When 56 percent of student loan borrowers say they’d take a punch in the face from heavyweight boxing legend Mike Tyson and 40 percent say they’d take a year off their life expectancies if it meant they were relieved of student debt, it probably means they’re under financial stress.

That was before the COVID-19 pandemic further complicated finances. Financial stress appears endemic: About 75 percent of American workers say they experience financial anxiety every day. The causes for this are numerous and varied, from insufficient savings (80 percent) and retirement funds (73 percent) to ballooning credit card balances (19 percent).

Financial anxiety doesn’t exist in a vacuum. There’s a link among financial, emotional and physical health. When an employee’s financial anxiety becomes overwhelming, it affects body and mind. What’s more, financial distress results in rising rates of absenteeism, presenteeism and workplace accidents that can result when workers are distracted with financial worries. Consider that 43 percent of employees spend time on their personal finances while at work.

Many employers realize a myopic focus on such core benefits as health, dental and vision insurance shortchanges employees. Finding ways to integrate financial wellness into a holistic strategy offers a competitive advantage, especially as many workers emerge from the pandemic feeling financially scarred.

Organizations trying to recruit and retain talent should keep in mind most workers don’t just want financial wellness programs, but expect them. More than 85 percent of employees say it’s important or very important for their employers to offer financial wellness initiatives even though only 12 percent say their employers offer extensive programs. What workers don’t want is complexity in their financial wellness programs. They want their employers’ help to assess their financial wellness and build their financial knowledge.

In developing or revamping your financial wellness strategies for this changing environment, consider the following three points:

You already offer employee financial wellness efforts. A well-devised strategy delivers tangible returns — the cost of financial wellness alone shouldn’t determine the viability of a program. In fact, many organizations already have financial wellness programs even if they don’t promote them, as most standard benefits include financial wellness resources.

Many benefits plans include employee assistance programs (EAPs) with financial wellness resources that cover legal and caregiving services that can help alleviate financial stress. Health savings accounts; flexible spending accounts; and such supplemental medical plans as accident, critical illness and hospital indemnity insurance can be critical to help pay out-of-pocket medical costs. Review what services are already offered and build a strategy to increase employee engagement with them.

Third-party vendors are stepping into the void with new financial wellness programs, including student loan repayment solutions, workplace loan programs or employee purchasing discounts.

One size doesn’t fit all. A diverse workforce has varied financial needs, and a financial wellness strategy must be customized to fit the employee demographic. To evaluate the needs of the employee population, account for their age, income, life experiences, financial goals and seniority. Blue- and gray-collar workers face different financial pressures than other workers. These groups could be underbanked, with neither knowledge of nor access to quality financial services. A financial wellness strategy that responds to the needs of individual employees relieves workplace stress and increases productivity.

Leverage connectedness. The pieces that comprise health care and retirement plans, voluntary benefits and EAPs are connected. Review individual plan components and repackage them to cohesively reflect employee needs and help build stronger financial wellness. Removing the walls between employee benefits and retirement services can help — joint planning sessions between benefits and retirement plan committees is an excellent place to start.