Financial Wellness

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A New Vision For Financial Wellness

More U.S. employers are offering financial wellness programs, yet the increasing popularity of this employee benefit has raised an important question: What exactly is “financial wellness”? If you asked 10 people this question, you’d likely get 10 different answers ranging from employee financial education, retirement planning, 401(k) advice, budgeting, debt management, estate planning and emergency

It’s Time to Tie Bank Profits to Customers’ Financial Health

America’s current financial system is essentially broken for the many working Americans who live on the edge financially. Mismatched incentives are at the heart of the problem. One has only to look at the sad history of payday and car title loans, subprime mortgages, or bank overdraft “protection” schemes for examples of financial products and

Financial Instability Is a Mental Health Crisis

My eyes are hot and tearful. I’m trembling, as my gasps for air grow increasingly difficult. I’m trapped. I can’t move. The words “I’m a failure” repeat in my mind incessantly as I stare at my bank account’s negative balance. I’ve experienced panic attacks countless times over the years. The cause is most often money.

Financial Wellness Helps Facilitate Improved Retirement Behaviors

Employees fully engaged in a financial wellness program can experience significant improvement in a short amount of time, particularly for those who are financially stressed, a new study suggests. Financial Finesse’s “2019 Financial Wellness Year in Review” finds that employees who engaged in online, group and individual coaching with respect to financial wellness benefits had

COVID-19 accentuates the need for employee financial wellness

With layoffs, job losses and stock market fluctuations, nearly everyone is experiencing some sort of economic repercussion from the pandemic. In fact, the U.S. Department of Labor now shows that there are more jobless claims than during the Great Recession or any natural disaster. The government is stepping in to help with the CARES Act stimulus bill that puts money into

10 financial mistakes your clients may make

Advisors, beware—as if your job weren’t complicated enough in the midst of a crashing economy and a pandemic, you’ll have to keep an eye on your clients lest they panic and do something stupid in what may seem like the end of the economy. It’s not as if people don’t normally make mistakes anyway, but trying to function under the

Talking to Children About Job Loss During the Pandemic

Even as some states are reopening, many parents face telling their children that things they were looking forward to are effectively still canceled for them — because they can no longer afford them. Economic distress from the pandemic is widespread, and many experts expect it will be long-lasting. The Labor Department reported on Friday that more than

COVID-19 And Retirement Risks – Is Action Needed Now?

COVID-19 has changed the day-to-day lives of millions of people and the vast majority of Americans are affected by social distancing measures to stop the spread of the disease.  At the same time, equity markets have been volatile, and many people are out of work, at least temporarily. One of the most pressing questions that many

How the Pandemic Is Making the Retirement Crisis Worse — and What to Do About It

The coronavirus crisis has torn the Band-Aid off the financial fragility of many Americans. With an unemployment rate between 15% and 20%, bank accounts draining, and the Dow down 23% in the first quarter, things are dreadful for millions of people. But Americans in their 50s and 60s nearing retirement may be among the most

Employees Cite Financial Health as Biggest Concern Amidst the Pandemic

More than half (52 percent) of U.S. employees are most concerned with their financial health in the wake of the novel coronavirus (COVID-19) pandemic, MetLife’s 18th annual U.S. Employee Benefit Trends Study (EBTS) found. Employees are more concerned about their finances than any other aspect of their well-being, including physical (44 percent), mental (44 percent) and social health

Guide To Financial Resources And Relief For Those Affected By COVID-19

The coronavirus pandemic has challenged us all in ways never imagined. Not only does constant danger lurk of contracting COVID-19, but our daily routines have been turned upside down. It certainly doesn’t help that the virus has also placed enormous financial pressure on workers and businesses owners. If your income has been affected by the crisis, it

How to deal with coronavirus-related money stress, according to financial psychologists

Over 22 million people have filed for unemployment, thrusting the United States into the worst crisis since the Great Depression, while other Americans worry that pay cuts and layoffs are on the horizon. “Job loss can feel like a threat to our stability and survival,” Amanda Clayman, a psychotherapist and financial wellness advocate at Prudential tells TODAY.

Pandemic Reveals Overwhelming Need for Financial Wellness Programs

The need for employee financial wellness programs has increasingly gained attention in the past decade, and what began as general education initiatives have morphed into more actionable programs. Offering a financial wellness program to employees was considered a value-added benefit, but the novel coronavirus pandemic suggests it is an urgent necessity. “This outbreak has just

Study Highlights Connections Between Money Missteps and Financial Literacy

While 75% of Americans consider themselves financially savvy, 36% don't know how, or prefer not, to answer basic financial literacy questions, according to KeyBank's 2020 Financial Wellness Survey. This Financial Capability Month, Americans are facing new and unprecedented wellness challenges—both financial and health related—due to the spread of COVID-19. With temporary businesses closures and the loss

Why financial literacy matters in an economic crisis

A new survey from the National Endowment for Financial Education finds that nearly 9 in 10 (88%) Americans say the COVID-19 crisis is causing stress on their personal finances. Financial literacy cannot predict or remedy a crisis, but financial education will play a pivotal role in the economic recovery of our country. Throughout April we

Financial Advice And The Moments That Matter

When do employees most need financial advice? In moments that matter, like what we’ve been experiencing with the global COVID-19 outbreak and recent market volatility. The market swings of the past month have created anxiety for all investors. With financial concerns being the No. 1 workplace stressor, the decline in 401(k) balances and company stock prices have

Financial wellness programs show your employees you have their back

Employees working in essential jobs are in a tough place during this pandemic. While grateful to be employed, they surely didn't sign up to be on the front lines of this crisis. Recently, we've witnessed strikes at Instacart, Amazon, and Whole Foods over coronavirus health concerns. Their demands? More safety precautions and higher pay for

Don’t Let This Crisis Go To Waste When It Comes To Your Financial Wellness

With unemployment on the rise and many businesses unable to operate, this is a tough financial time for many people. But if you’re fortunate enough to not have your family income reduced during this pandemic, there are some opportunities to protect yourself from a future loss of income and grow your long-term wealth. As former

The No. 1 personal finance lesson to take away from the coronavirus

Americans struggle to comprehend risk more than any other financial concept, according to the latest results of an annual study from TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at George Washington University. Even after more than a decade since the financial crisis, Americans still receive a “failing grade” on overall financial knowledge,

Now’s the Time to Focus on Financial Health in the Workplace

Employers have both an opportunity and a responsibility to care for their employees' financial wellbeing. Employers that help their teams achieve better financial health tend to foster healthier, more productive and more committed workforces. In particular, workplace financial health is essential for those in the service industry or that employ hourly or gig workers, who