the Workplace
Subtitle
Assessing Participant Outcomes in Working Credit's Benefit Program
Diana Elliott, Christine Heffernan, Adaeze Okoli
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Organizations are increasingly offering financial wellness programs as a workplace benefit, as they understand these programs are both good for their employees’ well-being and for their company’s bottom line. One such program is Working Credit NFP, a workplace benefit program designed to help employees establish and build strong credit scores and use their improved scores to enhance their financial circumstances. The Urban Institute conducted a pilot study of Working Credit’s program data to understand whether participants met the program’s objectives to improve their credit scores. The share of participants with prime scores increased across all racial and ethnic identities and hourly wage levels, and the share of participants with debt in collections or delinquency declined over the 18-month program. Participants also increased the amount of affordable credit available to them in an emergency.
Research Areas Wealth and financial well-being
Tags Asset and debts Workers in low-wage jobs Financial products and services Opportunity and ownership
Policy Centers Center on Labor, Human Services, and Population