Financial Wellness

//Financial Wellness

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

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,

Fostering Economic Resilience Through Financial Inclusion

Checking your bank account should feel like part of a daily routine, but unfortunately for many Americans — and billions globally — this is far from reality. Basic banking products and services to facilitate daily life remain unavailable to millions in the U.S., thanks in large part to how traditional banks have continued to misunderstand

We must act today to address the hidden cost of financial illiteracy

With bipartisanship in short supply, Congress must search for areas in which cooperation is both possible and beneficial for the health of our nation—and financial literacy would be a wise place to start. The lack of financial literacy is blind to politics. It affects young and old, rural and urban, and every ethnicity, gender and creed.

80% of workers plagued by money problems, report finds

Dive Brief: Money is a major pain point for 80% of workers, according to a report commissioned by Ceridian, a global human capital management (HCM) firm. The first Pay Experience Report found that North American workers regularly face financial issues that hit hard at work and home. The poll of 1,891 full-time and part-time employees and contract

7 Free Online Courses to Improve Your Financial Literacy

Managing your personal finances and understanding the concepts is critical if you want to maintain your financial well-being, so holes in your knowledge can come with serious consequences. Luckily, there are plenty of free online courses that can help you improve your financial literacy. Here are seven free online courses that everyone should consider taking. 1. Personal Finance

Let’s stop the argument that financial education doesn’t work

About this time each year, I expect the predictable articles proclaiming that personal finance education doesn’t work. Pundits point to poor proficiency in financial literacy “tests,” and programs that show minimal change in consumer’s behaviors to support their position. They assert this education is useless, ineffective and a waste of time, and we should stop spending

Morgan Stanley Study: Financial Wellness Reduces Employee Stress

Morgan Stanley at Work today released an employee financial wellness study conducted by the Financial Health Network on behalf of the organization. The study finds that financial wellness is an opportunity for employers to reduce employee stress, improve retention and engagement and set themselves apart in the marketplace. A survey of 1,000 full-time employees of

Why financial wellness matters

Financial wellness can be defined in many different ways, and because money is implicated as a major stressor in society; it plays a major role in influencing many individuals from a mental or even physical standpoint. Wellness isn’t about how much money you make, it’s about money management, your attitude towards your financial status and your relationship

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

Are you on the right financial track for your age?

The Consumer Financial Protection Bureau, combined with a review of research and consultation with leading experts, found that financial well-being includes the following four elements: Having control over day-to-day, month-to-month finances. Having the capacity to absorb a financial shock. Being on track to meet your financial goals. Having the financial freedom to make the choices