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.
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
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
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
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
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
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
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
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
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
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 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
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
Reforms should be better communicated to workers in efforts to combat behavioral biases and inadequate financial knowledge that undermines participants’ retirement decisions, the Organization for Economic Cooperation said in its latest pensions outlook report. The OECD called on combining funded and pay-as-you-go retirement plans, automatic mechanisms and a strong safety net for pensioners to boost retirement
Even though individuals know what they should do about money, decisions can be deeply emotional and many times they have trouble overcoming resistance to act on those decisions. But a new white paper suggests that the latest psychological insights combined with technology can help inspire employees to take action to improve their overall financial wellness.
Christmas is not just about decking the halls with boughs of holly, it can also be a time of financial worry. When it comes to buying presents, copious amounts of food and of course, a new outfit for the work party, the pressure to splash the cash at Christmas has never been greater. But increased
Companies can significantly decrease the cost of delayed employee retirements by boosting the retirement readiness of their employees, a new report from Financial Finesse, a financial wellness program provider, stated. Companies with 50,000 employees can save between $33 million to $49 million annually if they increase the average workforce financial wellness score to 5 from
While October is singled out as Cybersecurity Awareness Month, the reality is cyber theft is an everyday threat to banking account security. In fact, according to a recent study by Javelin Strategy and Research, in 2017 nearly 7 percent of consumers became victims of identity fraud—with the amount stolen rising to a record $16.8 billion.
Workers’ dissatisfaction with health insurance is focused primarily on cost: Just 22% are extremely or very satisfied with the cost of their health insurance plan, and only 21% are satisfied with the costs of health care services not covered by insurance, according to the EBRI/Greenwald & Associates Health and Workplace Benefits Survey. Approximately one-half of
Low unemployment and the stock market’s record breaking run have yet to translate to higher pay for American employees. And with employers still reluctant to raise wages, the old saying “it’s not what you earn, but what you save” is becoming ever more prevalent. But saving money for most people is a challenge. One in