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3 Ways to Improve Your Employee Retirement Benefits

3 Ways to Improve Your Employee Retirement Benefits

by | Jan 31, 2023 | Blog

3 ways to improve your employee retirement benefits. Retirement benefits are a vital tool for your workforce. Here are three key ways to support your team with better retirement options. 

Almost 4 in 10 employees say they’re not confident about reaching their retirement goals, according to a 2022 Bank of America report, and even more are unsure if they have enough savings to retire. 

When it comes to retirement benefits, employees are looking for more than just a 401(k) — they want comprehensive guidance on how to prepare for the future. Here are 3 ways to help all employees get prepared for life during retirement.

1. Supplement retirement benefits with a digital financial wellness program that offers the latest technology.

Today, most employees prefer to manage their finances using digital apps and technology (including banking and investing), according to Bank of America’s 2022 report. And since employees are generally comfortable with using technology to manage their finances, consider delivering financial resources the same way. Similar to digital banking and investing tools, digital financial wellness programs offer a streamlined dashboard that help employees track their financial goals and debts. 

Many digital financial wellness programs offer easy-to-use tools and resources for users to engage with on their own free time, like nest egg calculators, personalized savings plans and other retirement ready resources. Moreover, employees can learn how to manage competing financial goals like tackling credit card debt, while saving for retirement.

2. Educate employees Social Security, Medicare and other retirement benefits.

While Social Security and Medicare are designed to help aging and retired populations, unfortunately, many of these benefits get left on the table due to lack of knowledge. About half of employees say they aren’t getting enough education about Social Security and Medicare benefits. Without knowing the importance of these benefits, employees are less likely to seek them out.

For ideas on how to educate employees on their benefits, consider using targeted email marketing or hosting financial planning workshops (food and refreshments are always a good incentive). 

With the right education on their benefits, employees can appropriately plan for the future and its associated costs, like supplemental health care, for example. One in 3 medical costs in retirement are not covered by Medicare. By understanding what’s covered in Medicare’s policy and what’s not, employees and pre-retirees can make the appropriate adjustments for retirement preparedness.

3. Invest in 1:1 financial consulting.

In addition to a retirement account, employees are looking for financial advice on how to best prepare for retirement. About 60% of employees said they feel stressed while managing their retirement savings, according to a Goldman Sachs report. With a financial advisor, employees can develop a comprehensive retirement plan with less stress and in less time. 

All employees are in different stages of retirement preparedness and security. Some may be at the beginning stages and need help simply choosing between a Roth IRA or 401(k). Others may have thousands already saved for retirement and need help shifting from saving to using retirement funds. 

No matter one’s age or stage of retirement preparation, most people can benefit from money coaching and guidance. And rather than giving cookie-cutter advice, the best advisors will give employees personalized counsel that empowers them to make well-informed financial decisions.

Looking for a digital financial wellness program to bolster your retirement benefits? 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. 

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.

4 Surprising Financial Facts About Millennial and Gen Z Employees

4 Surprising Financial Facts About Millennial and Gen Z Employees

by | Jan 25, 2023 | Blog

4 surprising financial facts about millennial and gen Z employees. Your Millennial and gen Z employees are struggling with unique financial issues. Here are 4 things to know about the youngest members of your team.

Millennial and Gen Z employees struggle with unique financial issues and are turning to employers for help. A recent, in-depth survey conducted by Prudential Financial found that many employees in the younger generations are seeking additional financial assistance in order to bring stability to their lives.

Here are 4  surprising financial facts about Millennial and Gen Z employees.

1. Many millennials find their salaries insufficient and turn to outside income to support their costs of living.

According to the same Prudential study, millennials and Gen Z were more likely than Gen X or baby boomers to turn to gig work, take on debt, or receive monetary support from family to meet their financial goals. In addition, one-third of millennials and 46% of Gen Z have switched employers since the start of the pandemic, compared to 29% of all workers. Many of these workers believed that changing employers every few years was the best way to increase their earning potential. When searching for new jobs, younger generations often sought out more flexible ways of working and more financial support from their employers. 

Financial wellness tools can provide employees with a snapshot of their current situation, including how much they are spending, how much they are saving, and what debts they may have. This can help employees identify areas where they may be able to improve their financial health.

2. Millennials often do not have emergency savings.

Fifty percent of all survey respondents had less than $500 or no emergency savings fund and nearly 4 in 10 respondents reported they are not on track to meet their long-term goals. The survey also found that more than half of all respondents believed that the pandemic had a negative impact on their long-term financial security. Over half of millennials said that debt prevented them from accomplishing personal goals, like owning a home and starting a family.

According to a 2021 study from the Federal Reserve, families with increased financial literacy had more savings on average and were better equipped to handle unexpected expenses.

3. Student loan debt for many millennials negatively impacts their mental health.

Almost one third of respondents said student loan debt was a barrier to accomplishing their personal goals. Offering financial wellness tools can help your own employees develop strategies to improve their own economic well-being. A 2019 study from ADP, the most recent data available, found that almost 90% of employers and employees believe that financial wellness, including student loan debt management, is important to overall well being. The study also found that 8 in 10 employees believe that companies should “take an interest in the financial well being of their workers.”

4. Millennial and Gen Z workers look to their employer for support in times of financial need.

Almost 60% of Gen Z and millennial workers believe their employer has a responsibility to help them feel more financially empowered. 29% of millennials who switched jobs in the last year took a pay cut, with over a quarter of millennials attributing the change to wanting to achieve a better work/life balance.

Financial stress can have negative impacts on mental health and may affect employees’ work performance. With financial wellness programs, employers can support their millennial and Gen Z workers to help mitigate concerns. Budgeting, savings and debt management tools simplify common money problems and help employees reach their financial goals.

Luckily, employers see improved employee outcomes by addressing financial stress head on. According to a Bank of America study, 84% of employers say that offering financial wellness tools helped increase employee retention. 

Provide the unique support that millennial and Gen Z employees need by offering financial wellness tools from Best Money Moves.

If you are looking for a financial wellness program that can alleviate some employee stress, 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 wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing, regardless of one’s income level and background. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age and financial background. 

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.

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 Top Reasons for Employee Resignation & How Companies Can Help

3 Top Reasons for Employee Resignation & How Companies Can Help

by | Jan 25, 2023 | Blog

3 top reasons for employee resignation & how companies can help. Dissatisfaction at the office is leading to higher amounts of employee resignation. Here’s what your company can do to help. 

The U.S. labor force continues to be affected by the Great Resignation. According to Bank of America’s 2022 report, there are three leading reasons behind recent employee exodus: compensation, burnout and work-life balance. 

By investing in financial wellness and similar employee-focused benefits, companies can challenge these three drivers of resignation and boost employee retention.

Here are the top 3 drivers of employee resignation, plus 3 solutions

1. Compensation

When evaluating a job opportunity, candidates factor in much more than just wage or salary. They evaluate the total compensation of the job — that is the sum of the salary plus additional benefits, such as retirement, medical, childcare and more. Today, many employees are resigning due to their dissatisfaction with their current compensation — they are looking for better pay, benefits and increased corporate empathy.

About 60% of employees say they are attracted to another company that cares more about employee financial wellness, according to a PwC 2022 study. This can create concern about employee wellbeing and potential resignations, especially in today’s hybrid labor force. 

To help retain and attract top talent, companies have upped their total compensation packages by adding financial wellness benefits. According to the same PwC survey, more than 8 in 10 employers report that their investment in employee financial wellness benefits has led to positive results, including increased employee engagement, loyalty and morale.

2. Burnout

Work, home and money-related stress can be difficult to deal with and when this stress prolongs and compounds over time, it can lead to burnout — a physical, mental and emotional exhaustion with varied symptom, such as decreased focus, productivity and a lower sense of wellbeing. These harrowing effects of burnout can cause top talent to quit and ultimately hurt a firm’s bottom line. 

Money reigns as a leading stressor for many Americans. As a response, companies have started to offer employees financial wellness benefits to help dial down employees’ money-related stress. Offerings such as 1:1 money coaching and debt management support allow employees to meet their most top-of-mind money goals, whether it’s buying a home or no longer living paycheck-to-paycheck. 

When employees are less worried about their finances, companies can benefit from a happier, more productive workforce that is less likely to quit. 

3. Work-life balance

Work, home and money-related stress can be difficult to deal with and when this stress prolongs and compounds over time, it can lead to burnout — a physical, mental and emotional exhaustion with varied symptom, such as decreased focus, productivity and a lower sense of wellbeing. These harrowing effects of burnout can cause top talent to quit and ultimately hurt a firm’s bottom line. 

Money reigns as a leading stressor for many Americans. As a response, companies have started to offer employees financial wellness benefits to help dial down employees’ money-related stress. Offerings such as 1:1 money coaching and debt management support allow employees to meet their most top-of-mind money goals, whether it’s buying a home or no longer living paycheck-to-paycheck. 

When employees are less worried about their finances, companies can benefit from a happier, more productive workforce that is less likely to quit. 

Looking to curb employee resignation with a premium financial wellness solution? 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. 

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.

Financial Wellness: The Missing Piece of Your DEI Strategy

Financial Wellness: The Missing Piece of Your DEI Strategy

by | Jan 11, 2023 | Blog

Financial Wellness: The missing piece of your DEI strategy. Financial wellness could be the key benefit that your DEI initiative is missing. Here’s what to consider.  

Organizations are constantly trying to improve diversity. But while progress has been made, many workplaces are still a long way from achieving true equity. 

The median wealth for white households is $187,300, according to data released by the U.S. Census bureau. However the median wealth is only $31,700 for hispanic households and $14,100 for black households.

This imbalance highlights just one aspect of the stark wealth equality problems that still exist both in the office and at home. For teams looking to bridge the opportunities gap between employees of different backgrounds, one thing is clear: Financial Wellness is a key piece of DEI. 

Financial Wellness: The missing piece of your DEI strategy.

An emerging strategy to increase diversity, enquiry and inclusion that corporations still underrate is utilizing financial wellness resources. Employing a comprehensive financial wellness program is a great way for management to understand and tackle the unique personal finance problems that confront each of their workers. It also can be a great way to retain and attract talent as 4 out of 5 employees said they would prefer benefits over a pay increase, per Human Resources Director.

A financial wellness solution is only an assistant on the journey towards equality. Being transparent and vocal with your employees about unequal discrepancies in wages can help increase employee mood and assist in restoring the economy. According to the Bureau of Labor Statistics, women make 82 cents for every dollar a man makes. Additionally, black and latina women with a bachelor’s degree make 65% of what a white man with the same education makes. This gap in pay can be easily overlooked when talking broadly about equity and inclusion, so addressing these problems head on is a great step forward towards a solution.

Many of these issues have been more prevalent since COVID-19 became an issue. Since the beginning of the pandemic, stress levels have increased across the board for many workers. According to SoFi at Work, 51% of employees are more stressed about their finances now than they were at the height of the pandemic. Additionally, employees spend around 25% of their workweek dealing with financial issues. This stress can be increased due to a lack of financial literacy and a feeling of hopelessness when confronting the turbulent economic situation of today. Providing a comprehensive financial wellness program can ease stress and allow workers to focus on their work.

Elevate your DEI initiatives with 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.

Financial Stress in 2023: 3 Problems Facing Your Workforce

Financial Stress in 2023: 3 Problems Facing Your Workforce

by | Jan 10, 2023 | Blog

Financial Stress in 2023: 3 Problems Facing Your Workforce. 2023 is shaping up to be a tough financial year. Keep an eye out for these 3 major causes of financial stress among your employees.

Average savings decreased by 15% in 2022, according to Northwestern Mutual’s 2022 Planning & Progress Study.  What’s more, data from the same study confirms that over half of U.S. adults feel somewhat or very anxious about their financial situation. 

With a recession looming in 2023, helping employees bolster their financial health should be at the top of every employer’s to-do list. Here are the top 3 financial issues facing your workforce in 2023.

1. Inflation remains the top cause of financial stress for many employees.

Inflation was one of the biggest news stories throughout 2022, so it’s no surprise that rising prices remain top of mind for many employees. According to CNN, global inflation rose from 4.7% in 2021 to 8.8% this year and is projected to be at 6.5% in 2023. This growth has forced families to tighten their budgets and make tough choices about competing expenses. In a survey of roughly 1,000 U.S. adults conducted by NPR/PBS news, 72% reported having to cut at least one major expense in the wake of rising inflation. 

Stress over inflation and other financial hurdles frequently follows employees into the office. Financial stress results in higher levels of absenteeism and lowered productivity. The American Institute of Stress reports that more than 275 million days of work are lost annually due to the stress of American workers.

2. Rising interest rates could slow your employees’ financial progress.

To help combat inflation, the Federal Reserve has steadily raised interest rates throughout the course of 2022. According to the Economist, the markets are expecting the Federal Reserve to raise interest rates as high as 5% in 2023. Increased interest rates may help curb inflation, but they also present a stumbling block for employees on the road to homeownership or debt repayment. This is especially true for households of color, according to data from housing research nonprofit, the Urban Institute. Many of these households are still recovering from the significant financial ramifications of the COVID-19 pandemic. 

It should be a major focus for employers to help workers assuage their fears around interest rates and provide assistance for their personal finances. Including these benefits not only increases the well-being of current staff, but also entices potential newcomers. According to Financial Wellness Magazine, 40% of employees say that financial planning and education benefits are important when deciding a new job. These programs are also increasing in importance for younger generations, so providing financial wellness programs can also set your company up for the future.

3. Slowing economic growth creates financial stress and uncertainty about the future.

Looking towards 2023, global economic prospects are the 3rd weakest since 2021, according to the International Monetary Fund. The effects of the slowdown have fully trickled down, affecting many Americans and their salaries.  

According to CNBC, 60% of Americans are currently living paycheck to paycheck. Many people who are used to living comfortably have been forced to drastically cut costs and change their spending behavior. It can be difficult to pin down what areas are hurting your personal finances the most. Utilizing a comprehensive financial wellness program is an effective tool to combat your employee’s personal finance woes.

Give your 2023 Employee Benefits a boost with a financial wellness solution from 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 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.