Financial wellness

/Tag: Financial wellness

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

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

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

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

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

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

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

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

Communication, tools, safety net all key to improving retirement outcomes

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

Can Utilizing Behavioral Change Theory Boost Financial Wellness?

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.

Financial wellness: ‘Tis the season to help your employees

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

Financial wellness programs can boost cost savings

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

What bank clients need to know about cybersecurity

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.

Health Care Costs Affecting Retirement Savings and Financial Wellness

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

In a roaring economy, financial wellness is still needed

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

Millions of Americans Enduring Financial Nightmares in Secret

Americans are leading double lives when it comes to money — seemingly flush with cash and confidence on the outside, but shivering with financial fears on the inside. This is the sobering conclusion from Nonfiction Research in its report, “The Secret Financial Lives of Americans and the Future of Financial Services.” More than 2,200 consumers

Examining the Root Causes of Financial Stress

In addition to evaluating participant financial stress levels, a new OneAmerica survey also looks at the specific factors causing participants to experience financial stress. Two in three retirement plan participants indicate they have moderate to very high levels of financial stress, according to recent client polling conducted by OneAmerica. The firm finds one in five

5 Awesome Budgeting Apps For 2018 And Beyond

If you feel like your finances are out of control, it’s likely that you’re not using a budgeting tool, and today’s best budgeting tools are apps. It’s no surprise that so many who feel helpless with money aren’t using the tools available to them. Let’s solve that. Below are five apps that will get you