Log in
Book a Demo

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

Book a Demo
5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions)

5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions)

by | Aug 19, 2024 | Blog

5 surprising symptoms of financial stress (and 5 helpful solutions). The effects of financial stress can be devastating to your workforce. Learn what to look out for and how you can make a difference.

Employee financial stress has been in the spotlight throughout 2024 amid continued inflation and economic uncertainty. In a survey of 2,000 Americans, MarketWatch found that 88 percent of respondents reported feeling some form of financial strain and 65 percent felt that finances were the top source of stress in their lives.

By now, it’s clear that employee financial stress is a significant issue. However the way that stress manifests often comes as a surprise to employers.

The Qualified Plan Advisors’ 2024 Financial Wellness Survey found that 68 percent of the American workforce experiences financial stress, with respondents reporting a surprising range of negative symptoms. Both mental health and sleep are the most negatively impacted, though personal relationships and physical health are also significantly affected by financial stress.

Over 70 percent of employees agree or strongly agree that their employers have a responsibility to ensure employees remain financially well. Furthermore, nearly 70 percent of employees prioritize job opportunities that offer financial wellness programs as part of their benefits packages.

Here are five of the most surprising symptoms of financial stress that could be impacting your workforce — along with five helpful solutions to help keep your workforce financially healthy.

A stat about financial stress.

1. 31% of employees with financial stress report a deterioration in mental health.

Financial struggles that arise from worrying about debt, financial instability or the inability to pay for basic necessities can lead to stress and lower the ability to deal with mental health challenges, according to TIAA Institute researchers. High debt levels are also associated with anxiety, depression and anger and ongoing financial struggles can contribute to feelings of hopelessness and despair that can culminate in depression.

One way employers can help is by providing access to mental health resources. Programs can include counseling services, employee assistance and mental health workshops. Employers can also help create a supportive workplace culture where mental health is discussed openly and destigmatized so employees feel comfortable seeking guidance when needed.

2. 31% of employees struggle with sleep disturbances.

Financial worries can manifest in sleep disturbances, resulting in decreased energy levels. These financial worries may be a result of the high debt levels seen among employees: QPA’s survey found that 80% of employees carry debt, primarily in the form of mortgages, credit cards and student loans, and 64% of individuals lack adequate emergency funds.

Employers can help mitigate this symptom by addressing financial stress at its root through bespoke debt management tools. Providing budgeting worksheets and money management apps can help employees grasp financial essentials. Employers can also organize education sessions focused on bolstering financial literacy on topics such as debt, budgeting, setting financial goals and building good credit. Offering tools is only the first step; ensuring employees know how to use them is crucial. Additional benefits might include student loan repayment assistance, matching debt contributions and flexible work arrangements to help employees save on commuting costs or enable them to work multiple jobs to pay off debt.

Employers can also provide educational sessions on the importance of sleep as well as how to establish healthy sleep routines. Encouraging a balance between work and life by setting firm boundaries for work hours as well as promoting scheduling flexibilities can help employees both manage their time and improve their sleep quality.

3. 18% of stressed employees indicate challenges in their relationships.

Honesty about money is crucial to maintain healthy relationships. Employers should provide financial guidance that looks at money as a part of a person’s overall life that becomes integrated into all relationships.

Learning how to allocate two paychecks, budgeting for household expenditures and discussing long-term savings and retirement goals can all help employees understand what they need from their relationships and move forward with effective money management. Employers can also implement family-friendly policies such as maternity/paternity leave, childcare assistance and flexible working hours for both parents to ease both financial and emotion burdens, leading to healthier family dynamics.

4. Financial stress is linked to adverse physical effects for 11% of employees.

Physical health is just as important as financial health, and the two can go hand in hand. Employers can develop wellness initiatives that encompass financial, physical and mental health through wellness portals where employees can access various wellness resources, from fitness programs and nutrition advice to financial planning tools and mental health support. Offering regular workshops and seminars on financial literacy can be combined with health-related topics like stress management and nutrition. Physical wellness-specific initiatives can include on-site fitness classes, gym memberships or discounts at local fitness centers with participation encouragement through fitness challenges and rewards. Having healthy snacks and meals in the workplace and access to regular health screenings can also help employees stay on top of their physical health.

5. 9% of employees experience reduced work productivity as the result of financial stress.

The TIAA Institute found that financial stress resulted in a 34 percent increase in absenteeism and tardiness. Financially stressed employees are five times more likely to be distracted by finances while at work. QPA’s Financial Wellness Survey shows that 45 percent of Americans allocate one hour or more to manage their personal finances. Financially stressed employees also miss almost double the number of days as unstressed employees.

To help employees stay better focused at work, employers may need to designate some working hours to set employees on the right track. Offering financial wellness programs in the workplace can help employees manage their finances better, thereby reducing financial stress and improving productivity. These programs can include financial literacy workshops, personalized financial coaching, and resources on budgeting, saving, and debt management. Employers can also consider offering financial benefits such as retirement planning assistance and emergency savings funds. This way, allocated time is spent on productive financial educational opportunities, improving overall workplace productivity while giving employees the resources they need for financial success.

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.

Simple Ways to Improve Company Culture For Hybrid Work

Simple Ways to Improve Company Culture For Hybrid Work

by | May 14, 2024 | Blog

Simple Ways to Improve Company Culture For Hybrid Work. Hybrid work options have become one of the most in-demand employee benefits. Here are five ways to improve your company culture for hybrid employees.

Hybrid work options have become one of the most in-demand employee benefits with research from Stanford University suggesting that employees perceive hybrid work as equivalent to an 8% pay increase. Employees in hybrid positions benefit from increased flexibility, improved work-life balance and significant savings on commute costs. Data from Upwork also suggests that around one-third of the total American workforce will be hybrid or remote by 2025.

However, transitioning a team to a hybrid work model can pose challenges regarding company culture. A strong company culture fosters a sense of belonging among employees, which is crucial for their performance, engagement and well-being. Studies indicate that employees who feel connected to a larger organization tend to perform better and experience greater satisfaction in their work.

Hybrid and remote workers, who spend time away from their coworkers and physical office space, may not experience the same level of connection and company culture. Hybrid workers often run the risk of isolation and miscommunication. They may also have more difficulty collaborating with their coworkers than those who work from a central location.

As employees seek more workplace flexibility, organizations must adapt and find ways to help their company culture transcend physical office space. These five strategies can help nurture a thriving company culture in this new hybrid era.

A stat about hybrid work in 2025.

1. Set expectations for remote versus in-person work.

Both in-person and hybrid work models offer unique benefits. In-person work, for example, serves as a vital platform for collaboration and team bonding. There is often more opportunity to develop a sense of company culture when you see your coworkers every day. Remote employees, on the other hand, may feel more isolated from their peers. However, they also enjoy a more flexible schedule and may benefit from the ability to work fewer in-office distractions.

Rather than force the same expectations on remote and in-person workers, employers should embrace the differences and emphasize the workflow expected from in-person versus remote work days. Moreover, it’s vital to establish clear expectations and shared goals. This includes defining subjective terms such as appropriate response times, frequency of check-ins, preferred communication platforms, and when to use video conferencing versus messaging options.

2. Enhance communication and feedback opportunities.

One integral aspect of in-person work is the informal socialization that employees enjoy throughout the workday. Casual conversation helps foster organic relationships among team members.

It may benefit remote teams to reintroduce this element of socialization via video chats and other communications. A study by Canon specifically found that video plays a fundamental role in communication among hybrid teams. Eight in 10 people who turned on their cameras during virtual meetings felt more productive when others had their cameras on as well. Participants also reported that being able to share documents, images and videos during meetings (66%) and being able to see the other meeting attendees (58%) helped them interact with their colleagues better.

Additionally, informal gatherings like virtual coffee chats can strengthen bonds among hybrid employees. Digital water coolers, virtual lunches or informal coffee chats are additional strategies to foster camaraderie. Regular weekly staff meetings and comprehensive email updates help hybrid workers stay synchronized with the team and minimize feelings of isolation.

3. Promote equitable collaboration and hybrid meeting protocols.

It’s crucial to set clear communication protocols, both when in-person and working remotely. Online messaging tends to increase during hybrid work, so explicitly outlining when an email reply is necessary streamlines communication and prevents inbox overload for both employees and employers. Additionally, distinguishing between tasks that require in-person collaboration and those suitable for hybrid work is essential.

With the rise of hybrid work, team members now frequently join meetings from different physical spaces. Employers can ensure equitable participation by mandating that all team members log in using their own devices even when in the office promotes inclusivity of all meeting attendees. Alternatively, if individual devices are not feasible, establish processes that guarantee all employees remain included in discussions. This might include not discussing group matters after remote participants have left a meeting.

3. Recognize and promote employee contributions within your community.

Fostering a team mindset becomes increasingly vital when team members are not physically together. During in-person work, this is easily done through peer shoutouts during meetings. Employee promotion can be similarly achieved remotely by way of positive feedback and recognition of employees’ contributions through virtual means.

Employers can cultivate an atmosphere of appreciation by sending regular email updates about team achievements and praising their employees during virtual staff meetings either through chat boxes or by unmuting on calls, ensuring that both in-person and hybrid employees are included. It is also important to make sure that hybrid employees are not excluded from workplace activities that would ordinarily take place in person. Virtual birthday cards or other celebrations help ensure everyone feels valued and included, regardless of location.

Mentorship programs provide yet another straightforward approach to connecting employees. Whether conducted in person or through online platforms, these programs facilitate collaboration and knowledge-sharing among employees at different levels within the organization.’

Ultimately, even employees who are not physically together can still form meaningful relationships with their coworkers and feel deeply connected to their organization. Keep your lines of communication clear and open to change. Consider offering employee surveys to collect continuous feedback and ensure employees’ voices are heard even when they’re not in the office and help your transition to hybrid work happen as smoothly as possible.

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.

4 Ways to Support Employee Mental Health and Wellbeing

4 Ways to Support Employee Mental Health and Wellbeing

by | Apr 15, 2024 | Blog

4 Ways to Support Employee Mental Health and Wellbeing. Employers should be proactive and create support systems to enhance overall organizational success.

Employers play a significant role in shaping the mental well-being of their employees. Recognizing and addressing mental health challenges not only benefits individuals but also contributes to the company’s overall success. A University of California, Riverside study found that organizations that invested in physical and emotional well-being saw a 5% increase in productivity.

Prioritizing employee mental health fosters healthier and more productive work environments.
In their 2024 Voice of the Workplace Report, mental health and wellness app Calm highlighted 4 key mental health trends that are shaping modern workplaces.

Here’s what to know about employee mental health at work — plus, how you can better support employees who may be struggling.

A fact about employee mental health and productivity.

1. Consider financial wellness benefits to target a top threat to employee mental health.

Around 59% of employees grapple with heightened feelings of anxiousness and worry regarding their financial futures, according to Calm. Around 71% of employees report that financial stress adversely impacts both their professional and personal lives. Another 62% have scaled back their contributions to both their short- and long-term savings as a result of this financial strain.

As a response to these financial pressures, 52% of employees express a desire for access to a financial advisor directly through their workplace, according to a study conducted by Morgan Stanley. Furthermore, 48% of employees seek goals-based retirement investment planning from their employer, while 46% are eager for retirement planning tools and calculators.

By offering comprehensive financial wellness benefits, ensuring transparent communication about the services available, and providing ongoing education about these benefits to promote their utilization, employers can effectively address the challenges associated with employee financial stress.

2. Monitor technology burnout to safeguard employee mental health

In recent years, technological innovations such as AI, project management software and messaging and video apps have become integral to many workplaces. While these programs offer numerous benefits including heightened efficiency and increased flexibility, they also blur the boundaries between professional and personal life, exacerbating burnout among employees. 

The pressure to remain constantly connected to the workplace, even beyond regular working hours, is increasing. Around 58% of employees report they are always available to work and 46% often extend their work into non-office hours, according to Calm data. 

In light of the swiftly evolving technological landscape, it’s imperative to foster increased communication between employers and employees. Employers must establish clear guidelines regarding technology usage to safeguard employees’ well-being. This could entail disabling app notifications during non-working hours, promoting micro breaks throughout the day and granting employees the flexibility to decline meetings when necessary. 

Employers can further support their workforce by implementing mechanisms to gauge and monitor employee well-being, such as quarterly pulse surveys that inquire about workloads and work-life balance. To aid employees in managing stress and anxiety on a day-to-day basis, employers might consider proactive resources like Employee Assistance Programs (EAPs) that ensure employees are well-informed about their benefits options.

3. Provide specific support for women’s mental health.

Female employees consistently report higher levels of exhaustion and poorer mental and spiritual health compared to their male counterparts. They confront a multitude of unique challenges, spanning societal expectations, gender biases and structural discrimination, all of which can compound the strain on their overall well-being.

These experiences have considerable potential to erode women’s mental health. An overwhelming 90% of women identify family planning challenges as all-encompassing, profoundly impacting their mental well-being and ability to concentrate at work.

Many employees report an overall lack of support in the workplace concerning women’s reproductive health, with menopause, in particular, emerging as the least-discussed topic.

In recent years, there has been a noticeable uptick in employer attention towards family-forming benefits and the need for support felt by parents. By providing enhanced support for caregivers, employers can effectively mitigate exhaustion, retain valuable talent, and bolster overall business performance.

Furthermore, it’s imperative to acknowledge the disproportionate impact of workplace flexibility on women’s mental and spiritual well-being, as well as their exhaustion levels. Increasing flexibility measures, such as enabling remote work and granting more autonomy over schedules, can help support women’s holistic health.

Recognizing that women have diverse health needs extending beyond reproductive concerns, employers can explore avenues to offer comprehensive health and wellness benefits, fostering an environment where women feel empowered to vocalize their health-related needs.

4. Increase transparency and community to alleviate Gen Z’s mental health concerns.

Gen Z (which generally encompasses workers born between 1997 and 2012) is the generation grappling with the highest levels of stress and anxiety. When surveyed, nearly 75% of Gen Z workers reported feelings of sadness or depression, according to Calm. Moreover, Gen Z stands out as the loneliest generation, stressed about heightened career uncertainty, the escalating cost of living, financial instability and being overworked.

However, Gen Z also distinguishes itself by being 60% more inclined than other generations to advocate for accessible mental health support; over 75% actively push for a stronger emphasis on workplace benefits. As the first digitally native cohort, prioritizing transparency and fostering open access through two-way dialogues can empower Gen Z individuals to feel more in control.

Recognizing Gen Z’s inclination towards purpose-driven endeavors, outlining the significance of individual contributions and offering specific, constructive feedback underscore investment in their growth. Establishing a sense of community through opportunities for both in-person and remote meetings fosters a supportive environment. Employers can also implement measures such as mental health days and initiatives like Employee Resource Groups (ERGs) to champion wellness.

Employee mental health is an ongoing conversation and evolution. It’s critical to recognize these trends and take steps toward mental health advocacy to help not only individual employees but the workplace as a whole.

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.