Financial Wellness

//Financial Wellness

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

How Financial Literacy Can Lift Women Out Of Poverty

Without financial literacy, you can’t lift yourself from poverty. In order to have financial security and eventual financial independence, knowledge of personal finance basics—managing savings, banking and investment accounts—is mandatory. Financial literacy can provide so much more, though. Think about this: When you are money savvy, no one can try to control your life by

Financial Wellness Usage Tied to Improved Retirement Readiness

Employees who used their financial wellness program on a regular basis improved in all areas of financial planning, with the greatest level of improvement in retirement preparedness, according to a new, multi-year study. Financial Finesse’s 2018 Financial Wellness Year in Review highlighting the current state of financial wellness in the U.S. shows that in 2013,

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

Does Financial Wellness Actually Work? The Numbers Say …

Employees who used their financial wellness program regularly improved in all areas of financial planning, with the greatest level of improvement in retirement preparedness, according to a new study from Financial Finesse. In 2013, 21 percent of participants included in the study indicated they were prepared for retirement. By 2018, that number rose significantly to 57 percent.

Emergency Savings Accounts Have The Power To Avoid Life-Changing Financial Disruption

It’s no secret that Americans are worried about having enough money set aside for retirement, with the Federal Reserve reporting that less than 40 percent of non-retired adults believe they are “on track” with their retirement savings. At the same time, only about 60 percent of Americans have enough savings to cover a $400 emergency expense. Americans

Three Facts That Show Why Financial Literacy Is Especially Important For Women

First, my disclaimer: It’s important that women and men understand their finance! All adults need to have a basic understanding of money management. However, on average men are still the ones to manage the family long-term financial planning, including: savings, investments, retirement, management and insurance. A UBS survey of high net worth married women, widows, and divorcees found that while 85% of the women

What’s Missing From Today’s Financial Literacy Initiatives

By the numbers, Americans are not a very financially literate people.  According to a Standard & Poor’s Global Financial Literacy survey only about 57 percent of the adult population is financially literate, and only about one out of three can answer simple questions about inflation, compounding interest or investment diversification. Part of the problem, Affirm CEO and

Consumers Still Have Much To Learn To Reach Financial Literacy

April is Financial Literacy Month, a congressionally-backed effort to educate Americans about healthy financial practices and habits. Consumers tend to overestimate their financial literacy, according to a survey by research provider Raddon; 44 percent said they were “very” or “extremely” literate, but when given a financial quiz only 6 percent scored an “A.” Overconfidence can lead to costly mistakes.

Move over, financial wellness. It’s time for financial flexibility

It’s somewhat hard to believe that most employees today continue to live paycheck-to-paycheck. Despite the fact that Americans have recovered from the Great Recession a decade ago and that the unemployment rate is the lowest it has been in many years, employees are essentially making the same amount of money they did during the pre-recession

America Scores an Average ‘C’ Grade for Financial Literacy Month

Ten years after the financial crisis and Great Recession, WalletHub measured the financial literacy of each state. The average grade? No higher than a B, with most states falling in the D+ to B- range. The reason? Little to no financial education. “We don’t learn personal finance anywhere in school —some schools have very limited

Not being financially literate could cost you a bundle

You don’t know what you don’t know. And that’s the whole problem with financial literacy. Scrambling to pay bills or struggling with credit card debt is just the tip of the iceberg. Can you manage your own finances successfully if you don’t understand the relationship between bond prices and interest rates? Ric Edelman, founder of

What Does Financial Wellness Look Like At Different Ages And Career Stages?

What does it mean to be “financially well” at different times in your life?  I get some version of this question every week on our Financial Coaching Line. Employees take a Financial Wellness Assessment, report their score to me, and anxiously wonder how they are doing compared to others their age. The first thing I

Employees’ money worries drain employers’ bottom line

Many employees are still struggling financially, even though the economy is better and unemployment is down. How bad is it?  Statistics show that 80% of U.S. workers are living paycheck-to-paycheck. That causes their own financial stress and creates a problem for employers as well. Whether it’s student loans, car payments, mortgage/rent payments, credit card debt,

Financial literacy matters. Here’s what we need to do about it

The lack of financial understanding by consumers has been signaled as one of the main reasons behind savings and investing problems faced by many Americans. To that point, a variety of financial research and reports have made it clear that we, as a country, need to focus on financial literacy. The TIAA Institute-GFLEC Personal Finance Index,

Why Personal Financial Literacy Matters To Communities

While experts debate what’s ahead for the U.S. economy, a major issue that’s often overlooked continues to pose a threat – personal financial health. It’s critical for all Americans to be equipped with the knowledge to make sound financial decisions. As we draw attention to this issue through Financial Literacy Month this April, some alarming

It’s time for corporations to recognize the financial fragility of their employees

The economy is good these days and many employers may believe their employees also are doing well financially, but this is not the case. There are two economies prevalent in society, and oftentimes our daily routines and biased views on the rest of the world mean we are not aware of that. The truth is

4 Bold Policies Introduced in Congress to Improve Financial Well-Being

The first quarter of the year has been a busy time on Capitol Hill for Prosperity Now. We’ve been thrilled to see several innovative pieces of legislation introduced that leverage tax season and boost resources for U.S. workers – all in service to helping working families enhance their short and long term savings. Four critical

In debt or struggling to save? Artificial intelligence can help.

Olivia Moore of Chicago was $20,000 in debt when she downloaded Tally, a personal finance app designed to help customers pay off their credit cards. With Tally’s help, in less than two years she was able to cut her debt in half. Similarly, Callie Person of Florida turned to an app called Charlie, and in