Log in
Book a Demo

5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions) Read it here.

Book a Demo
Employee Credit Card Debt: 4 Simple Ways To Help

Employee Credit Card Debt: 4 Simple Ways To Help

by | Dec 17, 2024 | For Employers

Employee credit card debt is a significant issue among American workers. The average American’s debt balance reached $6,380 as of Q3 2024, according to TransUnion. One in five credit card users are maxed out, and 8.8% of credit card debt transitioned into delinquency during the same period. Credit card debt has increased by 48% since 2021, largely caused by post-pandemic spending and inflation.

This financial burden weighs heavily on the mental health of your workforce. Nearly half of those struggling with employee credit card debt report sleep issues, anxiety, and even depression. These struggles can spill over into the workplace, hindering your team’s productivity. According to research published in the Journal of Business and Psychology, employees dealing with financial stress are 11 times more likely to report being less effective at work.

By offering the right support, you can empower your employees to regain control over their finances, improve their overall well-being and boost your team’s wellbeing. Here are four key ways to help them manage their employee credit card debt.

A stat about employee credit card debt

1. Educate workers on how to handle employee credit card debt

Financial literacy is essential for managing and reducing credit card debt. However, 90% of Americans are unaware of how credit cards even work, especially when it comes to negotiating terms and conditions. Filling this information gap is essential to reducing misspending. Research from InCharge Debt Solutions has shown that individuals with higher financial literacy are less likely to engage in costly behaviors, such as paying only the minimum balance or incurring late fees.

Employers can help bridge this gap by:

  • Offering comprehensive financial education services such as Best Money Moves
  • Hosting financial workshops on debt management
  • Teaching employees how to consolidate high-interest debt into lower-interest loans—an important step, considering the average U.S. credit card APR is 24.62%
  • Providing resources on how to negotiate lower rates with credit card providers.

A solid financial foundation can help your employees size up their credit card debt and then strategically approach repayment.

2. Encourage budgeting and emergency savings for those with credit card debt

Budgeting and emergency savings are critical for financial stability. Yet, according to NerdWallet, only 74% of Americans actively follow a budget. Employers can help fix this problem by fostering a culture that incentivizes financial planning.

By offering resources to help employees create a budget and stick to it, employers can help employees manage everyday expenses and prepare for emergencies. Investing in employee wellness can also boost team morale.

For employees struggling to save, automated payroll savings programs may help employees to store some of each paycheck in a dedicated account with minimal effort. Employees face less stress and greater stability when they take the time to build better financial habits. This benefits both their personal lives and workplace performance.

3. Consider employer-sponsored employee credit card debt assistance programs

Employer-sponsored debt assistance programs allow you to directly address employee credit card debt. These programs vary, but many offer direct contributions or match payments toward employee credit card debt. This helps to reduce their balances more quickly. Debt assistance programs are highly sought after. When surveyed by the Financial Health Network 62% of respondents reported that they would be more likely to stay at a job that offered useful debt-related benefits.

4. Offer flexible payroll options

Many employees struggle to make ends meet on a traditional biweekly pay schedule, particularly the 78% who live paycheck-to-paycheck. Flexible payroll options like earned wage access programs can offer relief for these employees by allowing them to access their earnings before payday in case of an emergency. This approach can help employees pay their bills on time, avoid late fees and reduce their reliance on credit cards for everyday expenses.

Not only can flexible pay options help your employees in a financial bind, but they also help employees feel more in control of their finances, reducing stress.

Supporting employees in managing credit card debt isn’t just a kind thing to do for your employees — it’s a smart move for your business. When employees have the tools to take back control of their finances, they’re less stressed, more focused and better equipped to do their job.

Help your employees with their credit card debt with Best Money Moves!

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster employee financial wellbeing.

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.

5 Emerging Benefits Trends to Look for in 2025

5 Emerging Benefits Trends to Look for in 2025

by | Dec 9, 2024 | For Employers

As 2024 comes to a close, HR professionals must rethink benefits strategy going into next year. This past year has been shaped by major financial uncertainty and advancements, influencing the benefits trends going into next year. All of these factors mean that employee needs are changing. Your current benefits need to keep pace.

The common theme emerging from this year’s insights is personalization. Employees want solutions to their unique problems – from building retirement savings to handling unexpected medical expenses. Compared to years prior, employees want more retirement benefits and paid leave opportunities. Financial wellness remains at the forefront of worker attention.

Here are the most important benefits your company needs in 2025.

A stat about benefits trends
A stat about benefits trends
A stat about benefits trends

Financial wellness remains atop the benefits trends

The common thread that connects most employee concerns is a high level of financial stress. Money worries continue to strain employees across all job sectors, income levels and generations. The stress is due to multiple factors, including an increased cost of living, especially among rent and groceries prices, over the past few years. According to CNBC, heightened expenses have led to the most common financial milestones, (such as retiring, purchasing a home or vehicle, and getting married) becoming out of reach for a significant population.

With a dedicated financial wellness program, you can help employees manage their finances — reducing stress and improving productivity. Financial wellness programs offer customized resources that provide essential information — regardless of age or income level.

According to Mercer’s Survey on health & benefit strategies for 2025, almost 70% of surveyed companies offer or plan to offer financial wellness programs in their benefits package next year. This projection shows the benefits trends in use and utilization of financial wellness programs among employees.

Focus on personalized benefits first

Personalized benefits put your employees in a position to succeed. Your employees have different struggles based on their age, experience and financial history. The right benefits package needs to cater to the unique needs of your workforce. This applies to new college graduates and senior employees alike. Employees who feel their benefits match their situation feel more loyalty to their company.

As technology improves, personalized benefits will be able to cater to a person’s exact struggles. New opportunities appear every year. In SHRM’s 2024 Employee Benefit Survey, menopause benefits, gender-affirming care and lifestyle savings accounts trend for the first time. However, even as new benefits appear, the core goal will remain the same — offering solutions that enhance individual lives.

Inclusive health benefits are still widely sought after

Medical costs continue to be a major concern for employees going into 2025. Almost half of Americans surveyed by the Commonwealth Fund have had surprise medical bills they expected to be covered by insurance. This added stress can drastically affect an employee’s finances, especially if they do not have an adequate amount saved — and now, companies require solutions.

Companies help employees make their healthcare costs more manageable through effective healthcare benefits. According to Mercer’s Survey on Health and Benefits Strategies for 2025, about two-thirds of large employers said that “improving healthcare affordability” is a priority for the next year. One method of support employers provide will come in the form of affordable deductibles. According to the report, 40% of large companies will offer a medical plan with a low or no deductible.

Retirement benefits trends may help move the needle

In SHRM’s Employee Benefits survey, more than 80% of employers said that retirement benefits were “very” or “extremely” important. These benefits trends will continue going into 2025.

The average employer matches 6% of an employee’s Traditional 401k and Roth 401k contributions. However, planning for the future continues to be a major stressor for employees. According to a 2024 PlanAdviser survey, 48% of employees claimed that concerns about their retirement savings were the top cause of their financial stress. Additionally, 62% of employees in the survey noted that retirement plans contributed the most to their financial security, which was up from 56% in 2023.

Creative solutions (such as student loan debt assistance and tax-advantaged health savings accounts) may be the key to supplementing your current retirement benefits.

Flexibility improves productivity

Flexibility in benefits packages comes in many forms — from remote/hybrid schedules or inclusive leave opportunities. In March of 2024, 11% of private industry workers had access to flexible benefits, which allowed employees to customize their packages as needed. According to Plan Adviser, interest in paid leave increased by about 15% from its figure in 2022.

Remote and hybrid work also continue to hold as a popular option for employers and employees. According to The US Bureau of Labor Statistics, productivity in 61 industries increased when employees switched to remote work. Research from Forbes also found that 98% of employees want to work remotely and project 32.6 million employees will be remote by 2025.

Providing a working environment where employees can be the most productive is crucial to flexible compensation packages. The ability to use benefits as they see fit also improves retention among your workforce.

Looking for the right financial wellness program to round out your benefits for 2025?

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster employee financial wellbeing.

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.

The Surprising Reasons Different Generations Are Stressed About Money

The Surprising Reasons Different Generations Are Stressed About Money

by | Dec 4, 2024 | For Employers

About 7 in 10 US employees say they’re stressed about money, per PNC’s 2024 Financial Wellness in the Workplace report. However, not all employees face the same financial woes. Younger generations tend to worry about affording monthly expenses, whereas Baby Boomers tend to worry about if — and when — they can afford to retire.

Engaging a multi-generational workforce can be difficult. However, by understanding each generation’s most common financial concerns, HR and business leaders can make the most of their benefits budgets while supporting employees’ financial well-being.

A stat about generations and financial stress

Financial worries can lead to lower productivity and increased turnover

Financial stress doesn’t only impact an employee and their household. Employees’ financial stress and its impacts can seep into the workplace if left unaddressed. On average, employees spend about 3 hours a week at work worrying about their personal finances, according to PNC. Over time, this distraction can lead to a loss of productivity that potentially hurts a company’s bottom line.

Moreover, employees stressed about money are twice as likely to look for a new job, according to PwC, leading to increased attrition and a loss of top talent. By learning the common financial challenges for each generation, employers can adopt impact-driven benefits designed to help alleviate all employees’ financial stress.

Generation Z & Millennials often worry about paying off their student loan debt

Generation Z, born from 1996 to 2012, is the youngest generation in today’s workforce. Gen Z employees are typically recently out of college, university or vocational training and early into their careers.
Millennials, born 1981 to 1996, alongside Gen Z face the looming burden of paying off student debt.

In recent decades, the cost of education has skyrocketed — the average undergraduate tuition has nearly tripled from 1980 to today, according to the National Center for Education Statistics (NCES). As a result, Gen Z and Millennials tend to have more student debt compared to their parents and grandparents’ generations.

Solution: Invest in student debt financing and repayment assistance offerings

Although credit card debt is the most common form of debt, studies show that student loan debt is the most challenging debt to pay off, largely due to inflation, high tuition rates and compounded interest. Over time, student debt can impact an employee’s ability to reach their financial goals, such as securing a mortgage or auto loan.

Over 1 in 3 US employees wish their employer offered student loan financing and repayment assistance benefits, according to PNC’s report. Moreover, employee benefits related to student debt aren’t just for younger generations. Tuition assistance benefits can potentially help older generations, especially those who may still carry student debt from graduate school programs or help finance their children’s education.

Generation X struggles with today’s expenses while still saving for tomorrow

In between Baby Boomers and Millennials lies Generation X. Born between 1965 and 1980, Gen X is next up for retirement, following Baby Boomers.

A common financial concern for Gen X is being able to save for retirement while balancing today’s expenses. Due to limited disposable income, sometimes employees forgo contributing to their retirement account to afford key monthly expenses, such as rent, groceries, car insurance, etc. Some employees have resorted to borrowing from their 401(k) to help make ends meet.

Today, approximately 40% of Gen X employees have $0 saved for retirement, according to the National Institute on Retirement Security. Luckily, even the oldest members of Gen X still have the runway to prepare for retirement.

Solution: Contribute to employees’ 401(k)s through match contributions

To help employees stressed about money afford today’s expenses, many companies have invested in a match contribution program. Company match programs are designed to incentivize employees to save for retirement — for each dollar an employee puts in their 401(k), employers will “match” or contribute the same amount.

Today over 50% of employers offer company match programs, compared to 46% in 2023. Match programs can help employees exponentially grow their retirement savings. This can be especially valuable for employees trying to catch up on their retirement savings.

Baby Boomers’s top concern is making sure they’re ready for retirement

Retirement readiness is the leading financial concern for employees born between 1946 to 1964, also known as Baby Boomers. Although some Baby Boomers have already retired, others are still in the workforce getting ready to enter retirement.

A common worry for Baby Boomers is if — and when — will they be able to retire. Entering retirement is a big step in a person’s life. That said, pre-retirees, including Baby Boomers, must understand how much money they need to live comfortably in retirement. This can help alleviate financial concerns, such as not having enough money to retire or potentially outliving one’s savings.

Solution: Offer 1:1 financial advising to help retirement readiness

Many employees, including pre-retirees, aren’t sure how prepared they are for retirement. Thankfully, with the support of knowledgeable financial advisors, employees can assess their retirement readiness and receive tactical steps on how to improve.

By offering 1:1 financial advising, employees can receive the personalized support they need to help address and alleviate their top financial stressors.

Need a financial wellness solution with customized solutions for every generation? Try Best Money Moves!

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster employee financial wellbeing.

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.

5 Easy Ways to Improve Employee Cybersecurity Around the Holidays

5 Easy Ways to Improve Employee Cybersecurity Around the Holidays

by | Nov 20, 2024 | For Employees

The holiday season is fast approaching. With it comes an increase in online shopping — which could mean an increase in cybercrime. Online sales are expected to grow by 4.8% this holiday season, according to Salesforce. Cybercriminals will look to exploit the surge in digital transactions. Employee cybersecurity should be a high priority for business owners. A data breach could result in the theft of customer information, financial losses and reputational damage.

All businesses are susceptible to cybercrime. But for companies with remote workforces, the holidays present an additional challenge to ensure employee cybersecurity remains strong.

As of August 2023, over 10% of all workers in the U.S. were entirely remote. An even larger percentage adopted hybrid schedules. This shift in work environments has created new vulnerabilities as remote workers are increasingly targeted by cybercriminals. According to a study by Barracuda Networks, 46% of businesses experienced a cybersecurity incident within the first two months of shifting to remote work.

With increased online shopping and the rise in remote work, business owners must help their employees avoid cybercrime. To protect your business during this high-risk time, here are five easy ways to improve your employees’ cybersecurity around the holidays.

1: Improve employee cybersecurity by educating employees on how to protect card data

When it comes to employee cybersecurity, knowing how scams work is half the battle. Online criminals often use a tactic known as phishing. Phishing scams use fraudulent websites, emails or text messages to steal credit card details or login credentials. According to the Federal Trade Commission, the most effective way to avoid falling victim to these scams is to recognize potential phishing attempts. You want to avoid suspicious links or attachments.

Encourage employees to only use trusted websites when making purchases. They should ensure that the site URLs begin with “https” for secure transactions. Never provide personal or financial information through text or email. Training seminars on recognizing phishing scams or even simple written guides on protecting payment information can help minimize the risk to both the employee and the company and support your employees’ cybersecurity.

2: Use spam filters and security software to avoid phishing scams

Phishing attempts increase during the holidays. This mirrors the uptick in online shopping. It’s critical to put proper tools in place to defend against cybercrime. Bolster employee cybersecurity by using spam filters and advanced security software. These help block malicious emails before they even reach your employees’ inboxes.

Phishing emails are designed to look legitimate, appearing as if they are from trusted sources like retailers or financial institutions. This can make them hard to spot. Spam filters and security software help remove and flag these before they enter your inbox. Train employees to recognize common phishing techniques, such as emails from generic domains like Gmail, Hotmail or Yahoo, that include urgent requests for sensitive information.

3: Advise your employees to use strong passwords and update them regularly.

The simplest way to protect your business from cyber threats is to enforce strong password policies for any important accounts. This strategy is also one of the most effective. Employee cybersecurity improves when employees are required to create complex passwords with at least twelve characters that include a mix of letters, numbers, and special characters.

Additionally, employees should avoid using the same passwords across multiple accounts, as one breach could leave them vulnerable to data leaks from multiple platforms. Updating these passwords regularly can help ensure the privacy of your accounts if they are ever compromised. Password managers can create, store and regularly update strong passwords for you.

4: Establish emergency response procedures in the event of an employee cybersecurity lapse

While it’s important to focus on prevention, these measures may not cover everything and businesses should be prepared to act quickly if a cybersecurity breach does occur to protect employee cybersecurity.

Establishing clear emergency response procedures can help ensure that employees know exactly what to do in the event of a data breach, malware infection or other cyberattack. This should include steps such as immediately disconnecting compromised devices from the company network, contacting your IT team and standardizing protocols for recovering data. According to IBM, creating formal incident responses helped reduce breach costs by half a million US dollars on average.

Employees should check if their device seems sluggish, if their battery is draining too quickly or if their device is making strange noises. All of these factors can indicate their device’s communications are being interfered with. Taking a proactive response by having employees report any suspicious activity, even if they think it’s minor, can help prevent some cybersecurity catastrophes before they spread.

5: Upgrade your employee cybersecurity by investing in cybersecurity tools

Investing in advanced cybersecurity tools such as cyber insurance or educational tools can give your business an extra layer of protection during the holidays. To help your employees’ cybersecurity, look for tools to prioritize security and help diagnose potential email threats. Another option to consider is cyber insurance, which can cover financial losses resulting from data breaches such as legal fees, notification expenses for affected customers, system repairs and even public relations efforts to manage reputational damage.

Cybercriminals are relentlessly innovative in their pursuit of company data as cybercrime costs the world over $10 trillion. The most practical way to avoid adding to that toll is by keeping your employees educated and responsible with their computer usage.

How to Help Women Employees Build Financial Security

How to Help Women Employees Build Financial Security

by | Nov 14, 2024 | For Employees

Women’s equality in the workplace has gradually improved over recent decades. Yet despite this progression, female employees still face discrimination and pay disparity that threatens their financial security.

In 2002, women made about $0.80 for each $1 their male counterparts made in 2002, according to Pew Research. Today, over 20 years later, the gender wage gap of about $0.80 on the dollar persists. This makes women in the workplace disproportionately more susceptible to increased financial stress, insecurity and even burnout, compared to their male colleagues.

Learn how financial stress uniquely impacts working women and how firms of all sizes can help their female team members build financial security.

Women are less likely to be promoted, compared to their male counterparts

Across the corporate ladder, women are underrepresented at every rung. Less than 50% of entry-level positions are filled by women, according to research by McKinsey & Co., but only 28% of C-suite positions are filled by women. This speaks to a larger trend: the higher the corporate position, the less female representation within the role.

During promotion cycles, female employees are less likely to get promoted to a managerial role, compared to their male colleagues. Since women are less likely to get promoted, they are less likely to attain salary increases at the same pace as their male colleagues.

Women with marginalized identities are hit the hardest by financial stress & a lack of financial security

Women are hit hard by financial insecurity — about 25% of women say they’re struggling financially, compared to 18% of men, according to a Mercer report. But, when it comes to financial security and the workplace, not all female employees have the same experience.

In fact, women with marginalized identities (e.g., LGBTQ+ women, disabled women, women of color) are hit the hardest by financial insecurity — in addition to genderism, their marginalized identities can make it more difficult to attain equitable wages and promotion opportunities.

For instance, for every 100 men promoted to manager, about 89 white women were promoted, 54 Black women and 65 Latinx women, per McKinsey’s report. This shows how the gap in financial security between men and women widens when factoring in marginalized identities, such as race.

Match contributions can help women prepare for retirement & long-term financial security

Across the globe, women are struggling with what’s known as the gender retirement gap — the gap in retirement preparedness between male and female employees.

According to a Prudential Finance survey, when looking at individuals between the ages 55 and 75, women have about a third of the income men have set aside for retirement.

Women tend to have fewer retirement savings than men, largely due to the persisting gender wage gap — by making less money, women have fewer dollars to save for the future.

To help female employees prepare for retirement and increase their financial security, consider offering a match contribution program. For every dollar that an employee saves into their retirement account, employers match (or contribute the same amount). Over time, match programs can help women employees accelerate their retirement savings and build long-term financial security, regardless of where they are in their careers.

Caregiving benefits can help women employees fulfill both professional & personal duties

Today, women are twice as likely to take on unpaid caregiving roles than men, whether it be caring for children or an elderly loved one. For working women, caregiving and household responsibilities are almost like a second job — juggling both can lead to physical, financial and emotional stress.

To support caregivers in the workplace, companies have gradually adopted caregiving benefits, such as hybrid work models, subsidized babysitter costs or discretionary paid time off. Caregiving benefits can help women in the workplace find a better work-life balance, without having to reduce their hours or quit their job altogether.

Looking for a top-notch, mobile-first financial wellness solution? Try Best Money Moves!

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster employee financial wellbeing.

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