Financial wellness

/Tag: Financial wellness

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

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,

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

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

Making financial wellness approachable… for employers

Employers know that their workers’ financial health is causing stress and impacting all aspects of their personal and professional lives. They know that offering tools and resources to address these issues not only improves productivity but can give them a recruiting advantage in today’s job market. They know all of this. Then why aren’t they doing something

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,

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.

Pay Gap Is Only the Start of Financial Inequality for Women

More than half (56%) of working American women are stressed about their personal finances, compared to only 41% of men, according to a new study conducted by financial wellness solutions provider Salary Finance. The survey of 10,486 U.S. employees revealed that women struggle more than men in almost every area of their financial wellness – from

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

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

How Your Kids Can Ruin Your Retirement — and How to Make Sure They Don’t

Bill Benson and his wife had planned to fortify their retirement savings once their children left home, so they’d have enough to travel and relax. But at 68, Benson is still working full-time, and that empty nest he envisioned isn’t so empty. Benson’s eldest daughter moved home with her two young sons after a divorce, and the

How A Focus On Financial Wellness Can Help You Overcome A Late Start For Retirement

We hear a lot about the retirement crisis in America. With a decline in pension availability and concerns about the long-term viability of Social Security, the burden of saving for retirement rests squarely on the shoulders of individuals. According to EBRI, only 17 percent of American workers are very confident they will have enough for

Financial literacy, financial wellness linked

Ignorance is not bliss—not when it comes to financial wellness, anyway. According to the third annual Personal Finance Index released by the TIAA Institute and the Global Financial Literacy Excellence Center at the George Washington University School of Business, Americans don’t have the knowledge of personal finance that can enable them to make sound financial decisions. The P-Fin

Employee stress costing employers billions in lost productivity

Stress isn’t just affecting employees’ personal lives, it’s also killing their morale and productivity in the workplace — and costing employers billions in the process. More than 20% of workers spend more than five hours on the clock each week thinking about their stressors and worries, according to a new survey of 1,505 full-time U.S.

Your employees’ financial stress is costing you money

Your employees are currently struggling with personal financial stress, which prevents them from working at maximum capacity. Sure you overhear your employees talking about their lives, but even though financial stress is a huge component, it’s not likely you’ll hear about it. Ninety percent of employees use work time to deal with personal financial issues.

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.

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

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