Financial wellness

/Tag: Financial wellness

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

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