2023 - Page 5 of 8 - Best Money Moves

The 5 Best Benefits for Remote and Hybrid Teams

by Sam Johnson | May 9, 2023 | Blog

The 5 best benefits for remote and hybrid teams? Remote and hybrid work is changing the landscape of HR. Here are 5 benefits that are ideal for remote and hybrid workers.

According to a study by Upwork, 22% of all working Americans (around 36.5 million people) will be working remotely by 2025. This marks a dramatic 16 million person increase from the number of remote and hybrid workers before the COVID-19/Coronavirus pandemic.

With remote and hybrid teams becoming much more commonplace, employers must rethink their benefits strategies for a new work landscape. Here are 5 benefits that are ideal for remote workers.

5 Top Benefits for Remote and Hybrid Teams

Digital wellness initiatives

All employees, whether remote or not, need some kind of wellness benefits. For remote and hybrid teams, digital wellness initiatives offer key advantages to keeping teams connected and well. Offer employees digital solutions for every area of their wellbeing from healthcare to financial fitness. A 2022 study by Bank of America found that 84% of American employees said that employers offering personal finance tools would increase their ability to retain employees. Comprehensive wellness solutions can help employees in any location tackle diverse financial hurdles.

Remote mental health support

Another way to help your remote workforce is to acknowledge and alleviate stressors brought on by forces outside of the workplace. According to a study by Apollo Technical, remote workers feel very burnt out 11% of the time and about half of workers responded that they don’t feel as if they have the emotional support in place at work to help them through larger tasks. Assisting employees with their mental health is a great way to ensure their stress and burnout is low during particularly taxing tasks and projects.

Flexible work hours/Increased PTO

Just because an employee is now working from home does not mean they no longer need PTO or the ability to complete work outside of a typical 9-5 schedule. It can be easy as an employer to think that employees are taking advantage of working from home to slack off. However, the opposite has been true. According to a study by Apollo Technical, 65% of remote workers they surveyed reported working more hours when they switched to remote work than when they were in the office. Many remote workers are enticed by working from home due to the ability to work around their personal schedules. It’s important as an employer to understand the needs of your remote workers and provide benefits that help meet their expectations of the role.

Home office improvement stipends

Working remotely increases an employee’s dependency on the tech they have available around the house. Offering funds for at-home upgrades can improve employee productivity. Another hidden cost of working from home is an increased energy bill. According to the National Bureau of Economic Research, remote workers average a $40-50 a month increase on their energy bill. A stipend to employees helps ensure they have the correct tools to maximize their efficiency and productivity in their home office.

Home delivery/Subscription services

These benefits can range from monthly subscription boxes to pick your employee’s spirits up with small gifts each month, to streaming services so employees can enjoy the newest movies and TV shows after a long day or week at work. Sending a gift basket or a similar package to all of your employees can help grow bonds and build connections amongst remote employees.

Looking for the right digital wellness platform to reach your remote team? Try 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 Ways to Boost Women’s Financial Literacy and Wellbeing

by Amirah Ford | May 9, 2023 | Blog

3 ways to help boost women’s financial literacy and wellbeing. Female employees face disproportionate financial hurdles. Here are 3 ways to help boost women’s financial literacy and wellbeing.

Money stresses out most people. Women, however, worry about money more than men. In fact, women have lower levels of financial literacy and wellness compared to men, according to a TIAA report. And when factoring in race, too, Black and brown women have even less financial literacy than their white women peers.

Employees are increasingly relying on their employers for financial wellness support and guidance. Learn more how companies with any benefits budget can help boost women’s financial wellness, and ultimately help address the gender gap in financial literacy and wellbeing.

3 ways to boost women’s financial literacy:

1. Help women balance household finances with financial wellness resources

Nearly 90% of women either control household finances or manage household money jointly with a partner, according to a study from GoBankingRates.This includes balancing checkbooks, paying bills on time and other financial responsibilities. Companies can help women shoulder this load, by providing financial wellness resources with tactical support.

For example, budgeting tools are a visual, intuitive way for employees to track their finances. They can help women and their families plan and work toward long-term financial goals, such as buying a home or saving for a luxury vacation.

Another tactical financial wellness tool are loan calculators. When taking out a home or auto loan, loan calculators can help employees compare between loans and estimate their payments. Employees can leverage loan calculators to make better financial decisions for their long and short-term goals.

2. Deliver financial education tailored toward women

Studies have shown that with greater financial literacy comes improved financial wellness. In addition, people with greater financial literacy are better prepared to weather economic uncertainty, according to TIAA’s report.

Rather than offering general financial education, companies have started providing financial events, literature and marketing tailored toward women. For instance, some companies host financial webinars and events on topics that resonate with women, like planning financially for pregnancy or a wedding. Financial resources and educational opportunities can equip women with the tools to boost their financial understanding and wellbeing.

3. Provide 1:1 financial advising and planning

When it comes to financial advice, it’s best to receive personally tailored financial advice. Everyone has different goals, aspirations and financial situations. With one-on-one financial advising, employees can get the personalized care they need.

For instance, where some women may need help planning for a family addition, not all women may want children or to get married. While some women might need help combining their finances with a new spouse, others may be facing a divroce and need help transitioning from a double-income household to a single-income household. Instead of providing cookie cutter advice, one-on-one financial advising takes employees’ personal circumstances into account to devise an individualized gameplan.

Today, companies are well-positioned to help employees boost their financial wellness and address the financial literacy gap between men and women. With financial wellness benefits and intentional marketing, companies can empower and educate the women in their workforce.

Looking for a financial wellness program? 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 an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial wellbeing. Our iplatform, with a human-centered design, is fit for employees of any age.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 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 Much Does Financial Illiteracy Cost Your Team?

by Trevor Duggins | Apr 12, 2023 | Blog

How much does financial literacy cost your team? Financial illiteracy is a growing problem among American workers. Here’s how financial wellness can help your team thrive.

Financial illiteracy is a growing problem among Americans and it could be costing your people dearly. An NFEC survey found that financial illiteracy costs about $1,819 per person on average. In fact, 15% of those surveyed said their lack of knowledge cost them upwards of $10,000. Luckily, the right financial wellness program can help your team.

What is financial illiteracy?

Financial illiteracy refers to a person’s lack of understanding about personal finance and related concepts. Financial illiteracy comes in many forms including:

Misunderstanding basic financial concepts such as interest or inflation
Being unable to save money, create an emergency fund or build a budget
Misusing credit cards and struggling to pay off debt
Taking out high interest loans with no repayment plan
Missing out on long-term investment/retirement opportunities

A lack of financial literacy can prevent someone from managing their day-to-day financial affairs and slow a person’s ability to long-term goals. According to a Banrakate study, 56% of Americans are unable to cover $1,000 for an emergency fund, making it difficult to plan for the future. People who are financially illiterate may also be unaware of the consequences of poor financial decisions, potentially leaving them trapped in cycles of bad debt.

Annually, the biggest culprit of money lost to financial illiteracy is credit card interest and late fees, totalling around $120 billion among all Americans, according to the same NFCC survey. The next highest offenders are luxury spending at $64.8 billion and overdrafts at $17 billion. Other common financial drains included identity theft and fraud, which cost Americans around $13 billion collectively.

Many of these costs would be otherwise avoidable, if employees had access to more comprehensive financial education.

How can financial illiteracy impact a workforce?

Financial illiteracy can lead to stress, poor decision making and decreased productivity while at work, among other things. Even the highest earners aren’t safe from the dangers of financial illiteracy. A 2022 survey conducted by Willis Towers Watson found that 36% of Americans making over $100,000 a year still lived paycheck to paycheck — an amount double that of 2019.

These financial issues may increase stress levels that can affect employees while on the job. A Morgan Stanley survey found that 78% of employees with high financial stress see its effects while at work. Another 49% claim that they spend 3 or more hours during their work week dealing with their financial issues. Beyond being a major distraction, this additional stress has many dangerous mental health implications for employees.

A 2019 survey found that employees with money worries were 4 times more likely to suffer

from depression and 3.4 times more likely to suffer from anxiety and panic attacks. Because of the major effects financial struggles have on employees, many employers have started to take notice. According to Forbes, 80% of employers in the U.S. report that financial stress is lowering their employees’ productivity. These companies also lose almost half a trillion dollars a year due to employees’ financial stress.

These issues have clear and measurable effects on workers, so solving them is in the best interest of every employer.

How can employers improve financial literacy?

Employees make some of their most important financial decisions in the workplace, whether they are beginning a retirement plan or choosing a health insurance provider. So, providing financial education at work can help combat the most common consequences of financial illiteracy.

Developing a strategy that teaches the basics of personal finance can be a great boon for your employees. Financial wellness programs can cover topics like budgeting, saving, investing and debt management.

The same Morgan Stanley survey found that around 74 percent of workers consider it important for their employer to provide financial wellness benefits, while 60 percent expressed their increased likelihood of staying at their current job if financial wellness benefits were offered. A 2020 survey from HR Daily Advisor found that 90% of employers who offered financial wellness benefits say that the programs had a positive impact on employees.

Financial literacy is an essential skill that employees need. The cost of financial illiteracy can be significant for them and for your own business. Help your employees improve their financial literacy with Best Money Moves.

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.

Best Money Moves Sneak Peek: 2023 Financial Webinar Series

by Kris Mackenzie | Mar 30, 2023 | Blog

Best Money Moves Sneak Peek: 2023 Financial Webinar Series. Get an inside look into Best Money Moves and catch a free preview of our 2023 Financial Webinar series.

Best Money Moves takes financial education to the next level with free, monthly Webinars available to all users. Each month, users can join Best Money Moves Founder & CEO Ilyce Glink as she uses her experience as a financial journalist to as she tackle the unique financial issues facing your team. Users can tune in for a rotating calendar of topics, including:

Managing through Inflation, Recession, Taxes, and Other Financial Stressors
How Credit and Debt Can Change Your Retirement Trajectory
Finding the Best Deal on a New, Used or Leased Car
Planning for Life’s Financial Milestones

Watch a sneak peek of the first video in our 2023 Financial Webinar Series

If you’re dealing with debt going into 2023, you’re not alone. Many families rely on credit to partially or fully fund their holiday season, which means that the new year starts with their finances already in the red. Luckily, carrying debt doesn’t mean you have to give up on your other financial goals — so long as you’re able to plan ahead.

Our 2023 Webinar series starts with an honest discussion all about debt, and how to tell the difference between good debt and bad debt. Join Ilyce Glink, Best Money Moves Founder & CEO, as she explores the effects that debt can have on other aspects of your life, including the negative impact of debt on your mental and physical wellness. With some smart planning, you don’t have to sacrifice your larger financial goals in 2023 – you can make progress toward them. In this webinar, you’ll learn about spending, saving and investing, while making informed decisions about how to best handle your debt load.

In this webinar, you’ll learn:

How to deal with your debt
How to tell the difference between good debt vs bad debt (and how to trade one for the other)
How debt really impacts your credit history and credit score
How debt impacts your mental and physical health, and how to manage it
How to plan for (and enable) a successful year of spending, saving and investing

Give your team access to more free Webinars and other financial tools, all with 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.

Whether it be retirement 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 Causes Financial Stress?

by Sam Johnson | Mar 28, 2023 | Blog

What causes financial stress? Here are 3 of the top causes of financial stress among your team. (Plus, what you can do about them.)

According to a study by the FINRA Investor Education Foundation, 60% of American adults feel anxious while thinking about their personal finances, and 50% feel stressed when talking to another person about their finances. There are many reasons that an individual could be suffering from financial stress.

Here are 3 root causes and then a way employers can lend a hand in calming those concerns.

1. Lack of access to emergency cash

The COVID-19/Coronavirus pandemic forced many families to tap into cash reserves, making it more difficult to prepare for the future. According to a study by ALM Benefits Pro, a dwindling emergency fund was the 3rd most common cause of financial stress across all participants and the most common cause amongst respondents over 65. Having an emergency fund is crucial to avoid pitfalls such as accumulating credit card debt or taking out high-interest loans. It is important to assist employees in setting healthy savings goals from their paychecks in order to alleviate financial stress from this root cause.

2. Poor money management skills

The weight of this financial stress can lead to cyclical overspending and other poor personal finance habits. Many Americans in general don’t know that they are often spending hundreds of dollars a month in unnecessary excess. According to a survey by OppLoans, 73% of Americans said that they did not follow a budget. The best budgets can identify areas where non-essential spending is too high so employees can address those problems head-on.

3. Persistent debt

During the pandemic, a high percentage of Americans needed to go into debt in order to cover their basic expenses. This debt has persisted into the current day and is the most common cause of financial stress. According to Business News Daily, six in ten employees admit they are concerned about the amount of household debt they have and are also stressed by the lack of employer resources that address those problems. It is important for companies to provide financial wellness benefits that are comprehensive and accessible to employees.

What to do about financial stress in the workplace?

Financial stress affects not only the mental health of your employees but also their focus and productivity. Lost hours and poor performance can have a tangible effect on your organization’s bottom line. According to the Financial Post, employee financial stress cost U.S. employers $40 billion dollars in 2022. This loss is due to increased absenteeism, diminished productivity and an increase in workplace accidents.

It’s important for employers to take a stand and start addressing these problems. Adding a personal finance wellness solution. According to the 2021 PWC Employee Financial Wellness Survey, 88% of U.S. employees utilize the financial wellness programs that their companies offer. The new wave of incoming workers is increasingly placing the responsibility of personal finance squarely on the shoulders of the employer. According to that same study, 65% of Gen Z employees say that their employers are responsible for their financial wellness. Providing a comprehensive financial wellness program is a signal to employees that their best interests are the company’s best interests while also increasing productivity.

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.