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

Financial Burnout in 2025: How to Address Employee Concerns

Financial Burnout in 2025: How to Address Employee Concerns

by | Oct 22, 2024 | For Employers

Financial Burnout in 2025: How to Address Employee Concerns. Financial burnout is affecting employees of all generations. Learn the ins and outs of this issue, including ways to improve your workforce’s wellbeing.

There’s a new term to describe how employees feel about money: Financial burnout, a condition marked by prolonged financial pressure that results in mental exhaustion and physical strain.

Eighty-eight percent of American workers report feeling some level of financial burnout, and 65% say finances are their biggest source of stress, according to a recent survey by MarketWatch Guide. Another 41% of employees say their finances have “destroyed” their mental health, and 64% reported feeling “financial fatigue,” when dealing with money.

Like other types of burnout, financial strain affects more than mental wellbeing. Respondents also report symptoms such as loss of sleep (56%), physical fatigue (47%), headaches (45%), weight gain or loss (38%), changes in appetite (34%) and digestive issues (33%).

It’s clear that financial burnout is taking a significant toll on the overall health of American employees, yet many workplaces still struggle with how to effectively curb the issue. Here are the key factors driving this issue and actionable steps employers can take to provide support.

Healthcare costs and employee financial burnout

Many workers face especially high anxiety over healthcare costs. According to the 2023-2024 Aflac WorkForces Report, 50% of workers report anxiety about out-of-pocket health care expenses, even beyond what insurance covers. Furthermore, 51% of employees would need to dip into their savings or checking accounts for unexpected medical bills. Younger generations are particularly vulnerable, with 72% unable to afford $1,000 in out-of-pocket healthcare costs.

Employers can help by offering more comprehensive health plans that minimize out-of-pocket costs from the start. Employees can further prepare for unexpected medical expenses and diagnoses by partnering with financial planning services that guide saving for medical emergencies. Encourage employees to set aside income to cover future medical costs through pre-tax income programs such as health savings accounts.

The gap between perception and reality

There is also a gap between employer and employee perceptions of healthcare. While 79% of employers think their teams understand healthcare costs, only 48% of employees agree. Furthermore, 41% of employees would be unsure of where to seek support after a serious medical diagnosis.

Employees can provide support by offering financial literacy programs like workshops or tools to help employees better understand the costs of healthcare and other essentials. Employers can also establish a fund to support employees facing financial hardships due to unexpected events.

How poor habits can intensify financial stress

However, it is not just limited access to resources that causes financial burnout. Employees’ financial habits may also exacerbate already existing issues. Poor budgeting, overspending and procrastination are common issues leading to financial burnout when employees avoid dealing with their financial challenges until it is too late.

According to MarketWatch Guide, 58% of employees don’t use a detailed financial budget. 57% procrastinate on important financial decisions, 44% overspend to deal with stress, 44% make purchases they cannot afford and 41% avoid opening bills or reviving card statements. 44% also admitted they ignore a financial problem until it becomes a crisis.

Employers can partner with financial institutions to offer debt consolidation services or low-interest loans for employees struggling with debt. Providing access to budgeting apps or financial planners can also encourage employees to create and adhere to a financial plan. Organizing employee challenges that reward participation in financial planning and debt-reduction programs can also help employees reach their financial goals.

Financial burnout affects the mental, physical and financial health of employees nationwide. Employers can play a crucial role in mitigating this stress by offering comprehensive healthcare benefits, financial literacy programs and resources to support better budgeting and debt management. By taking proactive steps, organizations can both improve the well-being of their teams and foster a more productive workforce.

Tackle financial burnout head-on with direct 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, 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.

Understanding Gamification (The Key to Better Benefits)

Understanding Gamification (The Key to Better Benefits)

by | Sep 11, 2024 | For Employers

Understanding Gamification (The Key to Better Benefits). Gamification is a powerful tool for motivating employees at work. Learn how gamification strategies can improve performance and encourage benefits usage.

Gamification is a powerful tool for motivating employees at work and a valuable addition to financial wellness benefits. These strategies educate employees while encouraging them to set and meet their financial goals in engaging ways.

Also called “motivational design” or “game learning,” gamification involves incorporating interactive elements into various activities throughout an employee’s day-to-day. Doing so may help employees connect with their teammates and company culture, improve business operations or increase employee benefits usage. These strategies can take many forms, from achievements and leaderboards to motivate users, to point-based loyalty programs that encourage frequent purchases.

A survey conducted by TalentLMS found that 83% of employees who used gamified training felt more motivated at work, with 89% reporting feeling more productive and 88% feeling happier. In contrast, 61% of employees who received non-gamified training felt bored and unproductive.

The idea behind gamification is to leverage competition and incentives to meet personal and company goals. However, overdoing it can demotivate employees. Here are some key considerations for gamifying your financial wellness programs.

A statistic about understanding gamification.

1. Have defined, measurable goals (and make sure your employees understand those goal).

Start by assessing the overarching goals of your financial wellness program and what you want your employees to achieve through their participation. Break these larger goals into smaller, achievable milestones that employees are excited to work towards. Understanding gamification relies on incentives and success within the system, it’s crucial that these goals are specific and attainable.

Additionally, make sure your employees clearly understand what they’re working towards. Interest in the financial wellness program can wane if employees are unsure about their objectives, so ensure all game elements are directly linked to the learning material.

2. Offer a variety of incentives within your gamification.

Different motivators resonate with different employees. While some may respond well to progress bars, levels, points systems and badges, others may be more motivated by tangible rewards such as gift cards, vouchers or discounts. Offering a mixture of incentives can help ensure that employees are encouraged to participate and reach their full potential.

3. Give frequent feedback.

One of the quickest ways for employees to lose interest is through a lull in feedback. Providing timely evaluations allows employees to adjust their performance based on results and stay engaged in the competition. Immediate feedback keeps employees motivated and helps them work towards their goals more efficiently.

4. Get people invested in your rewards with gamification.

Gamification is most effective when the incentives resonate with employees. Since gamification often relies on social recognition, it’s crucial to understand what motivates your employees. Engage with them to determine what goals and rewards are most meaningful. Both the objectives and the rewards need to be valuable to ensure that the gamified system is effective and engaging.

5. Don’t force the fun.

Mandatory fun can diminish the enjoyment of gamification. Research indicates that games and activities are more positively received when they are voluntary rather than imposed. By making your gamified program optional, you allow employees to choose whether they want to participate. Ensure that those who opt out still have access to all necessary resources. This approach allows motivated employees to engage in the gamified system while others can continue working towards their financial goals without pressure.

When done correctly, incorporating gamification into financial wellness programs can drive employee engagement and motivation in a fun environment where financial goals are interactive and rewarding. Embrace gamification as a tool to enhance your financial wellness initiatives and empower your employees to achieve their goals with enthusiasm.

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 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 was 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. 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. 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.

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 or the inability to pay for basic necessities can lead to stress. According to TIAA Institute researchers, these struggles lower the ability to deal with mental health challenges. High debt levels are associated with anxiety, depression and anger. 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 include counseling services, employee assistance and mental health workshops. Employers can also help create a supportive workplace culture where mental health is discussed openly.

 

2. 31% of employees struggle with sleep disturbances.

Financial worries can also 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. 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 help employees grasp financial essentials.

Employers can also organize education sessions focused on bolstering financial literacy on topics. 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. These 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 helps 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.

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. Focus on developing wellness initiatives that encompass financial, physical and mental health. Here, 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, designate some working hours to set your workforce on the right track. Offering financial wellness programs in the workplace can help employees manage their finances better, reducing financial stress and improving productivity. These programs can include financial literacy workshops, coaching, and other resources.

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. 

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.

Saving for the future is often not a priority, especially for employees living paycheck-to-paycheck. However, 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. 

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. 

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.

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. 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, which is a 6% increase from the previous year, according to a 2023 survey conducted by Payroll.org. These numbers underscore the need for employers to take steps to support their employees. 

One way for employers to do this is by enforcing after-tax payroll contributions to a savings fund. 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.

Support your hybrid workforce 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.