Financial wellness

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5 tips for improving your financial health

Seven in 10 Americans struggle with some aspect of financial stability, whether it be starting a savings account, managing bill payments or curbing spending habits. A 2017 survey from Bankrate revealed more than half of Americans don’t have enough money saved up to cover a $500 expense. For many people, that means unanticipated car repairs, unexpected medical bills

Supporting Employees with Financial Wellness can be the Best Business ROI

It’s not just business- It’s personal! In the US, work is life and life is work. Work and life are so tightly intertwined that there is no effective way to keep them 100% separate. US employees work an average of 34.3 hours per week. That means that your employees likely spend at least 31% of their waking

Financial wellness? More like financial illness

Debt is driving everybody down, according to a new credit card survey from WalletHub, and that’s not a good sign for a culture that’s trying to emphasize financial wellness. In fact, says the report, the rise in debt could prove to be the canary in the coal mine when it comes to a downward trend in financial wellness, since

Money problems keep workers from excelling, poll finds

Dive Brief: While 42% of U.S. employees said their financial status has improved in the last two years, nearly as many — 38% — report living paycheck to paycheck, according to the results of a Feb. 11 Willis Towers Watson poll. The report revealed 39% of workers couldn't come up with $3,000 if they faced an

How to take the first step to financial independence in 30 minutes or less

There is a lot you can get done in a half-hour. Binge your favorite sitcom, take a nap or finish a chapter of a book. You can also take the first step to financial independence in under 30 minutes. Do you know your net worth? You don’t have to be a millionaire to figure it out.

Financial Wellness: The New Must-Have Employee Benefit

If you had a choice, what’s better: Free snacks and massages, or a financial wellness program that can address the No. 1 concern of your employees — financial stress? The Aha Moment In Waiting The transformative nature of employee financial wellness is still not widely appreciated in corporate America. There hasn’t been a fundamental shift

Four Outdated Retirement Myths That Might Break Your Financial Health

As business leaders, it's important to ask yourself: Are you really on track for financially surviving retirement and leaving the legacy you’ve been working so hard for? Sadly, I've found that what many of us think of as golden rules for retirement planning and financial security just don’t work. Either they never did, or they’ve

Half of Americans Get What Financial Success Really Means

About 48% of those surveyed consider this achievement a sure sign of success. How do you define success? When Northwestern Mutual conducted its 2019 Planning & Progress Study, it asked people to pick five attributes that they feel are signs of success. The top two answers came as no surprise: spending quality time with family and

New Study Shows Almost No One is Immune to Financial “Faux Pas”

According to the new Financial Wellness Survey from KeyBank, 75% of consumers consider themselves financially savvy, with 41% stating they're savvier than most or consider themselves an expert when it comes to personal finance. Despite this, more than half (54%) admit they have made a financial "faux pas"—referring to a money "false step" or error—and

Nearly 8 in 10 Employers Express Concern About Financial Stability of Workers

In MassMutual’s 2019 Workplace Financial Wellness Study, survey data gathered by Greenwald & Associates reported that a large majority of employers believe their employees are struggling financially in saving for retirement, settling debt, and dealing with medical costs. As part of a 2-phase study, the study’s approximately 15-minute online survey served as the second phase of

Nearly 80% of employers think workers’ finances are out of whack

The vast majority of employers think workers are struggling to manage their personal finances. And while bosses are doing more to help alleviate their financial struggles, companies are still falling short. Nearly 8 in 10 employers offering a workplace retirement plan such as a 401(k) think their employees are hurting financially, according to a recent

Financial Wellness Differs from Financial Literacy

Financial wellness differs from financial literacy.  Clearly, Financial Wellness and financial literacy are not the same things. Surprised? This author was, too. But it turns out there’s a major difference between being financially literate and achieving financial well-being. Essentially, there are some of the fundamental differences between financial literacy and financial wellness. Financial literacy means

Getting millennial employees on board with financial wellness programs

Financial stress among American workers is high, particularly among millennials, a group that makes up 35 percent of the U.S. workforce. A study by Payoff shows that one in four Americans and one in three millennials suffer from a condition known as Acute Financial Stress (AFS).  Study author Dr. Galen Buckwalter suggests that there is virtually no difference between

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

Productivity decline linked to poor employee financial wellness

Almost all (98 percent) employers believe that their employees’ financial wellness has a direct impact on productivity and their business performance – especially concerning employee productivity (67 percent) and engagement (62 percent). This is according to the Future of Pay research study (registration) by technology firm ADP, which surveyed 4,000 employees and 2,900 businesses to explore workers’

Solving the Financial Health Paradox

The disconnect between consumers’ self-perceptions and the reality of their financial health is striking, and suggests that financial services need to be doing something different. Findings from a recent Ernst and Young study—infused with insights from behavioral economics—point toward an exciting new path forward. Digital and mobile delivery, social media, gamification and lessons from physical

Artificial Intelligence: Charting a new course for financial wellness

The past few years have been a race for relevance for wealth managers, with the financial services sector undergoing massive changes. Customer expectations, regulatory developments and the increasing impact of technologies are driving a paradigm shift in the market. Therefore wealth management organizations are assessing their growth strategies and identifying ways to capitalize through new

84% of millennials and Gen Z failed this retirement quiz

The vast majority of workers under the age of 34 lack basic knowledge about their 401(k) retirement plans, according to the new Financial Wellness in the Workplace Study from Fisher Investments 401(k) Solutions. The report surveyed 1,000 employees at companies with between five and 350 workers on their retirement knowledge and preparedness, and found that 84% of

Take more control of personal finances with a reality check

Trying to make ends meet, dealing with credit card and student loan debt and paying unexpected bills while saving for retirement can be challenging regardless of where you are in life. It’s not surprising that personal finances are employees’ number one source of stress, according to MetLife’s 17th annual U.S. Employee Benefit Trends Study. Luckily,