Log in
Book a Demo

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

Book a Demo
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 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.

1. Many employees cannot afford a $1000 emergency

Having enough money for a rainy day is a key pillar of financial resiliency. In case of an emergency like car maintenance or an unexpected bill, a rainy day fund can help employees avoid debt from unexpected expenses.

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. And given their lack of savings, many Americans cannot afford a $1000 emergency. 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 best 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.

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.

Money Matters: The Unique ROI of Employee Financial Wellness

Money Matters: The Unique ROI of Employee Financial Wellness

by | Jun 5, 2024 | Blog

Money Matters: The Unique ROI of Employee Financial Wellness. Financial wellness programs play a crucial role in building good habits and empowering employees. Here are three ways employers can see the ROI of these programs.

Ninety-six percent of employers feel somewhat or extremely responsible for their employees’ financial wellness, according to Bank of America’s 2023 Workplace Benefits Report. However, only 2 in 5 employers currently offer a financial wellness program. Many more companies are interested in employee financial wellness. However, as with all investments, key stakeholders want to understand the return on investment (ROI) to justify the organizational cost.

Measuring the ROI of employee financial wellness programs requires a holistic approach. Employers often don’t realize the ripple effects that financial stress has on their employee’s day-to-day lives. Money issues impact workers of all generations and economic backgrounds and can affect everything from day-to-day productivity to the physical health of your team.

Learn more about the true ROI of offering a financial wellness program. Plus, gain insights into why companies increasingly offer financial wellness benefits to their teams.

A stat about employers and the roi of financial wellness.

The ROI of financial wellness programs: 3 advantages of offering a financial wellness program

1. Increased company efficiency and productivity.

No matter what stage of life your employees are in, money remains a top stressor for most Americans. Financial stress can affect employees’ wellbeing and productivity — in fact, 1 in 3 employees say that financial stress has distracted them at work and ultimately impacted their productivity, per PwC’s 2023 Employee Financial Wellness Survey.

For financially stressed employees, money worries take up a lot of headspace and energy — this can lead to employee dissatisfaction and overall lower productivity. According to PwC’s Employee Financial Wellness survey, 56% of financially stressed employees spend at least 3 hours per week at work worrying about their finances.

By offering a financial wellness program, companies can help decrease employees’ distractions and dial down their financial worries. And with a less distracted and financially stressed workforce, companies can benefit from increased company efficiency and productivity.

2. Lower healthcare costs.

ROI can be hard to measure, especially when it comes to the unexpected effects that company policies may have on employees. However, after looking at healthcare outcomes and costs, researchers at the Society for Human Resources (SHRM) have found there are several returns on investing in financial wellness programs, including improved employee health, lower absenteeism, and reduced turnover.

About 66% of organizations say that financial wellness benefits are “somewhat effective” or “very effective” in reducing their healthcare costs, according to SHRM’s research. To quantify this return on investment, researchers found that for every dollar invested in employee financial wellness has given companies a return on investment (ROI) of approximately $6 in reduced healthcare costs.

With a quality financial wellness program, employees can receive the tools and on-hand support they need to help dial down their financial stress. With less stress, employees can benefit from fewer healthcare visits and improved health outcomes, mentally, emotionally and physically.

3. Retain and attract top talent.

In today’s job market, a high salary isn’t enough to attract and keep top talent. As a result, HR leaders and C-suite executives see attracting and retaining top talent as a key business priority and area of investment. To remain a competitive employer of choice, many companies are increasingly investing in financial wellness programs.

Employees across the income ladder experience financial stress, and in today’s fluid job market, employees want an employer that values and supports their financial wellbeing. According to PwC’s Employee Financial Wellness survey, financially stressed employees are more likely to look for a new job and be attracted to an employer they feel cares more about their financial wellness.

For top talent, especially high-income earners, having access to financial wellness benefits can be a key deciding factor in choosing an employer. Instead of serving as an optional benefit offering, financial wellness support has increasingly become an expected core offering in the workplace.

Looking to maximize the ROI of your financial wellness program? Try Best Money Moves!

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial 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.

Working Parents Need Support: Start with These 3 Helpful Benefits

Working Parents Need Support: Start with These 3 Helpful Benefits

by | May 8, 2024 | Blog

Working Parents Need Support: Start with These 3 Helpful Benefits. Learn how the right benefits can support struggling working parents. The right benefits strategy for your team improves quality of life and wellness.

Maintaining a healthy work-life balance can be challenging for any employee, but it’s particularly tough for working parents. According to Ohio State University’s parenting report, as many as 66% of working parents are burnt out and want help managing their home and work lives. However, they lack a practical and affordable means of receiving this support.

On top of these demands, childcare costs have grown astronomically over the past decades. Families spend an estimated 27% of total household income on childcare costs, according to data from Care. When parents can’t compete with these costs, they may be forced to alter their career paths, reducing their working hours and delaying advancement to focus on their children.

Working parents make up a significant portion of the U.S. workforce — an estimated 40%, according to Glassdoor — and the unique challenges they face require thoughtful solutions. Employers can take direct action to support the parents on their teams with these 3 helpful benefits.

A fact about working parents who are struggling.

The 3 most helpful benefits for working parents

1. Offer working parents a break with on-site childcare services.

Working parents often rely on childcare services to care for their children while at work, whether it be daycare, babysitting or afterschool programs. However, since childcare costs have risen post-pandemic, many working parents struggle to find affordable childcare options. Without childcare, some employees may have to call out of work to care for their children.

Today, 1 in 5 parents with children under 18 cite childcare expenses as the leading source of their financial stress, according to NerdWallet’s 2024 Cost of Raising Children report. This isn’t surprising as 1 in 7 parents said they spend more on childcare each month than their rent or mortgage payments. Over time, this financial practice can lead to long-term financial insecurity for working families.

On-site childcare reduces working parents’ commuting time and childcare costs. Moreover, offering on-site childcare can help mitigate the anxiety that some remote and hybrid workers feel about returning to the office. Knowing their child or children) are close throughout the workday can provide comfort and peace of mind.

2. Provide childcare subsidies and discount benefits to your team.

Even for companies without the resources to offer on-site childcare, there are other ways to support parents in the workplace.

To help families afford the rising childcare costs, some companies have added childcare subsidies and discounts to their benefits package. For instance, some employers partner with local daycare, afterschool and childcare providers to offer employee discounts. Others have instituted reimbursement programs, where employees can be reimbursed up to a certain amount for childcare expenses.

Every workplace has its own employees with individual needs, so consider which subsidies and discounts resonate most with your workforce. Feel empowered to ask employees directly, either through anonymous surveys or live group discussions.

3. Help working parents anticipate and adapt to childcare costs with accessible financial education.

Over 20% of parents say they don’t want more children due to the high costs of raising a child, according to NerdWallet’s 2024 report. And 1 in 3 non-parents don’t want any children for the same reason. The costs of child-rearing go far beyond basic childcare expenses. Most families can expect to spend around $300,000 to raise a child from birth through age 17, according to estimates by CreditKarma and the Department of U.S. Agriculture.

Financial wellness and literacy benefits can help the working parents on your team to anticipate and adapt to these costs over time. Current and future parents can learn how to adjust their existing budget and support their new child through all stages of life — from preschool through college.

For instance, at some point, children will mature and no longer need childcare or babysitting. With the right education, parents can understand their options and make plans for their money once childcare is no longer needed, such as investing in a 529 college plan. Budgeting tools can help families prepare for large one-time expenses like a crib or stroller, while managing other household expenses. Families can even use these tools to build savings for long-term goals, like a child’s future college education.

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.

Boosting Employee Engagement: How Financial Wellness Leads to Productivity

Boosting Employee Engagement: How Financial Wellness Leads to Productivity

by | Apr 9, 2024 | Blog

Boosting Employee Engagement: How Financial Wellness Leads to Productivity. Learn how you can boost your employee engagement and why it should be a priority.

Money is a leading stressor for employees of all ages and income levels. About 60% of employees say that they are financially stressed, according to PwC’s 2023 Employee Financial Wellness survey, and for those earning $100,000+ annually, 1 in 2 employees report having financial stress. 

Poor financial wellness among employees can lead to larger problems for employers, including negative impacts on employee engagement and workplace productivity. The same PWC survey found that 76% of all financially stressed workers felt their financial stress harmed their overall performance. 

Learn more about how money worries may be impacting your workforce and how investing in a robust financial wellness program can help dial down employee financial stress, improve overall well-being and even boost workplace productivity.

A fact about employee engagement and financial wellness.

3 ways financial wellness positively impacts employee engagement and productivity

1. Fewer sick days and lower absenteeism

The effects of financial stress go beyond the wallet and bank account. Over time, money worries can compound and lead to a wide range of physical and mental health issues, such as insomnia, anxiety, depression and more. Stress-induced health issues can lead to increased employee absenteeism, use of sick days and decreased productivity. 

According to Gallup data, about 75% of employer medical costs are due to preventable conditions. For instance, prioritizing financial wellness can help companies address the root cause behind many employees’ physical and mental health issues: financial stress.

By addressing the root cause (and not just the symptoms of financial stress), companies can reduce employee absenteeism and the number of sick days used.

2. A less distracted workforce

Money worries aren’t only limited to the home — for many employees, financial stress also bleeds into the workplace, damaging day-to-day engagement. According to PwC’s survey, financially stressed employees are five times more likely to say their money worries are a distraction at work.

Moreover, 56% of financially stressed employees say they’ve spent at least 3 hours at work thinking about or tending to their finances. Over time, these money-driven distractions can add up and cost employers productivity. A quality financial wellness program helps dial down employees’ financial stress, minimize money-related distractions and ultimately boost company productivity and outcomes.

3. Increased job satisfaction and retention

Financially stressed employees are less likely to see a secure, stable future for themselves at their current employer, compared to employees who aren’t facing financial stress. For instance, financially stressed employees are twice as likely to look for a new job than their peers, according to PwC’s 2023 survey. They’re also more likely to lack a sense of belonging at their company. Together, these factors can lead to higher attrition and employee turnover.

Companies can demonstrate their commitment to improved employee well-being and reduced financial stress by adopting quality financial wellness benefits (e.g., money coaching, budgeting tools, etc.) Investing in financial wellness can lead to a more engaged workforce, increased job satisfaction and a higher likelihood of retention.

When it comes to employee engagement, the right financial wellness tool can make all the difference.

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.