SoFi

With the return of defaulted student loan collections and continued uncertainty surrounding income-driven repayment plans, student debt is once again emerging as a significant source of financial stress for employees across the country. And it’s not just workers who are feeling the strain — employers are increasingly affected as well.

Financial stress is known to contribute to lower job satisfaction, reduced engagement, and lost productivity. Now, new research suggests that student debt is a key factor in employee turnover, with debt-burdened workers significantly more likely to seek new opportunities compared to those without any student loan debt.

A recent study from the MissionSquare Research Institute, for example, found that employees with student debt were significantly less likely to say they would remain with their current employer compared to those without debt (39% vs. 61%). Only 34% of employees in the private sector with student loan debt indicated they’re likely to stay with their employer.

This aligns with earlier findings from the ADP Research Institute, which showed that any amount of student debt increases a worker’s intent to leave their current job — and those with the highest debt loads are twice as likely to be job-hunting compared to their debt-free peers.

Even if employees look but don’t immediately leave, these findings underscore a growing reality: Offering student debt repayment support may be more critical than ever for attracting and retaining top talent.

The Burden of Student Debt and How Employers Are Responding

An estimated one in four privately employed workers carries student debt. The average federal student loan debt balance is now $38,375, and the average total balance (including private loan debt) is $41,618. All told, 42.7 million borrowers currently owe more than $1.6 trillion in student debt, making student loan debt the second largest consumer debt balance in the U. S. (after mortgages).

Pervasive student debt is a barrier to financial security for many employees. Faced with such a heavy burden, borrowers are often unable to save for emergencies and retirement and may be forced to delay big life events.

Not surprisingly, many HR leaders are looking for ways to help. The number of employers offering student loan benefits more than tripled in the past five years, from 4% in 2019 to 14% in 2024, according to data from the International Foundation of Employee Benefit Plans. Here’s a look at some examples:

•   Athletico Physical Therapy: Athletico Physical Therapy, a national provider of orthopedic rehabilitation services partnering with SoFi at Work, provides eligible employees with a $100 monthly contribution (up to $1,200 annually) toward their student loans, starting on day one of employment. According to the company, this tax-free contribution can help the average Athletico employee save as much as $17,076 on their loan after eight years and pay the loans off 20 months faster.

•   Kimley-Horn: A premier engineering, planning, and design consultancy, Kimley-Horn took its award-winning employee benefits to the next level in 2024 with the introduction of matching 401(k) contributions based on an employee’s student loan repayments. How it works: Typically, the company offers a match of double an employee’s 4% contribution to a 401(k) with an 8% company contribution. Now, employees’ student loan repayments can replace all or a portion of the 4% contribution, allowing employees to continue to receive the company’s retirement match while paying down their student loans. Kimley-Horn also offers tuition reimbursement.

•   Community Health Systems: Tennessee-based hospital chain Community Health Systems (CHS) offers an employer-sponsored student loan repayment program designed to offset loan balances by up to $20,000 for most clinical employees. In addition, employees may consolidate their loans and possibly reduce interest rates through the program. CHS also offers a tuition reimbursement program that provides up to $5,000 in tax-free reimbursement annually.

•   CoStar Group: CoStar, a Washington, DC-based real estate data and research provider, offers a company match to an employee’s 401(k) for workers paying off student loans. The maximum total retirement match is 4%, as long as the employee contributes at least 4% of their pay directly to student loan repayment, or to their 401(k).

How to Implement Student Debt Benefits

These days, the question on many benefit leaders’ minds is not if they should implement student loan debt benefits but instead, what is the best way to do so. Below are some tips on how best to manage your student loan repayment benefits.

Consider Student Loan Reimbursement

Under current law, employers can contribute $5,250 annually per employee toward tuition reimbursement or student loan payments on a tax-exempt basis. The provision for student loan repayment, however, will only be available until Dec. 31, 2025, unless Congress passes new legislation to extend it.

Employers don’t have to pay the full $5,250. The average student loan payment is $536 a month, or $6,432 each year. Repaying even a small portion of these monthly payments is enough to impact your employees positively. As we saw above with Athletico, even seemingly small amounts can help employees save thousands of dollars in interest over the life of the loan.

You can start by offering a $100 or $200 monthly payment and increase the amount as you can. You could also offer different payments to different groups of employees. For instance, you might offer a lower payment amount to first-year employees than to those who have been with your company for a few years. This incentivizes employees to stay at your organization, reducing employee turnover and saving on talent acquisition costs.

To determine the amount that works for your company (and is likely to help retain workers), conduct an employee survey to find out how many of your workers carry student debt and would qualify for a reimbursement. You might also look at your future hiring expectations to estimate the number of new employees likely to join the program. From there, you can determine how much your organization can afford to contribute to each individual.

Consider Student Loan Repayment as Salary Deferral for Employer Match into Retirement

The Secure Act 2.0, which became law in 2022, is designed to encourage more American workers to save for retirement. Toward that end, it formally authorizes companies to match employees’ qualified student loan payments with contributions to their retirement accounts, including 401(k)s, 403(b)s, SIMPLE IRAs, and government 457(b) plans.

This provision is not only a win for employees, but also for employers. Lowering debt and helping workers save for the future boosts the overall financial wellness of your workforce. Benefits managers, like those at Kimley-Horn, hope this benefit will help attract talent and retain employees who see their retirement savings increasing and student debt balances decreasing.

If you’re interested in implementing a similar program, there are a few rules to keep in mind. A student loan matching benefit must abide by all the rules of a traditional match, including eligibility criteria, matching contribution rate, and vesting schedule. However, there is one exception: You are allowed to deposit the matching contributions to the employee’s 401(k) plan account less frequently than regular matching contributions, as long as you contribute at least annually.

Recommended: The Future of Financial Well-Being in the Workplace

Rethink Your Tuition Reimbursement Program

Now may be a good time to reevaluate your tuition reimbursement programs or introduce this type of benefit. Tuition reimbursement helps employees avoid taking out large student loans in the first place. It also benefits employers in multiple ways: For one, it helps employees gain new skills and knowledge they can apply at work. It also serves as a retention tool, since workers can take just a few classes per semester while continuing to stay on the job. Including a retention clause specifying they need to stay a certain length of time after completing classes can help you keep valued workers in your organization.

Some things to consider as you start or retool a tuition reimbursement benefit:

•   Types of payment: Generally, employees pay for their classes upfront and submit tuition reimbursement forms to their employers after successfully completing them, but this can be a barrier to participation. Consider paying for classes at registration or directly to the school, making it easier for employers to take advantage of this benefit.

•   Tiered payment: Some programs reimburse employees for a percentage of costs based on their grades. For example, an “A” might qualify for 100% reimbursement, a “B” would get 85%, a “C” might result in 75%, etc. Or, you might pay 100% only for classes with a passing grade.

•   Types of courses: Many employers pay for courses related to the employee’s career. Still, you might include classes that could help your workers pursue other positions in your company.

•   Institutions: Many programs cover any accredited institutions, but a growing trend is for employers to enter exclusive partnerships with education providers.

•   Service requirements: You might specify a vesting period before qualifying for benefits and/or require employees to stay with the company for a certain period after completing the course in order to keep the funds.

The Takeaway

Benefits that can help ease the burden of student debt are important tools employers can utilize to recruit and retain talent and promote financial wellness among employees. This is especially important in light of new data that shows employees who feel they have a heavy student loan burden are far more likely to be in the process of leaving their organization.

SoFi at Work can help. We’re experts in the student lending space. With SoFi at work, you have access to platforms and information that can help build the benefits you need to create a successful and loyal workforce.

FAQ

Are employees changing jobs because of student debt?

They may be looking to do so. Although it might seem counterintuitive, new research shows that employees with perceived heavy student debt burdens are more likely to be job hunting than their peers with lighter or no debt burdens.

What can employers do to retain employees with student debt?

To support employees with student loan debt and improve their intent to stay, consider offering a student loan repayment contribution program and/or matching 401(k) contributions for student loan repayment.

How many employees are struggling with student debt?

That number will depend on your workforce demographics, but about a quarter of privately employed workers in the U.S. carry student debt.

Photo credit: iStock/SrdjanPav

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org ). The 529 Savings and Selection Tool is provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2025 Social Finance, LLC. All rights reserved. Information as of November 2025 and is subject to change.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOAW-Q225-009

In 2025, student loan debt remains a major obstacle to financial wellness for millions of American workers. While education is often viewed as the gateway to opportunity, the rising costs of higher education have left many employees burdened by debt throughout their careers.

With ongoing legislative changes, program delays, and economic uncertainty, navigating the student debt landscape has become increasingly complex. For HR professionals, this presents both a challenge and opportunity —- the challenge of creating benefits to address employee concerns about student debt, along with the opportunity to build a more engaged, loyal, and financially resilient workforce.

Here’s a look at the latest developments in student lending — and how HR can play a role in supporting and empowering employees burdened by education debt.

Key Challenges Employees May Be Facing

Despite federal efforts to ease the burden of student loans, 2025 has ushered in a new set of uncertainties. Here are some of the most recent changes in federal loan repayment that may be impacting the financial health of your employees.

Resumption of Collection Activities

The Department of Education (ED) resumed collections on defaulted students on May 5, 2025, after a roughly five-year hiatus. The action affects over five million borrowers who are now in default, with an additional four million in late-stage delinquency. Consequently, nearly 10 million borrowers could soon be in default, representing almost 25% of the entire federal student loan portfolio.

The ED has restarted collections through the Treasury Offset Program (TOP), which allows for the offset of income tax refunds and certain federal and state payments. If borrowers continue to miss payments going into the summer, Federal Student Aid will place them in administrative wage garnishment. This means up to 15% of their disposable income can be withheld from their paycheck and sent to their loan holder.

Legal Uncertainty Surrounding Repayment Plans

The Saving on a Valuable Education (SAVE) plan, designed to lower monthly payments and eventually forgive remaining balances, is currently on ice due to a court ruling that blocks its implementation. The roughly eight million borrowers who signed up for SAVE are now in an interest-free forbearance, and the future of the plan remains uncertain. The same court ruling also paused the forgiveness feature of the Pay As You Earn (PAYE) and Income-Contingent Repayment (ICR) Plans.

A final resolution on these programs may come from the Supreme Court or through Congressional action.

Potential Changes to PSLF

The Public Service Loan Forgiveness (PSLF) program, which promises debt forgiveness for nonprofit and government workers after 120 qualifying payments, is facing renewed scrutiny. An executive order signed by President Trump seeks to limit which employees can qualify for loan forgiveness by changing what counts as public service. If these changes are implemented, some nonprofit organizations could lose their eligibility for the PSLF program.

Supporting Employees With Student Debt

HR departments have a unique opportunity to support employees in their financial journeys. While traditional benefits such as health insurance and retirement savings remain important, today’s workforce increasingly values financial wellness programs that address immediate concerns — chief among them, student loan debt.

Helping employees navigate their student debt repayment journey can lead to meaningful organizational benefits, including:

1. Reduced Financial Stress

According to SoFi at Work’s Workplace Financial Well-Being 2024 survey, employees spend nearly 14 hours a week stressing about finances, over half that time (8.2 hours) during working hours. Perhaps not surprisingly, one in three employees say financial issues impact their ability to focus at work, and nearly 25% say the stress reduces their productivity and confidence on the job.

Employer efforts to alleviate financial stress can lead to increased productivity, reduced absences, and improved overall employee well-being. When workers aren’t preoccupied with looming payments or default risks, they can bring more focus and energy to their roles.

Improve Loyalty and Retention

By actively addressing the student debt crisis and offering support, company leaders can foster a culture of support and empathy within the organization. This can create a positive work environment where employees feel valued and supported in their financial journey. Those employees may feel less inclined to look for a different employer, increasing your organization’s retention rates.

Employees may also be more engaged and connected to their work when they feel their employer takes their financial wellness seriously.

Increased Financial Literacy

HR can also play an educational role, helping to demystify the often-confusing world of student loans. By providing clear, accurate information — through webinars, one-on-one counseling, or curated resources — benefits teams can empower employees to make informed decisions about repayment strategies, consolidation, and forgiveness options.

That can be especially valuable for borrowers with loans in default. For example, if they’re considering enrollment in an income-driven repayment (IDR) plan, you may provide access to a student debt consultant who can help them compare the various options and choose a workable repayment plan.

Key Benefits to Consider

As HR teams explore ways to support employees with student debt, a variety of benefit options are emerging as both impactful and feasible.

Direct Student Loan Repayment Assistance

One of the most straightforward ways to assist employees is by contributing directly to their student loan payments. Under current law, employers can offer up to $5,250 annually in tax-free student loan repayment assistance through 2025. This benefit can be structured as a monthly subsidy, annual lump sum, or performance-based incentive.

Direct repayment support not only helps employees chip away at principal faster but also signals a strong commitment from employers. When paired with financial counseling or other resources, this benefit can have a highly positive impact on employee morale and financial health.

401(k) Student Loan Match

An innovative employer benefit gaining traction is matching employees’ student loan payments with contributions to their retirement accounts. Thanks to changes under the SECURE 2.0 Act that went into effect in 2024, employers can make 401(k) matching contributions based on employees’ qualified student loan payments.

This addresses the common dilemma many young workers face: choosing between paying off debt and saving for retirement. By offering both, employers can help workers build long-term financial security without sacrificing immediate obligations. It’s a win-win that encourages both debt reduction and future planning.

Recommended: Why Financial Wellness Is Important in the Workplace

Financial Education and Counseling Services

In addition to monetary support, HR can offer programs that build financial literacy and empower smarter decision-making. Partnering with financial wellness platforms or nonprofit organizations, employers can provide workshops, online tools, and access to certified counselors.

These resources can help employees:

•   Understand repayment options (e.g., income-driven repayment, refinancing, consolidation)

•   Navigate forgiveness programs (e.g., PSLF and forgiveness through IDR plans)

•   Avoid default and wage garnishment

•   Strategize for long-term financial goals alongside debt repayment

The Takeaway

As we navigate the evolving landscape of student debt in 2025, one truth is clear: employers have a powerful role to play in supporting the financial wellness of their teams. For employees burdened by uncertainty, resuming payments, and potential wage garnishments, HR support can be the difference between ongoing stress and a path to stability.

By offering thoughtful benefits — ranging from financial education to direct loan repayment and retirement matching — company leaders can foster a workplace where employees feel valued and supported.

SoFi can help. We’re experts in the student lending space. SoFi at Work offers student loan information, refinancing, and repayment platforms, along with a range of other benefits tools that can help you build a successful and loyal workforce.

Photo credit: iStock/filadendron

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org ). The 529 Savings and Selection Tool is provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2025 Social Finance, LLC. All rights reserved. Information as of November 2025 and is subject to change.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOAW-Q225-011

HR pros know that helping employees with debt, particularly student loan debt, is a key ingredient to building financial wellness in the workforce. With nearly 43 million Americans carrying a total of 1.7 trillion in federal student debt, it’s the rare employer that doesn’t have a significant number of employees with substantial student loans.

Not surprisingly, many HR leaders are looking at how they may be able to help. The number of employers offering student loan benefits more than tripled in the past five years, from 4% in 2019 to 14% in 2024, according to data from the International Foundation of Employee Benefit Plans.

Despite the need and desire, implementing these benefits can be challenging. Recent legislative and executive actions concerning student loan repayment and forgiveness have been confusing. Employers are naturally wondering what role they should play in student debt repayment and what benefits can best help.

Here, we’ll look at two important student debt repayment benefits, how they work, and how they can best be implemented to attract and retain talented workers and enhance overall financial wellness among your employees.

Student Loan Repayment Benefits

Though tax-advantaged educational assistance programs have been available for many years, employers now have the option to contribute $5,250 annually per employee toward student loan payments (not just tuition reimbursement) on a tax-exempt basis. That means employees won’t pay income tax on contributions made by their employers toward educational assistance programs, yet the employer also gets a payroll tax exclusion on these funds.

Employers can make the payments directly to their employees’ student loan servicers or lenders, or they can provide them to the employees themselves, who can then put them toward their student debt.

Here’s what to consider when offering student loan repayment benefits.

Recommended: What Employers Need to Know About Student Loans in 2025

How Much Will You Offer?

The maximum allowed annually on a tax-exempt basis is $5,250 per employee but employers do not have to provide that much. Many organizations start with a $50 to $100 a month payment. Even this seemingly small amount can help employees save thousands of dollars in interest over the life of the loan if directed toward the principal.

The amount you’ll contribute likely depends on the overall costs you are willing to dedicate to this benefit. An employee survey or other demographic data can help you determine how many of your workers carry student debt and would likely qualify for this benefit, which can help you understand the cost. In addition, you may want to look at future hiring trends for the next several years to estimate the number of new employees likely to join the program.

Will You Tie Benefits to Tenure?

Some employers require a time commitment — such as three to five years at the company — in exchange for the student loan payments. Others may simply delay the benefit for new employees for six months or a year.

In determining the qualification surrounding your program, you’ll need to weigh the immediate need for student loan relief among your workers and your need for higher retention and recruiting rates.

Is Your Paperwork in Place?

A program document outlining the design of the student loan contribution plan that complies with IRS regulations is necessary to implement this benefit.

You’ll also need to make sure this benefit works with any other existing qualified education assistance programs you may offer, such as tuition reimbursement.

The $5,250 tax-exempt limit applies to all tuition programs. So, if an employee receives reimbursement for a certification class, for example, and is eligible for student loan forgiveness payment for their undergraduate degree, the total of the two benefits per year for that employee cannot exceed $5,250. Anything above that amount will be considered taxable wages.

Matching Contributions for Student Loan Repayment

The Secure Act 2.0, signed into law late in 2022, is designed to encourage more American workers to save for retirement. The act also formally authorizes matching contributions for student loan repayment, allowing companies to match employees’ qualified student loan payments with contributions to their retirement accounts, including 401(k)s, 403(b)s, SIMPLE IRAs, and government 457(b) plans.

Many HR leaders see the benefit as a win-win for employees. It allows them to pay down student debt while still participating in retirement savings, hopefully starting at an early age. The provision also benefits employers looking to offer a creative benefit to retain and recruit workers, as it removes many of the preexisting legal barriers and administrative complexities that discouraged some companies from adopting a student loan repayment feature.

Here’s what to know about the matching contributions for student loan payments program.

The Rules Are (Mostly) the Same for All Matches

A student loan matching benefit must abide by all the rules of a traditional match. This means that the eligibility criteria, matching contribution rate, and vesting schedule you apply to matching contributions on student loan payments must be the same as those you apply to elective deferrals.

There is, however, one small difference: You are allowed to deposit the matching contributions to the employee’s 401(k) plan account less frequently than regular matching contributions, as long as you contribute at least annually.

Only Qualified Student Loan Payments are Eligible

Student loans must be qualified for repayments to be matched. That generally means any loans borrowed solely to pay for higher education expenses for the employee, their spouse, or a dependent. This includes refinanced student loans but not loans from a relative or retirement plan.

Loans eligible for repayment must have been used to pay for qualified education expenses including tuition, fees, books, supplies, equipment, and room and board for students enrolled at least half-time.

To receive a match, employees simply need to certify annually that they have made qualified student loan payments and the amount of these payments. Plan sponsors are allowed to rely on an employee’s certification and do not need to conduct an independent evaluation as to whether the payments meet all of the requirements to be qualified student loan payments.

The Takeaway

Benefits that can help ease the burden of student debt are important tools employers can utilize to recruit and retain talent and promote financial wellness among employees. This is especially important now that borrowers are facing new repayment policies and potential program changes by the Trump administration. Student loan repayment and matching contributions are two benefits employers may want to consider in this current environment.

SoFi at Work can help. We’re experts in the student lending space. With SoFi at work you have access to platforms and information that will help build the benefits you need to create a successful and loyal workforce.

FAQ

Are student loan payment benefits tax-exempt?

Yes, with some qualifications. The CARES Act allows employers to provide up to $5,250 annually per employee for student loan repayment on a tax-exempt basis through 2025.

Can employers offer student loan payment matches in retirement accounts?

Yes, a provision in Secure 2.0 (legislation signed into law in 2022) allows companies, starting in 2024, to match a worker’s student loan payment in the form of a contribution to their workplace retirement plan.

What are the advantages of student debt repayment benefits?

Student loan repayment benefits can help attract and retain talented workers. They can also increase productivity among your employees by reducing the stress created by burdensome student debt and boosting overall financial wellness.

Photo credit: iStock/insta_photos

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org ). The 529 Savings and Selection Tool is provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2025 Social Finance, LLC. All rights reserved. Information as of November 2025 and is subject to change.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOAW-Q225-010

When employees feel financially secure, they can be more engaged, focused, productive, and loyal workers.

But simply offering a variety of financial benefits may not be enough to let all members of your workforce actually achieve financial wellness. And that’s especially true today, as employees navigate higher prices, elevated interest rates, and uneven wage growth.

So what are you doing right? And what can you improve?

Measuring financial well-being can help you answer those important questions.

Why Measure Financial Wellness and Why Now?

“A person’s financial well-being comes from their sense of financial security and freedom of choice – both in the present and when considering the future,” according to the Consumer Financial Protection Bureau.

In SoFi at Work’s Future of Workplace Financial Well-Being 2024 study, a full 86% of employees said they were stressed about their finances. In addition, nearly two out of three said they were unprepared to handle a major unexpected expense (like a car repair or replacing a broken appliance) and close to half (45%) were worried about not having enough money saved for retirement.

How are your employees faring? Now may be a good time to measure the financial well-being in your workforce. Doing so can let you see firsthand the financial struggles your employees may be going through, how those struggles connect to business outcomes, and how your total rewards strategy can help.

How to Better Understand Your Unique Workforce

Measuring financial well-being will allow you to determine what segments of your workforce are struggling the most. It can also help you figure out what you can provide to help all your employees move forward. For many employers, that’s a two-part process.

1. Wage Assessment

Many employers start this process by assessing wages. No doubt you’ve compared your wage and salary decisions against competitors’ offerings, the local labor market, and industry averages. Indeed, you may be paying above the industry standard. But it’s important to remember that even above-standard wages don’t ensure financial wellness. Your workers may still be struggling.

With that in mind, you may want to compare your company’s wages against what constitutes a local living wage in the areas where your employees work. MIT’s Living Wage Calculator may be able to assist you with this. This tool helps determine how much money a person in a specific area needs to earn to cover basic expenses and how much that person has leftover for disposable income, including saving for the future. This may be a more realistic gauge for all levels of your workforce when assessing wages and determining financial well-being.

Recommended: 3 Ways to Support Your Employees During Times of Uncertainty

2. Self-Assessment Survey

The next step is to gather input from your employees. If you haven’t already, you’ll want to design an online financial wellness assessment survey and encourage all employees to participate.

An effective self-assessment survey analyzes four pillars of financial security.

Spending: With these questions, you’ll find out how many employees are spending beyond their incomes either because they have expenses that are higher than their income or because of bad spending habits. By asking how long employees think their money would last if they suddenly lost their income, you’ll also collect data on how many of your employees are prepared for an emergency.

Saving: Retirement savings will likely dominate this section. How many employees are participating in your organization’s 401(k) or other retirement savings programs? How much of their annual income are they saving? Are they taking advantage of any match? Do they have an idea of how much they’ll need to save for retirement?

You’ll also want to find out how much your employees are saving for other goals such as emergency savings funds, college tuition, or a home down payment. This may be especially important if your benefits package includes other types of savings programs in addition to retirement.

Debt/Borrowing: Here’s where you want employees to fess up to credit card debt, mortgages, student debt (their own or for their children), and personal loans. Assessing debt is a vital element for financial wellness. Some leverage, such as a mortgage or tuition loans, can be useful financial wellness tools. But credit card and other debt can be among the biggest obstacles to financial well-being.

Planning: Questions concerning employees’ purchase of life insurance and disability income insurance can paint a picture of how well-protected they are — an important element of financial wellness. This is a good place to ask if employees have set financial goals for the future and if they’ve worked with a financial counselor to do so. You’ll get a sense of what percentage of your employees are looking forward while still taking care of short-term needs/desires. Importantly, this will also let you know how much of your workforce is engaging with the financial planning tools you may be offering.

Depending on your workforce and your goals for the assessment, you may also want to include more subjective elements in your research, such as employee diaries or interviews. This can add human stories to the data collected and help inform new benefits going forward.

Sofi at Work offers a comprehensive benefits assessment tool that can be customized to your workforce.

Measuring Financial Wellness Empowers Employees

When employees take a smart, well-written, and well-designed assessment survey, they’re not just providing information to their bosses, they’re also thinking through their own financial wellness strategy.

Incorporating an interactive tool that gives immediate feedback can help employees identify their current status and balance their short- and long-term financial goals.

Providing a one-on-one meeting with a financial planner or other expert for each employee to have after completing the survey encourages your workers to take action with their newfound knowledge and further enhance their overall financial wellness. (It can also prompt more willingness to take the assessment among employees.)

Recommended: Top 10 Reasons Financial Wellness Is Important in the Workplace

Measuring Provides a Compass for Your Financial Wellness Benefits

You’ll also want to analyze your own data on the benefits you’re currently providing to determine how well they’re contributing to employee financial wellness. A comprehensive look at who is using what benefits — including everything from health insurance and 401(k)s to paid parental leave and student loan assistance — and what employees are paying for or contributing to those benefits, can unlock details about access and participation among all levels of your workforce.

A benefit analysis combined with a wage assessment and employee financial wellness survey helps provide a deeper understanding of gaps in your total benefits strategy, areas where employee engagement and education are needed, and what new tools and programs might enhance financial well-being among your workers.

The Takeaway

Measuring your employees’ financial well-being now can lead to the design and implementation of benefits that will enhance financial wellness for all of your employees in the future.

Photo credit: iStock/SDI Productions

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org ). The 529 Savings and Selection Tool is provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2025 Social Finance, LLC. All rights reserved. Information as of November 2025 and is subject to change.


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Benefits professionals play a critical role in leading their teams through periods of uncertainty. Whether driven by economic shifts, political/regulatory changes, or a global crisis, uncertain times can heighten employee stress, reduce morale, and impact productivity. Now more than ever, workers look to their employers for stability, empathy, and meaningful support. For HR pros, this presents a unique opportunity to strengthen employee trust, promote well-being, and reinforce organizational stability.

Supporting employees during challenging periods generally requires more than just maintaining current benefits; it often calls for thoughtful adjustments, clear communication, and a focus on mental, emotional, and financial health. What follows are three actionable ways benefits pros can meet the moment and help employees feel valued and secure even when the future feels unclear.

1. Make Sure Communications Are Honest and Accurate — and That They Reach Everyone

During uncertain times, it’s important to remain as open and transparent as possible with your team. This helps normalize what employees may be feeling and fosters a supportive environment where workers feel connected and reassured, even if the future is unpredictable.

Be Honest

Research shows employees engage more if they think company communications are honest. That means it’s OK to tell employees management is still looking into a change or isn’t sure exactly when a new policy will be implemented. In uncertain times, it’s better to keep in touch. Employees are looking to you for leadership, but they also want to be in on the process when changes are taking place. What’s more, giving employees honest updates can avoid the need for damage control later.

Be the Voice of Reason and Compassion

Your employees are likely overloaded with news and information, some of which may be contradictory and confusing. It’s important that your communications stay on top of breaking news and add a clear, helpful, and understanding voice to the discussion when events impact the company, the employees, and benefits.

Recommended: How Financial and Mental Health Can Collide With Work

Take a Multi-Channel Approach

While email is generally still the most common way to communicate with employees, you also want to use mobile and social media to help ensure that all employees see vital communications no matter where they are or what their work situation may be. This will be, literally, reaching out to your employees where they are.

Recommended: Benefits of Working From Home for Employees

2. Review Your Voluntary Benefits

In times of uncertainty, employees may look to their employer for a shoulder to lean on. Many HR professionals recognized this during the Covid-19 crisis and responded by offering a variety of flexible benefits that helped employees solve their short-term financial challenges while also assisting them in building a stronger future.

Research shows that more employers are offering voluntary benefits across a wide spectrum of needs. According to a 2024 survey by national insurance and financial services firm Alera Group, 50% of organizations now offer voluntary/supplemental benefits. The most popular add-ons include supplemental health insurance policies (e.g., critical illness, accident, and long-term care), followed by pet care, identity theft protections, and legal benefits.

Whatever combination of flexible or voluntary benefits you may be considering, you’ll want to be sure it fits your workers’ demographics and pressing needs. A variety of well-chosen benefits can help your employees face their specific challenges while also reducing stress and calming nerves during any period of uncertainty.

3. Help Employees Balance Short-Term and Long-Term Financial Well-Being

In uncertain times, a flexible financial well-being approach that includes the short-term benefits employees need to make it through is more important than ever. That’s why so many employers have introduced the types of benefits that employees feel are most relevant to their current financial concerns. Those may include emergency savings programs, homeownership benefits, and student loan repayment programs, to name just a few.

But this doesn’t mean that the importance of retirement savings and other long-term benefits should be diminished. Far from it. The security of knowing long-term retirement savings is in place can help add to employees’ overall financial well-being, especially during tumultuous times. Through effective communication and education programs, HR professionals can help employees balance short-term and long-term financial needs and goals.

It’s essential in times like these to try to help employees feel — and be — secure. These strategies may help you and your company continue to improve financial well-being during both calm and more tumultuous times.

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org ). The 529 Savings and Selection Tool is provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2025 Social Finance, LLC. All rights reserved. Information as of November 2025 and is subject to change.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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