Financial Wellness

//Financial Wellness

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

5 Financial Wellness Trends for 2019

It’s a new year, and time to look ahead at what it will bring. In 2018, financial wellness was one of the hottest plan advisor trends, and the industry took strong steps toward creating solutions that actually power progress—not only for plan participants and sponsors, but for advisors and for firms. While last year we spent time defining financial wellness, 2019 brings

What To Do When You’re Strapped For Cash

Should federal employees consider taking a retirement plan loan to cover their expenses during the government shutdown? In a recent episode of her podcast, Suze Orman said that this is the first time she’s recommending this move. Is she right? Should federal employees and even other employees in similar situations consider borrowing from their 401(k) to cover

Shore up your financial literacy

Two-thirds of Americans can't pass a basic financial literacy test, according to a study of 80,000 people by FINRA Investor Education Foundation. That means the majority do not have the knowledge needed to make smart financial decisions, potentially costing them thousands of dollars over a lifetime in missed investment opportunities, debt, poor saving habits and

What are Americans’ top financial goals in 2019?

Most Americans have some type of financial goal, including paying down debt or budgeting better. A recent study by Bankrate shows that most families don't have enough money saved for retirement or short-term emergencies. Americans’ top financial goals for 2019 Pay down debt  30% Budget spending better  13% Save more for retirement  12% Save more for emergencies 

With Many Just A Paycheck Away From Financial Ruin, Employers And FinTech Can Help

If there’s one thing that’s been made clear by the longest government shutdown in history, it’s that financial resilience in America is in dangerously short supply. People don’t tend to talk about their financial problems, but government workers who have just missed their first payday are taking to the airwaves and sharing details of their

What we don’t know about finances is costing us

What we don’t know can cost us; and many of us have at least some idea of how much. Respondents to a survey conducted this month reported that their lack of knowledge regarding personal finances likely cost them an average of $1,230 in 2018, as reported by the National Financial Educators Council, a personal finance company

Hard Financial Planning Lessons Learned From The Government Shutdown

The Federal Government shutdown is approaching its fourth week. According to the Washington Post, over 800,000 American workers have missed their first paycheck. As the shutdown continues there are many unfortunate stories about the personal hardship thousands of Americans are facing. An unexpected loss of income is an upsetting personal and financial setback. As a financial

Early Training on Financial Literacy is Every Parent’s Responsibility

Life is hard enough just trying figure out who you are without worrying about financial woes. Parents often forget to teach their kids about the key elements of being financially savvy while their kids are young enough to embrace the idea.  Teaching good habits when kids are young provide a big payoff in the end.

Financial Stress on Employees can Cost Thousands

Financial stress on employees is a very large concern for employers. It not only causes stress for individual employees, financial stress on employees is also a noteworthy expense to companies, in the form of absenteeism, lack of focus while on the job, and lost productivity. John Hancock’s recent Financial Stress Survey revealed how financial stress on employees

The Ten Best Personal Finance Resolutions for 2019

It is wise, from time to time, to stop and evaluate our lives as we seek to make the most of them. The start of a new year provides a natural opportunity to look back and offers an extra push toward new adjustments going forward. That’s why New Year’s resolutions are so popular. If you are looking for

What Does It Mean to Be Knowledgeable About Your Finances?

Did you know that: 76% of millennials lack basic financial knowledge. Two-thirds of Americans don’t understand basic financial concepts. For example, they can’t compute the interest on a $20,000 loan with a 10 percent interest rate. Americans are generally overconfident in their financial knowledge, only a few could score a top grade on a financial quiz. In a survey

401k Financial Wellness Hindered by Ongoing Debt Debacle

We’ve heard a lot about the shrinking middle class. Despite an economy with the highest level of corporate profits in years and record employment levels, people are struggling financially. Economic gains have mostly gone to those already well-off. Many of the newly created jobs boosting employment numbers are in low-paying service and retail positions. Wages

Seven Employee Wellness Trends And Opportunities For 2019

The corporate wellness industry is constantly evolving, and savvy HR and wellness professionals need to stay on top of emerging trends to ensure their employee wellness program continues to advance. While there are numerous trends emerging in the corporate wellness world today, let's take a closer look at the seven I believe will most affect

Is There an Accurate Way to Measure the Value of Financial Wellness?

Employers continue to show widespread interest in providing financial wellness programs to improve worker well-being and reduce financial stress, but there’s little agreement on what makes up a program and no clear way to measure its value, according to panelists at a recent policy forum. The Employee Benefit Research Institute-Education Research Fund’s Dec. 13 policy forum in

Financial Literacy and Financial Wellness Are Two Different Things

Financial literacy and financial wellness are not the same thing. 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 the education component — a term a

Millennials are already behind in their savings for retirement

Imagine a millennial fretting about the rising cost of avocado toast on the way to work, circa 2062. It's the scenario being floated by a new study from Aon that says millennials are already behind in their retirement saving. The report from the risk, retirement and health consulting providersays most won't be able to retire until

More than half of women are primary breadwinners

More than half of American women are the primary breadwinners in their households, and they carry more of the non-financial responsibilities as well, a new survey shows.  But 52 percent of women also said they are also very worried about their financial future. And although they place more emphasis on financial goals than men, women

Stop Wasting Money and Start Saving Time: A Guide to Being Smart With Both

People search for ways to “save money” on Google more than three times as much as they search for ways to “save time.” There's evidence that applying time-saving strategies to financial management can actually help achieve both goals. At the core of effective time and money management is an understanding of the relative value of

Why do so many people fall for financial scams?

In hindsight, david carter sees the deal differently. The 63-year-old has a Master’s degree in technology. A successful career meant he found a six-figure salary offer perfectly plausible. He knew from reading newspapers that tech stocks were up and the job market was hot. So when an email offered him a job with a Swiss firm