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Financial Wellness Platforms: How To Launch the Best One for Your Employees

Financial Wellness Platforms: How To Launch the Best One for Your Employees

by | Nov 2, 2022 | Blog

Financial Wellness Platforms: How to launch the best one for your employees. Financial wellness platforms can help support employees through tough times. Here’s how to launch the best one for your team. 

Employees are feeling the heat. According to John Hancock’s 2022 study of stress, 89% of employees said it was important that employers provided a financial wellness program and 74% said a financial wellness program would help reduce their stress. 

Choosing and implementing the right financial wellness platform for your company is critical for reducing employee stress and increasing productivity. Here are 3 steps a company needs to ensure a successful financial wellness program.

1. Evaluate your team’s need for financial wellness platforms.

In order for a benefits program to be successful, it needs to align with what employees want. A great way for employers to find out what their employees want is by conducting a needs assessment. These can be done in the form of personal interviews or questionnaires.

A recent trend in employee benefits has been an increased emphasis on financial wellness.  68% of employees said they would rather have financial wellness benefits than an extra week of vacation, per a Betterment report.  Implementing a financial wellness platform is a great way for employers to signal to their employees that their wants and needs are a top priority.

2. Compare financial wellness platforms to find a comprehensive solution. 

The most successful financial wellness platforms will include a wide array of tools and resources. Some of the best will include:

  • Personalized solutions. Personal finance is a wide-ranging topic that can affect many areas of life. According to a PWC study, the most requested employee benefit is a financial wellness program that grants access to unbiased counselors. However, Best Money Moves grants access to trained, accredited professionals that are tailor-made to help each individual.
  • An easy-to-use interface. It can be a big leap for many employees to ask for help on their personal finances and it can be overwhelming to figure out where to begin. According to PWC, 41% of financially stressed employees said they were too embarrassed to ask for assistance on their personal finances. Best Money Moves lends a helping hand and provides detailed instructions on where to start and how to use our services.
  • Intuitive tools. One of the most important components of a financial wellness platform is the tools made available for employees to use. According to a Sofi study, 62% of employees requested budgeting tools as a part of their wellness package. The Best Money Moves platform provides a simple and effective budgeting tool that takes user data and personalized solutions. In order to ensure a successful program, the employer has to take extra steps in the form of emails and meetings to ensure their employees have a full grasp of their benefits.

3. Take time to implement your chosen program

It’s integral to introduce a plan that can be easy for employees to comprehend. According to TIAA’s 2022 Financial Wellness Survey, 9 in 10 employees with high financial wellness scores reported that they understand their program very well compared to 4 in 10 with low financial wellness scores. In order to ensure a successful program, the employer has to take extra steps in the form of emails and meetings to ensure their employees have a full grasp of their benefits. 

Also, it’s beneficial to have metrics within the programs that show employers how often their employees are interacting with the program. 

Best Money Moves is a mobile-first financial wellness solution designed to help employees meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive comprehensive financial advice right from their phones.

Focused on user-friendliness, Best Money Moves is designed to bring financial wellness resources right to the fingertips of employees. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in improving employee financial well-being.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

Addressing the Employee Financial Literacy Gap

Addressing the Employee Financial Literacy Gap

by | Oct 18, 2022 | Blog

Addressing the employee financial literacy gap. Here’s how a lack of financial literacy can affect your employees and what you can do to help solve the problem.

Only one-third of Americans have a solid understanding of interest rates, mortgage rates, and financial risk, according to the Financial Industry Regulatory Authority. This measure of financial literacy has fallen 19 percent over the past decade and is estimated to have cost Americans more than $415 billion in 2020 alone. 

The impact of employee financial illiteracy

As financial literacy has become less prevalent amongst employees, the effects have been felt from the workplace to the home. This can take a toll on an employee’s mental health and cause a burden they carry with them to work. According to PWC’s employee financial wellness survey, 56% of employees are stressed about their personal finances. This dearth of knowledge not only costs individuals but businesses as well. Employees that are financially stressed lose around a month of productive work days a year, as per Neighborhood Trust. 

The impact of a financially stressed employee can branch out to all members of the office. Workers that are missing chunks of time due to stress can delay projects and cause additional stress on other employees. Providing employees with a way to achieve financial literacy can help alleviate these concerns. According to SHRM, financially literate employees are less stressed and more focused. This results in higher productivity by way of less absenteeism and lower healthcare costs for the employer. 

How to help address the employee financial literacy gap

One of the easiest ways to assist employees on their journey to financial literacy is by providing a financial wellness platform in their benefits package. Not only do programs help workers, but a thorough financial wellness benefit can also help employers in hiring. 84% of employers said that offering a financial wellness program assists in employee retention and 8 of 10 said that a quality program helps attract higher quality employees, according to Bank of America. 

Providing a comprehensive financial wellness program is a signal that an employer understands the problems of their employees and works to solve them. ¾ of financially stressed employees are more attracted to a job that cares about their financial well-being. Also, assisting employees can put money back into the pocket of employers.  As per the ASPPA (American Society of Pension Professionals and Actuaries), 80% of employers said that financial wellness programs result in increased workplace productivity. 

Find your employee financial literacy solution with Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help employees dial down their financial stress and meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive compressive financial advice right from their phones. 

Best Money Moves is designed to guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

3 Digital Tools That Can Help Boost Employee Wellness

3 Digital Tools That Can Help Boost Employee Wellness

by | Oct 11, 2022 | Blog

3 digital tools that can help boost employee wellness. In today’s hybrid workforce, digital resources are more important than ever before. These 3 tools are key to supporting employee wellness.

Whether your team is remote or heading back to the office, digital solutions can make it easier for your team to get the benefits they are eligible for. Companies have been turning to online tools to improve the reach and accessibility of employee wellness benefits.

Here are 3 digital tools that can boost employee wellness.

Across the globe, workforces have integrated digital wellness tools into their employee benefits offerings. The specifics of these tools vary depending on the company. However, these digital benefits can provide well-being support, at unprecedented levels of accessibility.

1. Financial wellness apps

Financial stress can worsen a person’s physical and emotional health and even work productivity. In fact, according to PwC, 49% of financially-stressed employees said their money worries had a severe impact on their mental health. Yet, despite the abundance of employees who are financially stressed and want help, 41% are embarrassed to seek help with their finances. 

To make financial support more accessible and approachable, many companies have turned to digital financial wellness solutions. From budgeting apps to AI-driven money software, digital financial wellness tools allow employees to budget, save, and more — on their own time, all from their mobile devices.

2. Meditation and fitness apps

It can be challenging to balance work life while tending to your mental and physical health. To help employees dial down their anxiety and stress, whether personal or work-related, companies have started offering free memberships to meditation and fitness apps.

Meditation apps allow employees to tend to their mental and emotional wellness, when and wherever they feel the most comfortable — this can be at home, on their commute to work, or even after a stressful meeting. 

Moreover, studies have shown that physical outlets can help reduce stress and anxiety, so investing in fitness apps not only boost employees’ physical health but their emotional and mental health too.

3. Online talk therapy

Looking deeper into Biden’s plan, the administration is vying to change how people repay their loans. For example, the administration has proposed that borrowers pay 5% of their income each month in repayments, compared to the previous 10%. 

In addition, the Department of Education proposed a rule to cover a borrower’s unpaid monthly interest, as long as they make their monthly payments. This is to curtail the exponential growth of loan balances, due to compounding interest fees. With a financial advisor, employees can learn how to navigate these changes and understand what they may mean for their financial situation.

Does your workforce need a financial solution for employee wellness? Try Best Money Moves!

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age, right from their mobile phones.

Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

How Companies Can Supplement Student Loan Forgiveness

How Companies Can Supplement Student Loan Forgiveness

by | Sep 27, 2022 | Blog

How companies can supplement student loan forgiveness. Student loan forgiveness is coming, but it’s not a perfect solution for all employees. Here’s how to support your team as loan forgiveness goes into effect.

In August 2022, the Biden administration announced the rollout of their student loan relief program. The program is designed to help up to 43 million borrowers, but it doesn’t support everyone the same way.

Companies can help fill in the gaps. Learn more about how the plan affects different borrowers and how companies can supplement the government program.

Who qualifies for student loan forgiveness?

According to the Department of Education, two types of borrowers are eligible for relief: Pell Grant recipients and individuals earning less than $125,000 annually.

  • Pell Grant recipients are eligible for up to $20,000 in debt cancellation, whereas
  • Borrowers earning less than $125,000 ($250,000 per household) are eligible for up to $10,000 in debt cancellation

Employees that have worked in public service (federal, state, local and tribal government or a non-profit organization) for at least 10 years, even if not consecutively, may be eligible for the Public Service Loan Forgiveness program — which can eliminate all of a borrower’s student debt. For more information, see the White House’s website.

Here are 3 innovative ways companies can supplement student loan forgiveness for all:

The skyrocketing student loan debt crisis affects people differently — for some people it affects them directly, for others it may impact how where they educate their kids. Here are some ways companies can help expand the impact of student loan relief.

1. Invest in financial wellness tools to supplement student loan forgiveness

Student loan payments are set to resume in January 2023 and for many borrowers, it’ll be the first time that they’ve made payments in over two years. It can be difficult making the adjustment to repayment, especially when student loans haven’t been a line item in Americans’ budgets for so long.

With financial wellness tools, employees can learn how to re-integrate student loans into their monthly budgets, while balancing other financial goals (such as homeownership or paying off credit card debt). Budget calculators and other debt management tools can help employees identify margins in their budgets and work toward financial wellness. 

2. Create (or update) existing student loan benefits

According to the Employee Benefit Research Institute, 17% of employers offer student debt assistance and about 30% “plan to offer” such benefits, yet a big gap still exists in terms of benefits offered. To fill this gap some companies have offered flexible plans. 

For instance, Fortune 100 company Abbott allows employees to redirect what would be 401(k) contributions toward their student loans and still receive Abbott’s 5% retirement contribution. This allows companies to support employees with student loans, while ensuring employees without student loans don’t miss out on benefits.

If your company currently offers student loan benefits, think about updating them. Some companies have expanded into offering academic scholarships to their employees’ children — this is especially helpful for employees who may not have student debt themselves but are planning to support their college-aged children.

3. Provide financial advising to employees to help navigate student loan forgiveness

Looking deeper into Biden’s plan, the administration is vying to change how people repay their loans. For example, the administration has proposed that borrowers pay 5% of their income each month in repayments, compared to the previous 10%. 

In addition, the Department of Education proposed a rule to cover a borrower’s unpaid monthly interest, as long as they make their monthly payments. This is to curtail the exponential growth of loan balances, due to compounding interest fees. With a financial advisor, employees can learn how to navigate these changes and understand what they may mean for their financial situation.

Need a financial wellness solution for your workforce? Try Best Money Moves!

Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age. 

Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

What Are the Deadlines for Open Enrollment 2023?

What Are the Deadlines for Open Enrollment 2023?

by | Sep 21, 2022 | Blog

What are the deadlines for open enrollment 2023? Help your employees understand their options during this critical period. Here are all the dates and deadlines to know. 

The open enrollment period comes around every fall as a time for many Americans to opt into an insurance plan for the upcoming year. 

Open enrollment 2023 is a critical time for your employees to review their existing insurance coverage and make decisions that will affect their family throughout the following year. For important information relating to enrollment periods and qualifications for special enrollment, read below.

When is open enrollment 2023?

In the majority of states, the open enrollment period for health coverage that begins on January 1, 2023, is November 1, 2022 to January 15, 2023. In order to guarantee coverage that begins on January 1, 2023, employees must enroll by December 15, 2022. 

However, many states have different time periods for when people are allowed to enroll so it is essential to keep up with your state’s rules and regulations.

These are states that have different dates than those listed above:

  • California: November 1, 2022  through January 31, 2023
  • Idaho: October 15, 2022 through December 15, 2022
  • Massachusetts: November 1, 2022 through January 23, 2023
  • New Jersey: November 1, 2022 through January 31, 2023
  • New York: November 16, 2022 – Enrollment open through the end of the ongoing COVID pandemic 
  • Rhode Island: November 1, 2022 through January 31, 2023
  • Washington DC: November 1, 2022 through January 31, 2023

Other Dates and Special Enrollment Periods to be Aware of

  • In the past 60 days you had one of these household changes:
    • Marriage
    • Having a baby, adopting a child or placing a child for foster care
    • Legally separated or divorced causing a loss of health insurance
    • Someone on your Marketplace plan dies
  • Changes in residence, including: 
    • Moving to a new ZIP code or county
    • Moving to the United States from a foreign country
    • For students, moving to or from a place that you are attending school
    • For seasonal workers, moving to or from a place you live and work
    • Moving to or from a shelter or other types of transitional housing
  • If you or a member of your household lost health insurance in the 60 days prior to enrollment (or more than 60 days ago and before January 1, 2020)
  • If you are a member of your household were recently employed and gained access to an individual coverage HRA or a Qualified Small Employer Health Reimbursement Arrangement  in the past 60 days or expect to in the next 60 days
  • Becoming a member of a federally recognized tribe
  • Beginning or ending service as a AmeriCorps State and National, VISTA, or NCCC member
  • Recently became a U.S. citizen
  • Leaving incarceration

For more information and updated information about the open enrollment period, refer to healthcare.gov.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.