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How To Help Younger Employees Tackle Money Worries

How To Help Younger Employees Tackle Money Worries

by | Jul 15, 2024 | Blog

How to help younger employees tackle money worries. Younger employees are especially vulnerable to money issues at home. Here are the best ways employers can help.

Younger Americans are disproportionately worried about money, compared to their parents’ and grandparents’ generations. According to an American Psychological Association study, over 60% of Gen Z and Millennials say they feel overwhelmed by their financial woes, compared to 13% of Americans 65 and older. And for younger employees, their financial worries extend far into the future.

According to Georgetown and Bank of America’s study, most Gen Z and Millennial employees (64%) don’t foresee themselves being able to retire at 65, due to their lack of financial security. This issue is further exacerbated by the fact that 44% of younger workers report outstanding student loans or other consumer debt.

Today, more than half of the U.S. student loan debt belongs to borrowers under 40 years old, totaling over $800 billion, per the Education Data Initiative. Credit card delinquencies have also risen this year. According to the Federal Reserve Bank of New York, most of these missed payments are driven by Gen Z and Millennials.

Learn more about the unique financial challenges facing younger employees, along with three ways companies can support their younger employees.A statistic about younger employees

1. Offer debt management resources and tools

Not only is debt management support needed by younger employees, but it’s a highly sought-after benefit. Nearly 1 in 5  say they’d like their employer to offer debt management benefits, according to a Georgetown University and Bank of America study, And when it comes to younger employees with outstanding debt, 1 in 3 say they’d like their employer to offer debt management benefits.

With budgeting tools and other debt management resources, younger employees can get the individualized support they need for their financial situation.

2. Provide younger employees with personalized financial guidance.

By investing in money coaching, younger employees can learn how to address their short-term and long-term money goals. Instead of getting generic cookie-cutter advice, money coaching can provide Gen Z and Millennials with the personally tailored support they need for their financial situation.

For instance, 1 in 2 younger employees with outstanding debt say they’d rather pay off their consumer or student debt than invest for retirement, per Georgetown and Bank of America’s study. Alongside a money coach, younger employees can develop a strategic plan to pay off their debt, while preparing for retirement.

3. Take a digital-first approach to financial wellness benefits.

Today, younger employees use their phones for more than just streaming and social media. Many use online resources and applications for banking and managing their finances.

Whether it be viewing an account statement or transferring money, more than 95% of Gen Z and Millennials use mobile banking apps to manage their money, according to CNBC’s Digital Banking Attitudes study.

Given younger employees’ comfort with technology and online banking, take a digital-first approach to financial wellness benefits. Younger employees are more likely to engage with an online financial wellness program, especially if it can be accessed from their phone.

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 well-being.

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 1000+ 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.

5 Ways to Motivate Your Employees to Save Money

5 Ways to Motivate Your Employees to Save Money

by | Jul 8, 2024 | Blog

5 ways to motivate your employees to save money. Help employees save money with financial wellness programs, benefits communication, retirement plans and more.

Financial experts generally recommend having three to six months’ worth of expenses in an emergency fund to help cover unexpected costs. However, for many employees, putting this advice into practice is easier said than done. 

In a survey of over 1,000+ U.S. adults conducted by Bankrate, 56% of respondents reported being unable to cover a $1,000 expense. Additional data from the Consumer Financial Protection Bureau found that roughly 25% of consumers have no emergency savings whatsoever. 

Saving for the future is often not a priority, especially for employees living paycheck-to-paycheckHowever, having these savings is important both for individual employees and the workplace as a whole. A 2023 PwC study found that 57% of employees cited finances as their top stressor. Helping employees manage their financial stress can reduce absenteeism, improve workplace productivity and improve morale among staff members. 

Here are five important ways that employers can help motivate employees to save money to help prevent financial emergencies and reach their unique financial goals.

A statistic about Americans who struggle to save money

1. Comprehensive financial wellness programs help employees save money.

While many employers offer retirement plans, financial security is not only about the distant future; it also means being prepared for unexpected expenses in the present. Addressing the broader aspects of financial wellness can lead to more immediate and impactful benefits for employees.

Educating employees on the importance of an emergency fund can help them handle any sudden costs that come their way. Many employees also struggle with debt from student loans, credit card balances and mortgages. Counseling and resources for debt reduction and management can lower financial stress and help your team regain control of their spending. 

When it comes to implementing holistic financial wellness programs, employees can offer informational seminars, presentations, newsletters and free financial help resources that help boost financial literacy. Ask employees how they prefer to access such resources to maximize their usage. For example, some employees may prefer to learn from a website while others would rather talk to an expert. For employees looking for more direct guidance, providing access to a financial counselor who can work one-on-one with employees is crucial. Qualified advisors can help individuals set goals, formulate budgets, choose investments and save money.

When figuring out what content employees want and need to learn, consider what financial wellness means to them. Center your strategies around SMART goals: specific, measurable, achievable, realistic and time-limited. Make sure you also provide support for any strategies you suggest. Encourage present-oriented thinking so employees are motivated to act immediately and incorporate rewards for goal achievements. Stories, testimonials and real-life examples can inspire employees to take action and follow through with their financial plans.

2. Focus on improving your existing benefits communication.

Some employers already offer financial benefits that help their employees save money – however poor benefits communication means these services go unused. Recent data from the Bureau of Labor Statistics estimates that benefits account for just under 40% of an employee’s total costs. So, when your team fails to take advantage of their existing benefits, both the employee and employer lose money. 

Benefits communication efforts can increase employee engagement, financial wellness and staff satisfaction. Furthermore, there is a demand for clearer communication among employees themselves. According to the Society for Human Resource Management (SHRM) 2023 Employee Benefits Survey, 71% of employees want more accessible information about their benefits choices. Through consistent communication with employees, employers can increase the take rate of benefit opportunities and help employees manage their savings.

3. Use default opt-out for retirement plans.

In some cases, it may also help to make benefits participation automatic. Rather than having employees opt into a company’s retirement plan, employers can automatically enroll all employees into the plan unless they actively choose not to participate by opting out. This way, workers have to take action to not be enrolled in the retirement plan and many end up taking the path of least resistance by staying enrolled, thus making regular retirement contributions. 

Employers can also offer retirement plans to new and part-time employees, as long qualifying work periods can discourage workers from saving for retirement—avoiding these buffer periods can attract and retain talent.

4. Help employees save money by offering debt education.

Monthly debt payments and high interest rates eat up space in employee budgets, making it difficult to save money.  However, employers can step up to help employees manage their debt and make room in their budgets to cover surprise expenses. 

The process of managing debt begins with understanding employees’ needs. For example, student loan debt follows some employees far into their lives; 46% of student loan debt is held by those over 40 years old. Offering housing assistance is another way employers can help with debts among the housing shortages and increasing home and mortgage costs. This can be done through down payment offerings and closing cost assistance in the form of a loan forgivable over a designated period. 

Grants, loans and security deposits, along with homeownership education and counseling, can also help employees with mortgage loan support. Debt consolidation resources can also help simplify the debt repayment process so employees can quicken their debt payoff by merging the separate payments into a single monthly payment. This may also allow employees to pay an interest rate less than the average interest rates of their multiple debts.

5. Facilitate payroll deductions and on-demand pay to help save money. 

78% of Americans live paycheck to paycheck, a 6% increase from the previous year, according to a 2023 survey conducted by Payroll.org. These numbers underscore the urgent need for employers to take steps to support their employees’ ability to save money. 

One way for employers to do this is by enforcing payroll deductions that allow workers to make after-tax contributions to a savings fund for emergencies or large upcoming expenses. Because the process is fully automatic, it makes saving easy for employees—the earnings go straight from the payroll to this rainy day fund so people are not tempted to use the money from the accounts for everyday costs. 

On-demand pay is another way for employers to support employees financially. On-demand pay gives employees access to their pay as they earn it—employees can request a portion of their pay before the end of the pay period, which supports their short-term financial security, giving them the flexibility to cover bills and emergency expenses as they arise without sacrificing long-term financial stability, allowing them to establish a solid financial foundation.

Help your team build their savings 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 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 well-being.

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 1000+ 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 2024: Revealing Insights About Americans and Money

Financial Stress In 2024: Revealing Insights About Americans and Money

by | Jun 25, 2024 | Blog

Financial stress in 2024: Revealing insights about Americans and Money. Financial stress is still a major struggle for employees across all industries. Here are the top statistics updated for 2024.

Once again, employee financial stress is on the rise. Americans are grappling with higher prices, uneven wage growth and record-high credit card debt. Globally, extremely high inflation has pushed food, fuel and housing costs higher. Household debt coming into 2024 soared to $17.3 trillion, with a notable 16.6% increase between 2022 and 2023 alone. [1]

The Financial Health Pulse 2023 U.S. Trends Report, documents that 17% of Americans are now considered “financially vulnerable,” meaning they struggle to meet expenses, have little to no emergency savings, and carry burdensome debt levels. [2] Compounding these challenges are rising interest rates and the burden of $1.74 trillion in student loan debt repayments. These are collectively straining employee finances and exacerbating overall financial pressure. [3]

Such challenging conditions have had serious implications for Americans’ financial security. Study after study finds that more than half of Americans live paycheck-to-paycheck, including those making over six figures. In fact, data from PYMNTS and LendingClub revealed that 42% of workers earning more than $100,000 per year still struggle with financial insecurity. That underscores the widespread impact of ongoing economic strains on individuals across income brackets. [4]

Financial stress linked to workforce financial (un)wellness

Long-term financial stress has been consistently linked to reduced employee performance. Approximately one-third of employees acknowledge that financial worries affect their ability to engage at work. U.S. employees feel increasingly burdened by financial concerns, spending an average of 8.2 work hours per week dealing with personal financial issues.

In this way, the rise in employee financial stress poses a significant challenge for employers, as it undermines employee well-being and organizational success. Persistent financial strains can result in decreased productivity and diminished employee morale, ultimately impeding the organization’s overall performance.

Recognizing the critical role of supporting employee financial wellness, employers must take proactive measures to alleviate financial stress and fortify the long-term viability of their business.a fact about financial stress

Generational Perspectives: Financial Stress Across Millennials and Gen Z

Around 57% of Americans say finances are the top cause of stress in their lives. [5] However, younger workers struggle even more than their peers: [6]

  • 54% of Millennials and 47% of Gen Z respondents say that financial uncertainty causes feelings of depression. In contrast, just 20% of Baby Boomers and 37% of respondents harbor that sentiment. [7]
  • 35% of Gen Z says the cost of living (housing, transportation and utility bills) is their most pressing concern and 51% say they live paycheck-to-paycheck; 42% of Millennials say the cost of living is their most pressing concern and 52% say they live paycheck-to-paycheck. [8]
  • While Americans of all ages struggle to pay off debt, Gen Z and Millennials have seen the largest average increases in total debt over the past couple of years. Gen Z saw a 62% increase in credit card debt between March 2022 and February 2024. Millennials saw a 49% increase. These two generations also have had the steepest decline in credit score health. [9]
  • A top concern for many Millennials and Gen Z employees remains their looming student debt. As of September 2023, about 43% of Millennials and 28% of Gen Z carried at least some student loan debt. In many cases, these loans have affected the borrower’s ability to meet financial goals. [10] About 60% of US adults with student loan debts have put off making important financial decisions due to their debt. Emergency and retirement savings have taken the biggest hit. When surveyed, 27% of respondents delayed saving for emergencies and 26% delayed saving for retirement. [11]
  • While the majority of Millennials want to buy a home, 48% don’t believe homeownership is affordable for their generation. A staggering 96% of Millennial buyers are concerned about purchasing a home. [12]

Generational Perspectives: Financial Stress Across Baby Boomers & Gen X

Baby Boomers tend to report the least amount of financial stress, with only 19% reporting extreme financial stress as of January 2023. [13] This generation also carries a lower average mortgage debt than Millennials or Gen X. However, they have the second-highest credit card debt of any age demographic, after Gen X. 

Among the different generations, Gen X exhibits the highest levels of financial worries, with a notable 50.2% expressing feelings of financial insecurity. [14] Almost half of working Gen Xers report feeling significantly behind where they should be with their retirement savings and over half are uncomfortable with their level of emergency savings. Across all generations — from Gen Z to the Silent Generation — financial wellness and security during retirement remains a primary concern. [15]

Understanding the Impact: How Financial Stress Threatens Employee Wellbeing

One of the most concerning elements of financial stress is its negative relationship to physical and mental health. People who are financially stressed are much more likely to struggle with substance abuse, be overweight and have worse health outcomes than their non-stressed peers. [16] They’re also much less likely to be engaged at work. 

74% seek financial guidance when dealing with financial decisions, crises, or life. However, only 2 out of 5 employers offer financial wellness programs.

With employees under continued economic strain, other cracks are emerging:

  • Many insured adults said they or a family member had delayed or skipped necessary health care or prescription drugs because they could not afford the costs.  In the past year: 29% with employer coverage, 37% covered by marketplace or individual-market plans, 39% with Medicaid, and 42% with Medicare;
  • 56% of employees said financial stress affected their sleep, 55% their mental health, 50% their self-esteem, 44% their physical health, and 40% their relationships at home. [17]

Employers play a crucial role in understanding and addressing this intersection of financial stress, physical and mental health and workplace engagement. Companies are increasingly called upon to equip their workforce with the tools and resources needed to navigate financial challenges and alleviate the stressors contributing to adverse health outcomes.

Assessing the Influence of Financial Stress on Workplace Turnover & Retention

There’s more bad news for companies struggling to keep employees. As workers face heightened financial stress, there is a pressing need for companies to step up and provide comprehensive support. Otherwise, employers risk losing these employees altogether.

  • Financially-stressed employees are twice as likely to change jobs as those who aren’t. [18]
  • 73% of financially stressed employees say they would be attracted to another employer that cares more about their financial well-being.
  • Among financially stressed employees, 56% spend 3 or more hours per week at work dealing with or thinking about personal finance-related issues.
  • Only 54% of financially stressed employees think there is a promising future for them at their current employer, compared to 69% of not financially stressed employees.

Recognizing the need for comprehensive support of employees under financial stress, the focus shifts to employers’ ability to meet these needs effectively. By acknowledging the demand for broader financial wellness initiatives, companies can proactively engage employee satisfaction and retention, paving the way to a more resilient and engaged workforce.

Beyond Retirement: Meeting the Full Spectrum of Employee Financial Needs 

The demand for financial wellness support underscores a gap in employer offerings. Many companies only offer retirement support and safety net insurance. However, employees increasingly express dissatisfaction with these limited provisions, highlighting the need for employers to take more comprehensive action in addressing financial stress within their workforce. As employers, it is crucial to recognize and respond to employees’ concerns by expanding financial wellness initiatives. 

Seventy-six percent of employees feel their employers should take responsibility for their financial wellness. And 74% actively seek financial guidance for various financial decisions, crises or life events. [19]  However, despite this clear demand, only 2 out of 5 employers offer financial wellness programs, even though 68% of employees utilize the financial wellness benefits when provided.

The absence of such support can be a deciding factor for many employees. Some 73% of financially stressed employees saying they would be attracted to another employer that cares more about their financial well-being, compared to just 54% of non-financially stressed employees. [20] It is imperative for employers to recognize their role in equipping employees with basic money management skills and money coaching, budgeting help and other resources that can help employees achieve their financial goals. Furthermore, the benefits are clear: 92% of employers who offer resources to manage overall well-being saw improvement in employee satisfaction. [21]

Best Money Moves can help. Personalized, gamified and easy-to-use, Best Money Moves helps employees budget, make better financial decisions and implement their personal best money moves to achieve their most specific financial goals.

About Best Money Moves

Best Money Moves helps your employees measure and dial down their financial stress, with measurement tools, 900+ written and video resources, and best-in-class voluntary benefits to supplement those you already offer. Depending on the version chosen, you may be able to integrate your own company benefits into the platform, personalizing the financial wellness journey your employees are on.

Call us for a demo and find out how adding a great financial wellness benefit can help improve retention, lower turnover and reduce healthcare costs.

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.

1 Americans Are Carrying Record Household Debt into 2024, MarketWatch, 2024
2 Financial Health Pulse 2023 U.S. Trends Report, Financial Health Network, 2023
3 https://www.federalreserve.gov/releases/g19/HIST/cc_hist_memo_levels.html
4 New Reality Check: The Paycheck-To-Paycheck Report – Financial Distress Factors Edition, PYMNTS and LendingClub survey, 2024
5 2023 PwC Employee Financial Wellness Survey, PwC, 2023
6 2023 Gen Z and Millennial Survey, Deloitte, 2023
7 Millennials and Gen Zers Are Losing Sleep Due to Financial Anxiety, Money Magazine, 2023
8 2023 Deloitte Gen Z and Millennial Survey, Deloitte, 2023
9 Millennials and Gen Z face ‘snowballing and snowballing’ debt as high card balances and interest rates eat into their credit scores, Fortune, 2024
10 Which generation has the most student loan debt?, Bankrate, 2023
11 Survey: Student loans have delayed wealth-building for Gen Z and millennial borrowers, Bankrate, 2023
12 Millennial Home Buyer Report: 2024 Edition, Real Estate Watch, 2024
13 Debt and mental health statistics, Bankrate, 2023
14 2024 Survey: Generational Banking Trends, MarketWatch, 2024
15 2023 Workplace Benefits Report, Bank of America, 2023
16 Commonwealth Fund 2023 Health Care Affordability Survey, Commonwealth Fund, 2023
17 2023 PwC Employee Financial Wellness Survey, PwC, 2023
18 2023 PwC Employee Financial Wellness Survey, PwC, 2023
19 2023 Workplace Benefits Report, Bank of America, 2023
20 2023 PwC Employee Financial Wellness Survey, PwC, 2023
21 2023 Workplace Benefits Report, Bank of America, 2023
LGBTQ+ Employees and Money: 4 Unique Challenges to Wellbeing

LGBTQ+ Employees and Money: 4 Unique Challenges to Wellbeing

by | Jun 10, 2024 | Blog

LGBTQ+ Employees and Money: 4 unique challenges to wellbeing. LGBTQ employees have unique struggles that can affect their ability to build wealth. Here are the most important challenges to be aware of.

LGBTQ+ employees face unique financial challenges that affect their ability to earn money, build savings and achieve long-term financial stability.

According to a survey of 2,5000 LGBTQ+ individuals conducted by the Center for LGBTQ Economic Advancement & Research (CLEAR), over half of LGBTQ+ respondents had less than $5,000 in savings – and a significant portion had no savings at all. This figure is staggering compared to the average median savings reported by non-LGBTQ+ individuals: $25,700.

What’s more, LGBTQ+ employees are more likely to report discrimination in industries like banking and healthcare. Special healthcare needs such as family planning procedures and gender-affirming care may cost thousands of dollars – and are often paid out of pocket. Compounded with lower savings, this can make necessary care inaccessible to many Americans.

To support your LGBTQ+ employees, it’s essential not to overlook these unique challenges. Here are some of the financial roadblocks facing these workers, along with proven strategies to help mitigate their effects.A stat about LGBTQ+ Employees and finances.

1. LGBTQ+ employees face higher levels of debt.

Debt is a significant issue for many Americans. A Northwestern Mutual study found that two-thirds of all respondents carried at least some debt.

However, LGBTQ+ individuals are disproportionately affected by their debt loads due to lower wages (90 cents to the dollar compared to the average worker), leading to higher levels of financial stress and instability. Overall, LGBTQ individuals have more credit card and student debt, yet are less likely to carry valuable assets from their debt, such as mortgages or auto loans. This heightened debt burden can impede their ability to save for the future, invest in property or build wealth. The inability to pay off debt may also lead to mental health concerns including sleep problems, stress and anxiety.

The key to getting rid of bad debt is to use proven strategies that can be applied to different financial situations. Employers can use financial wellness programs to provide education on debt management and planning. These programs can access financial tools that help employees create and stick to a budget, manage debt, and create long-term goals.

2. LGBTQ+ employees have limited access to financial education.

A significant percentage of the LGBTQ+ community has less access to financial education, which affects their confidence in making financial decisions. According to Mercer, more than 30% of LGBTQ+ women and 25% of LGBTQ+ have difficulty addressing their financial options. Only 49% of LGBTQ+ individuals feel they understand their financial options very well, compared to 61% of non-LGBTQ+ Americans. Financial illiteracy often leads to common pitfalls such as a lack of retirement savings and an inability to accumulate wealth over time.

Providing access to financial education that addresses the needs of the LGBTQ+ community is critical to closing the gap. Facilitating resources that tackle retirement planning, investment strategies and debt management is one of the best ways to set your employees up for success.

3. LGBTQ+ employees struggle with reduced access to elder care and retirement benefits.

LGBTQ+ seniors face significant challenges in accessing elder care and retirement benefits. Nearly two-thirds of LGBTQ+ Americans live paycheck to paycheck and struggle with building personal savings. Additionally, LGBTQ+ seniors often have fewer options for informal aging care, as they are more likely to be single or childless.

In fact, until changes in legislation over the past few years, LGBTQ+ seniors even lacked basic retirement rights including the ability to transfer Social Security, pension benefits and retirement plans to their surviving partners.

In order to support their employees, companies can offer retirement planning resources and benefits tailored to their specific needs. This includes providing access to financial wellness resources that discuss the unique challenges faced by LGBTQ+ seniors and offering comprehensive retirement plans that consider their circumstances and provide for their loved ones.

3. LGBTQ+ individuals face higher, more prohibitive healthcare costs.

LGBTQ+ employees also face higher healthcare costs and barriers to accessing appropriate care. Health plans may lack support for LGBTQ+ needs, such as gender-affirming care and non-traditional family planning. In fact, a 2022 CAP study, the most recent data available, found that LGBTQ+ adults are more than twice as likely as non-LGBTQ+ adults to postpone or forgo needed medical care because of costs.

Employers should ensure that their healthcare plans are inclusive and provide coverage for LGBTQ+ employees. This includes offering benefits that cover mental health services, nondiscriminatory care, and other specific healthcare needs. Providing access to this kind of support boosts wellbeing and makes potentially life-saving care more accessible.

Addressing the financial struggles of LGBTQ+ employees requires a holistic approach that focuses on financial wellness. Creating an inclusive workplace culture and offering targeted support requires hard conversations and input from your LGBTQ+ employees.

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 well-being.

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 1000+ 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 Resiliency: The Skill You Didn’t Know Your Team Needed

Financial Resiliency: The Skill You Didn’t Know Your Team Needed

by | Jun 6, 2024 | For Employers

Financial resiliency: The skill you didn’t know your team needed. Learn why fostering financial resiliency may be key to a more productive, confident workforce.

Everyone encounters rough financial patches at some point — the key is how easily you adapt to situations that threaten your well-being. This concept is at the core of financial resiliency, the key skill you could be missing in your workforce.

Financial resiliency refers to a person’s ability to withstand life events that impact their income, assets, or overall financial wellness. Divorce, sudden medical issues and unemployment can throw a wrench into a person’s finances. However, the right tools and support can help employees build financial resiliency and weather any storm.

Employees often look to their employer as a source of financial wellness support. In a survey of nearly 2,000 employees conducted by Transamerica Institute, seventy-seven percent of respondents rated employee financial wellness programs as somewhat or very important. Yet only 28% of employers report offering such benefits to their teams.

Supporting employee financial resiliency can help companies dial down employee financial stress and accelerate the path to financial security. Learn more about the unique benefits of a financially resilient team. Plus, learn to build resiliency among your organization at large.

For employers, we offer an unparalleled level of customization and curation out–of-the-box, the ability to build in your own benefits, grouped for specific portions of your workforce, as well as analytics that would be difficult to get anywhere else.

Today, around 1,000 companies trust Best Money Moves with their employees’ financial wellbeing. What I’ve learned is that when employees feel less financial stress, there’s a real ROI for employers: Less chronic illness and addiction issues, fewer heart attacks, better health outcomes, sure. Also, less turnover and more focused, productive employees. Their employees feel happier and sleep better. Bonus: They’re less grouchy, too.

Since Black and Brown families have about one-tenth the wealth of White families, we’ve found creative ways to work with nonprofits, religious organizations, colleges and universities, local governments and for-profit companies enmeshed in those communities. We’ve developed give-back programs to help fund their initiatives. We’ve created special versions of Best Money Moves, which we call “Pro,” to cater to micro-businesses and start-ups packed with partnerships that we believe will resonate with those employers and their employees. And, we work to make sure everyone who needs access to Best Money Moves has it.

The feedback, testimonials, and ratings we’ve received make it all worthwhile. We are helping people make smarter decisions with their money everyday. Which is enormously gratifying. Less so is the hard work we’ve done over the past eight years to educate employers on the very real benefits of a less financially-stressed workforce.

Financial stress is the #1 reported workplace stress. Financial wellness has been the #1 requested benefit for the past few years. We must all look for ways to turn down the volume on our highly stressed workforce and find opportunities to help our employees feel better about themselves, their earning potential and their financial futures.

I have a few people I’d like to thank starting with our incredible Best Money Moves team, who make us look good every day, my family for all their support, and in particular, I’d like to thank my husband, Sam, who always believes my wildest dreams will come true.

In closing, I’d like to leave you with a quote from the late Herb Kelleher, co-founder, CEO and Chairman Emeritus of Southwest Airlines until his death in 2019: Your employees come first. And if you treat your employees right, guess what? Your customers come back, and that makes your shareholders happy. Start with your employees and the rest follows from that.

Thank you.