Financial Wellness

//Financial Wellness

Financial Literacy Awareness Can Greatly Improve

Financial literacy awareness programs’ impact on retirement savings patterns seems to be headed in a positive direction. Numerous studies on financial literacy awareness conclude that such education efforts do, indeed, have a significant impact on retirement preparedness. However, other studies have found no clear correlation, showing that financial literacy education has changed behavior 0.1% of the

How To Quickly Assess Your Financial Wellness

As you’ve probably noticed, financial wellness is all the rage. According to one survey, about 90% of large and mid-sized companies are now offering financial wellness programs as an employee benefit. But what exactly is “financial wellness” and are you financially well? Financial wellness isn’t just about your income, your net worth, or even your credit score.

Use of tax refund can impact personal, financial well-being

To finalize the celebration of America Save Week, I thought I would share some information to get you thinking about your taxes. If you anticipate a tax refund, you are already planning on how to use that money, aren’t you? Whether you are getting back a little or a lot, the way you use that

Financial literacy: An epic fail in America

For as long as he can remember, Zachary Beneda dreamed of joining the Air Force. But the 23-year-old senior at Texas A&M University, who will be headed to Japan after graduation for his first active-duty assignment as an Air Force support officer, got a rude awakening when he realized he’ll also have to begin paying

What Is Financial Literacy and Why Does It Matter to Me?

Financial literacy is a hot-button issue as memories still linger over the Great Recession and as millions of baby boomers hit retirement age, and as a legion of younger Americans battle skyrocketing student loan debt. How important is financial literacy? According to data from the National Financial Educator Council, “lacking” financial literacy and not having

7 principles for helping employees deal with financial stress

Employees are dealing with financial strain — and they may want some help from their employer to address it. The results of a recent survey on employer wellness programs from software company Welltok, reveals two important takeaways: · More than 60% of survey participants are seeking support from their employer for all aspects of health

Cultural Background Affects Americans’ Ability To Reach Financial Goals

In a December report, The Cut: Exploring Financial Wellness Within Diverse Populations, Prudential Financial builds upon the findings from their 2018 Financial Wellness Census. I spoke to Jim Mahaney, Vice President of Strategic Initiatives at Prudential Financial, about the report and its findings. The biggest takeaway is that cultural background and experience influences the financial standing of

Nearly Half of Older Americans Don’t Have Wills or Estate Plans

If you die, who will get your house, your savings, or, for that matter, your prized collection of baseball cards or that valuable antique clock? If you are like nearly half of Americans over 55, you don’t have an answer — or at least a legally binding one — because you have no will, according

Millennials and money — How employers can be a financial literacy resource

It’s clear that Americans need a little help with their money — in 2018 student loan debts reached a staggering $1.5 trillion crisis, employees continue to retire at a later age every year, and studies have shown that 65% of Americans save little to nothing of their annual income. One subset of the American population

Online Sources Which Can Help Women Gain Financial Literacy

The mortality rate of women has surpassed that of men. Women have to acquire more knowledge in financial planning as husbands or other male counterparts can no longer be treated as a ‘financial plan’. Women now constitute an important part of the working force; have more savings and thus spending power. So financial literacy is an important

Government shutdown highlights the need for financial literacy

The partial federal government shutdown showed us more than President Donald Trump’s willingness to deprive citizens of services, damage national treasures and place ordinary families under financial stress over a border wall that isn’t a cost-effective way to stem illegal immigration. It also illustrated that the recession hasn’t taught Americans nearly enough about managing their

On Why 100 Million Americans Are Financially Stressed And Will Likely Stay That Way

In January 2016 I founded a tech start-up help Americans make better financial decisions. I’ve since learned that most people are stressed out because they save little, have enormous debt, don’t know where their money goes and feel they’re not on track to meeting their long-term goals. I also found that the reasons for this are so

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

6 Things Fortnite Can Teach Us About Financial Wellness And Behavior Change

What does America’s obsession with Fortnite have to do with financial wellness programs and financial behavior change? Surprisingly, more than you would think. Fortnite is on track to be the most popular video game in history and is currently beating out television and movies for user engagement. For those who play it regularly, it’s become part of their identity – inspiring

Simple Strategies To Help Anyone Improve Their Financial Literacy

No one wants to feel like they’re scrambling for money every month, especially if they’re already working full-time and struggling to maintain a healthy work-life balance. However, that seems to be a common occurrence in today’s world of high spending and even higher debt. Despite the current financial climate, there are many simple ways anyone can improve

Addressing Employees’ Financial Wellness Top Priority in 2019

In the past five years, defined contribution (DC) plan sponsors likely to add or expand financial wellbeing programs has expanded from 30% to 65%, according to Alight’s “2019 Top Topics in Retirement and Financial Wellbeing: Building on the Past, Working Toward the Future.” Sponsors’ No. 1 goal for their participants has moved from increasing savings

Will Robo-Advisors And Chatbots Eliminate The Need For Financial Literacy?

OBSERVATIONS FROM THE FINTECH SNARK TANK According to one banking industry expert: Traditional methods for financial education are a waste of time when it comes to helping Millennials plan for their financial futures--instead, credit unions should share financial advice that helps Millennials get through the week or month, and relaying that information through mobile platforms and

Offering financial wellness education could improve employee productivity

Did you know that financial stress impacts health, quality of life and productivity in the workplace? Lou Ressler, of Associated Financial Group, a financial services firm, speaking at a recent NationaLease meeting cited statistics from an ORC International survey which showed that financial stress costs U.S. businesses $300 billion annually. That equals a $1,685 annual productivity loss per

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,

6 Keys to a Best-in-Class Financial Wellness App with Data, AI and a Human Touch

For more and more consumers, the ability to feel financially secure has become more complicated and increasingly stressful as the burdens of health care, educational funding, retirement, and daily expenses grow. This stress impacts consumers’ personal relationships, physical and mental health, and has a significant impact on productivity at work. Fiscal wellness reaches far beyond