Financial Wellness

//Financial Wellness

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

Procrastination or financial literacy?

Working Americans, by their own admission, struggle to save for retirement. Only 36 percent say they’re banking enough. Stanford economist Gopi Shah Goda, through her analyses of 401(k)s and other employer-sponsored retirement plans, has been unearthing roots of inertia in saving decisions and shining a light on what can be done about it. In a

2019-08-20T06:50:29-05:00Tags: |

Why employees are yearning for more financial wellness benefits

Financial wellness benefits may be more popular than employers and benefit advisers think. In fact, it’s not inconceivable that employees will come to expect financial wellness benefits the same way they’ve come to expect health insurance and retirement savings accounts, says Matt Bahl, vice president financial wellness strategies at Prudential. Increasingly, individuals need a broader

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’

Why Your Employees’ Financial Wellbeing Affects Your Corporate Brand

Eighty percent of employers report that financial stress is lowering their employees’ performance level, and it’s costing them some half a trilliondollars annually. Everything from home loans to student debt is stressing out America’s workforce; many workers don’t feel prepared to fully address these problems. Stress and anxiety cast a cloud over your self-confidence, making it hard

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

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

The Women Facing The Greatest Retirement Risk

Women in their 50s who are at the most financial risk in retirement are those who are married and in two-income households. That’s the surprising news from a recent report on women and retirement from  Prudential Financial. The finding is based on research of women ages 50 to 59 from the Center for Retirement Research (CRR)

Financial literacy: a crucial life skill

Throughout school, students learn advanced mathematical and chemical equations, American history, art, music and English. But most Americans never learn how to properly manage money. Debt is an accepted part of most people’s lives. Thirty percent of Americans have no long-term financial plan. Some have a tendency to spend money when and where they want

Failure to address financial stress concerns threatens retirement

Employers trying to do something to help their employees improve their financial wellness may be congratulating themselves on putting programs in place to deal with it—but the programs they’re using may not be doing much, if anything, to help employees ditch their financial stress and even threaten their preparations for retirement. According to PwC’s 8th annual Employee Financial Wellness Survey, financially

33% of Americans Are Making a Major Money Mistake

Retirement is a period of life that’s apt to cost money. It may not cost quite as much money as your working years, but seniors still have bills to pay. And they need money to pay them. Unfortunately, 33% of Americans are making no effort to build a nest egg for retirement, according to KeyBank’s

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

How To Perform A Mid-Year Financial Wellness Check-In

Moving the financial knowledge needle in a positive direction can be a difference maker as you work to build your financial wellness foundation, but real change requires more than just knowing what to do with your money. You have to be ready to take action to improve your overall financial well-being and have the confidence

Driving Financial Wellness at Work

Plan participant demand for workplace advice and education is at an all-time high. More than half of employees would like workplace education that will help them improve their financial well-being, and 35% would welcome their employer pushing them to save more.[1] Financial wellness directly affects productivity on the job, and it isn’t only individuals who

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

Financial literacy skills have taken a nose dive since the Great Recession

It’s been a decade since the Great Recession’s upheaval, and while some measures of Americans’ economic well-being have recovered like the unemployment rate, their financial literacy isn’t one of them. Between 2009 and 2018, there was an 8% slip in the amount of people who could correctly answer most questions about interest rates, inflation, bond prices,

Financial Prosperity Eludes Many Americans Despite Growing Economy

As the gap between the Haves and the Have-nots continues to widen, cash-strapped Americans are failing to save money, struggling with student loan debt and facing decreasing financial literacy, despite economic growth and declining unemployment over the past 10 years, according to new research from the FINRA Investor Education Foundation (FINRA Foundation). The study, “The

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