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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.

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 in the past few decades. Despite this progression, female employees still face pay discrimination that threatens their financial security.

In 2002, women made about $0.80 for each $1 their male counterparts made, according to Pew Research. Today, there is still a gender wage gap of about $0.80 on the dollar. As a result, women in the workplace are more susceptible to financial stress, insecurity and burnout, compared to their male colleagues.

Learn how financial stress affects your employees and how all companies can help their female team members build financial security.

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

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

Female employees are also less likely to get promoted to a managerial role, compared to their male colleagues. As a result, 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

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

In fact, women with marginalized identities (e.g., LGBTQ+ women, disabled women, women of color) are hit the hardest by financial insecurity. 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. The gap in financial security between men and women clearly widens when factoring in marginalized identities.

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.

Women tend to have fewer retirement savings than men, largely due to the persisting gender wage gap. According to a Prudential Finance survey, women between the ages 55 and 75 have about a third of the income men have set aside for retirement. 

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 help female employees accelerate their retirement savings and build long-term financial security.

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 are gradually adopting caregiving benefits. These include 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

How to Use Benefits to Stand Out to Top Talent

How to Use Benefits to Stand Out to Top Talent

by | Oct 7, 2024 | For Employers

How to use benefits to stand out to top talent. Companies need a competitive benefits package to attract and retain top talent. Here are the standout benefits your employees are looking for.

Offering a good salary isn’t enough to attract cream of the crop employees — top talent want an employer that’s invested in their development and wellbeing, both professionally and personally.

People are critical to a company’s success, so having a strong talent acquisition strategy is key in today’s competitive job market.
Learn how employers of choice are going beyond competitive pay to attract top talent, and ultimately retain top employees.
Companies, regardless of industry and size, struggled with full-time hiring in 2024 — better benefits can boost talent acquisition efforts.

According to research by the Society for Human Resource Management (SHRM), over 3 in 4 companies struggled with full-time hiring in 2024 and nearly 1 in 2 companies have difficulty retaining top talent. This is because top talent are increasingly shopping around for an employer that values their wellbeing, even if that means leaving their current employer.

SHRM’s research also found that regardless of industry or size, recruiting top talent remains a key business issue for all companies.

On the other hand, companies that had success with recruiting in 2024 often cite their strong benefits package as a success factor, according to SHRM. Having a competitive benefits package doesn’t only help get top talent in the door — in the long term, unique value-driven benefits can help retain talented employees.

3 Standout Benefits to Help Attract & Retain Top Talent Employees

1. Tuition support for employees and their family

The cost of attending college and other education programs has skyrocketed in recent decades. As a result, cost has become a large barrier to education for many, but it doesn’t have to be this way.

To support employees’ self-development and improvement, companies are increasingly investing in tuition assistance programs. For instance, some employers of choice offer up to 100% tuition reimbursement for educational self-improvement, including professional training and degree-seeking programs.

Even if the employee themselves isn’t interested in tuition assistance, at some companies this benefit can be leveraged to support the educational costs of an employee’s spouse and children.

2. Flexible work models (hybrid, remote)

Although many companies are shifting back in-office, hybrid work models are here to stay.

Many employees value having the opportunity to work remotely, whether full-time or several days a week. This is because flexible work models can help support employees’ work-life balance, while also creating a more inclusive work environment.

Flexible work models allow all employees to participate in the workforce — including parents, caregivers, and people living with disabilities.

Without hybrid/remote work, almost 40% of mothers say they’d need to decrease their work hours or leave their jobs entirely to meet their caregiver duties, according to research by McKinsey & Co.
In sum, hybrid work may seem like a simple offering, but it’s an impactful benefit that can go a long way for top potential employees.

3. Financial wellness & money management resources

A key step in creating a resilient workforce is meeting your employees’ most top-of-mind worries — and oftentimes, a leading stressor employees face is related to money.

Over 50% of employees say that they’re financially stressed, according to PwC’s 2024 Global Workforce Hopes & Worries survey. Prolonged financial stress can impact employees’ ability to focus and perform their best, which can ultimately lead to lower productivity.

To help employees dial down their money worries, employers of choice have increasingly invested in financial wellness benefits and resources.

Whether it be 1:1 financial advising or personalized savings programs, offering money management benefits can help employers demonstrate to future employees their commitment to all aspects of employee wellbeing, including financial wellness.

Offer top benefits to attract top talent with help from 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, ranginging 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 Employee Healthcare Crisis: This is How To Help

The Employee Healthcare Crisis: This is How To Help

by | Sep 25, 2024 | For Employers

Employees Face a Healthcare Crisis. Here’s How You Can Help. Employees are experiencing a healthcare crisis due to financial concerns. These are the best strategies employers can use to help.

American families are in the midst of a healthcare crisis and employer-sponsored health insurance can’t keep up. Even with support from health insurance programs, millions of American families cannot afford the full care they need.

According to a  Perceptyx survey, almost 60% of respondents felt they didn’t have the right insurance package. Another 40% of Americans with employer-sponsored health insurance say they’ve postponed healthcare needs over concerns about cost, according to a study commissioned by health payment card provider Paytient.

Over time, postponing healthcare concerns can further decrease employees’ health and well-being. Learn how companies of sizes and across all industries can help employees access needed care, improve their overall well-being and manage the looming healthcare crises.

Even with insurance, many employees struggle with medical debt

Despite having employer-sponsored health insurance, research has shown that many employees struggle to access healthcare. Having health insurance does not guarantee access to healthcare or the ability to afford it.

About 15 million people carry over $1000 in medical debt, according to the Kaiser Family Foundation (KFF) and about 3 million people carry over $10,000 in medical debt.

To avoid looming medical debt, employees may forgo key healthcare practices, such as:

  1. Filling their prescriptions
  2. Receiving surgery and procedures
  3. Attending a routine medical appointment or checkup

Delaying care can have long-term physical and mental impacts on employees. According to the same Paytient survey, one in six respondents reported that their work suffered from delaying needed care. 31 percent reported lying to an employer while dealing with the effects of not treating their illness or injury.

How to help employees manage (and prepare for) a healthcare crisis:

At some point in one’s career, many employees experience some sort of healthcare crisis. What’s important is that employees don’t feel alone while navigating these difficult waters. Here are some tips on how to help employees weather healthcare crises and prepare for the future.

Emphasize the importance of your Open Enrollment period.

During Open Enrollment, employees are given a small window when they can make changes to their healthcare coverage. For most employees, this is the only time during which such changes will be possible, aside from select special circumstances. So, when making Open Enrollment decisions, it’s important that employees know how to best utilize this period of time and the healthcare benefits available to them. Employees must be supported in making well-informed decisions during this time. These decisions determine healthcare coverage and costs for the year ahead. Well before the Open Enrollment period begins, spend time talking to your workers about their benefits options.

Use modern communication methods to share key healthcare info and reminders.

When communicating healthcare information and deadlines to employees, consider complementing traditional communication methods with more modern alternatives. For instance, in addition to sending employees emails and letters, use Slack or Teams messages to share reminders on key healthcare information and deadlines. Reminders, especially from multiple touch points, can be an effective catalyst to improving employee health, both during Open Enrollment and beyond. According to the Agency for Healthcare Research and Quality, adults that receive multiple reminders about their health and healthcare are more likely to receive essential healthcare, such as immunizations and preventative care. Moreover, reminders about key healthcare information can help foster trust between employees and their employer — it demonstrates corporate investment in employee wellbeing.

Adopt a financial dashboard to help employees manage healthcare expenses.

Managing healthcare costs isn’t easy. One medical emergency can dramatically change a family’s financial situation. What may seem like simple procedures and treatments can end up costing hundreds to thousands of dollars for employees. Over time, unpaid medical bills can lead to medical debt.To help employees manage their healthcare costs and avoid medical debt, consider adopting a comprehensive money management dashboard. This can help employees track, manage and predict their medical expenses and much more.

With these insights, employees can better understand their healthcare spending habits and make well-informed decisions accordingly. For instance, some families may find that they can dial down their healthcare spending and use that money toward something else, such as covering a car repair or saving for a home. Others, such as those expecting a new addition to the family, may need to increase how much they budget for healthcare costs.By understanding how your employees think about their healthcare costs, companies can make more accurate predictions about their own healthcare expenses.

Help your team face any healthcare crisis head-on with help from Best Money Moves’ intuitive financial wellness platform.

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.

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

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

by | Aug 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 these challenging. situations. This concept is at the core of financial resiliency, the skill your workforce may be missing.

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.

1. Many employees cannot afford a $1000 emergency

Having enough money for a rainy day is a key pillar of financial resiliency. According to Bankrate’s 2024 Emergency Fund report, nearly 1 in 3 employees have $0 saved for emergencies — a clear indication of low financial resiliency. If faced with a $1000 emergency, many Americans would have to borrow the money, whether through a loan, from a family or friend, or carrying a balance on their credit card, according to Bankrate’s report.

To help employees craft a more financially resilient future, consider offering an emergency fund as part of your employee benefits package. One practice is to have employees complete financial wellness courses/training in exchange for a $1000 emergency fund — this benefit offering demonstrates a keen dedication to building employee financial resilience and education.

2. Looming debt can impact employees’ financial resiliency and overall health

Debt can come from a myriad of sources — car loans, education, payday loans, medical expenses, and more. Regardless of one’s debt origins, high levels of debt can lower one’s financial wellness and ability to withstand future financial emergencies.

Having a high debt-to-income ratio can limit the options an employee has amid a sudden emergency, even for employees earning six-figure salaries. Lenders and banks may view individuals with a high debt-to-income ratio as high-risk borrowers — this can lead to extremely high interest rates or being denied for a loan altogether. With high interest rates, carrying debt has become increasingly expensive. Over time, the chronic stress from carrying debt can also take a toll on the human body.

According to Forbes’ Mental Health & Debt survey, about 40% of Americans reported experiencing anxiety due to debt-related stress, and nearly half reported having trouble sleeping due to debt-related stress.

3. Help employees build financial resiliency using personalized financial wellness tools

High levels of debt can make borrowers feel stuck and unsure about the best way to manage their looming debt. Moreover, looming debt can feel cyclic.

Employees don’t have to manage their financial stress alone. A robust financial wellness program can empower employees along their financial wellness journey and help them build financial resiliency.

Every employee has a different starting place when it comes to financial wellness and. Find a financial wellness program that personalizes their offerings and counseling, based on each employee’s unique situation, as opposed to taking a cookie-cutter approach. This can help equip employees with the right tools and resources to develop financial resiliency for today and years to come.

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.