Financial wellness programs

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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

Finding Real Financial Wellness in the Workplace

Facing increasing longevity and the challenges of extended caregiving, American workers are navigating an increasingly complex financial journey, according to the most recent Bank of America Workplace Benefits Report. The report shows women continue to lag behind men in terms of feeling financially well and confident about their retirement aspirations—but financial optimism remains somewhat muted across

Financial Stress Management Requires Effective Financial Wellness

Financial Stress Management is costing employers dearly — to the tune of $250 billion in 2019 alone. I Financial Stress Management is one of the many reasons why financial wellness programs are fast becoming a must-have employee benefit or a must-consider benefit. Financial stress management programs are designed to reduce employees’ financial stress to help

Four in 10 workers living paycheck to paycheck

A large number of Americans are living paycheck to paycheck and lack funds necessary if an emergency arises, according to recent surveys. Willis Towers Watson’s Global Benefits Attitudes Survey discovered that although 58 percent of workers think their finances are heading in the right direction, 38 percent of employees are living paycheck to paycheck, and

Measuring the Success of Financial Wellness Programs

While some employers are merely concerned with offering financial wellness programs at a reasonable price, others are intent on achieving a specific return on investment (ROI), according to Cerulli Associates. To help sponsors measure the success of their financial wellness programs, it is important to first determine what specific goals the sponsor has for the program. Next

Viability and Effectiveness of Financial Wellness Programs Questioned

Financial wellness programs have been introduced in companies with the aim to have sound financial systems that enable employees to break away from the paycheck to paycheck dilemma. A healthy financial life can contribute to employ wellbeing and productivity. But are these financial wellness programs really effective in achieving their goal. A new study reveals

Do employer-sponsored financial wellness programs actually have long-term impact?

According to a 2018 study by Northwestern Mutual, 21 percent of Americans have no retirement savings and an additional 10 percent have less than $5,000 in savings. A third of Baby Boomers currently at, or approaching, retirement age have between zero and $25,000 set aside. The Economic Policy Institute (EPI) paints an even bleaker picture, reporting that “nearly half of

Few Americans Are Ready for Retirement: Can Financial Wellness Programs Help?

Notwithstanding a strong U.S. economy, only one in four Americans say they feel financially prepared for retirement, according to a report just issued by the Certified Financial Planner Board of Standards: Close to 80% of participants surveyed say they are not reassured that they have the best retirement savings strategies available to them; the CFP

Making financial wellness approachable… for employers

Employers know that their workers’ financial health is causing stress and impacting all aspects of their personal and professional lives. They know that offering tools and resources to address these issues not only improves productivity but can give them a recruiting advantage in today’s job market. They know all of this. Then why aren’t they doing something

Supporting Employees’ Financial Well-Being: What Employers Can Do Today

It’s been just a few weeks since taxes were due, and refunds and finances were top of mind for many. Now that the tax deadline has passed, have people moved on from financial concerns? Most likely, the answer is no. Financial wellness is an ongoing struggle for many American workers as low wage growth, rising

Employee Financial Stress is Costing Employers

Employee financial stress is a growing concern for most employers and employees.  Employee financial stress not only impacts individual employees, but such stress on employees is also a noteworthy expense to employers. The company experiences Employee financial stress in the form of lost productivity, absenteeism and a lack of focus while on the job. John

How to Collect and Use Data to Improve Workplace Financial Wellness

Data can be a powerful resource to guide decisions on selecting and improving financial wellness programs in your workplace. But data can also be easily misused or misunderstood. The first step in leveraging data in the workplace is to make sure you are using the right information. Without knowing what the financial lives of your

Your employees’ financial stress is costing you money

Your employees are currently struggling with personal financial stress, which prevents them from working at maximum capacity. Sure you overhear your employees talking about their lives, but even though financial stress is a huge component, it’s not likely you’ll hear about it. Ninety percent of employees use work time to deal with personal financial issues.

Your Company Just Launched a Financial Wellness Program. Is It The Real Thing Or Just A Sales Pitch?

You’ve received an exciting email message or an eye-catching brochure announcing that your company is offering employees financial wellness benefits. Now what? Is this the best employee benefit you may not have heard of which will give you unbiased guidance to improve your financial wellbeing– or is someone just trying to sell you something? What’s the catch?

Levering tech for financial wellness

When employees struggle financially, their employers struggle. Recent research on short-haul truck drivers conducted at the University of Pittsburgh shows that when employees' financial stress rises, companies experience a $1.4 million increase in costs due to preventable accidents, according to a report, The Cost of Financial Precarity. Intuitively understanding this, more and more employers are

Financial Wellness Programs Take Center Stage with Employers

Five years ago, employers were just starting to provide workers with financial benefits beyond their retirement plan, but now financial wellness appears to be firmly entrenched in the benefits space, according to a recent report. Nearly two-thirds of employers say they are very likely to take steps in 2019 to create or focus on the

These are the 4 smartest financial benefits for employees

Employees are worried about money. Roughly half are stressed about their finances, and nearly two-thirds either say their retirement plans and Social Security won’t be sufficient to support them in retirement or they aren’t sure, according to PwC’s 2018 Employee Financial Wellness Survey. And employers are answering the call for help. In a May 2018 Prudential survey,

5 Financial Wellness Trends for 2019

It’s a new year, and time to look ahead at what it will bring. In 2018, financial wellness was one of the hottest plan advisor trends, and the industry took strong steps toward creating solutions that actually power progress—not only for plan participants and sponsors, but for advisors and for firms. While last year we spent time defining financial wellness, 2019 brings

Seven Employee Wellness Trends And Opportunities For 2019

The corporate wellness industry is constantly evolving, and savvy HR and wellness professionals need to stay on top of emerging trends to ensure their employee wellness program continues to advance. While there are numerous trends emerging in the corporate wellness world today, let's take a closer look at the seven I believe will most affect

Reported Lack of Knowledge Indicates Need for More Financial Wellness Programs

Financial wellness programs are popular and sought after but are rarely offered as an employer-sponsored benefit, according to Corporate Insight’s 2018 Employee Financial Wellness Survey. Of the 1,544 employees surveyed, a mere 221 (or 14%) indicated that their employer offers programs or resources to help improve financial well-being; 63% indicate that they use them when