Emergency Savings is now a headline component of Financial Wellness. In recent months, Emergency Savings has come to the forefront for the American workers. Emergency Savings is now a major concern for many employers as well. There is now a new perspective on financial well-being and the meaning of retirement security. Retirement Industry professionals now
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
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
As you’ve probably noticed, financial wellness is all the rage. According to one survey, about 90% of large and mid-sized companies are now offering financial wellness programs as an employee benefit. But what exactly is “financial wellness” and are you financially well? Financial wellness isn’t just about your income, your net worth, or even your credit score.
Not having enough emergency savings for unexpected expenses is the most frequently cited financial concern for Millennial (48%) and Generation X (51%) employees, while not being able to retire when they want to is the most frequently cited concern among Baby Boomers (46%), according to the 2018 edition of PwC’s Employee Financial Wellness Survey. Among
When I talk to employers about financial wellness, heads nod in unison and there is agreement on the fundamental concepts. Employees with less financial stress are healthier, more productive, stay longer and cost the company less money. So where does the conversation break down between we all agree this is a great idea and getting a