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Top 5 Financial Wellness Program Features for 2022

Top 5 Financial Wellness Program Features for 2022

by | Dec 15, 2021 | Blog

Financial Wellness programs are the must-have benefit for 2022. Make sure your financial wellness plan includes these 5 top program features. 

Financial wellness is 2022’s must-have employee benefit. According to Corporate Insight’s Workplace Finance Monitor Report, 85% of employees without a financial wellness program want one. 

However, not all financial wellness programs are created equal. The most successful programs include features tailored to the employees that use them.

Here are 5 top program features for your 2022 financial wellness platform.

1. Look for financial wellness programs that utilize a holistic approach to money.

Each one of your employees has to navigate their financial health ⸺ that’s one of the top appeals of offering financial wellness benefits. However the money management needs of a veteran employee about to retire are going to look very different than those of a recent grad dealing with credit card debt.

So, financial wellness programs are most useful to employees if they can encompass all facets of financial health. From paying down immediate debt to reaching long-term goals, an all-encompassing program will grow with your employees and offer something for those at any stage. Best Money Moves offers solutions for users from any financial background. Whether it’s basic budgeting, complex debt repayment, funding an education or planning for the future, the platform offers something that all employees can use.

2. Give your employees professional, personalized advice.

While it’s important for financial wellness platforms to cover the financial spectrum, an effective program will also include specialty features that pertain to each employee’s unique situation. Offering specialized, professional advice can also help engage demographics otherwise less likely to use financial benefits. Female participants and those with lower household income are less likely to enroll in financial wellness programs and are more likely to reach out to a friend for financial advice. Best Money Moves takes in user data to highlight stress points and uses them to suggest resources. The platform helps employees connect to other, personalized services from our comprehensive list of verified partners.

3. Consider platforms with actionable resources.

The Workplace Monitor Report also found that, among employees who had access to financial wellness programs, financial goal tracking and budgeting resources were amongst the highest rated features. The Best Money Moves Budget tool is a detailed feature that allows users to input their income, expenses and savings to give a comprehensive breakdown of how to spend your money. Users enter information about how they currently allocate their budget and Best Money Moves helps highlight areas of success and concern. The platform also includes intuitive calculators and a savings and debt tracker that allow employees to monitor long-term financial progress. Best Money Moves also offers unique user Journeys that take employees step-by-step through large financial decisions such as buying a home or a car.

4. Engage your employees with easy to use platforms.

For your employees to get what they need out of a financial wellness program, those programs need to be easy-to-use. That’s why Best Money Moves focuses on providing financial education for employees of all experience levels. Users of any financial experience  can find what they need in a library of over 800 articles, videos and webinars. Even a 10-minute session on the site on desktop or mobile can get users started on their financial journey.

5. Find financial wellness programs that keep track of your team’s progress.

An integral part of effective financial wellness programs involve showing employees the progress they’ve made on their personal finance goals. Keeping these goals in mind allows employees to find long-term solutions to their problems, instead of quick fixes. Best Money Moves provides several features that help users track their financial journey over the course of months, or even years. Plus, Best Money Moves is designed to provide employers with anonymous feedback about which financial challenges their employees are struggling with most. In this way, employers can offer other benefits and solutions targeted to their team’s unique pain points.

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 Wellness: The Must-Have Employee Benefit in 2022

Financial Wellness: The Must-Have Employee Benefit in 2022

by | Dec 7, 2021 | Blog

Financial Wellness: The must-have employee benefit in 2022. If you aren’t incorporating financial wellness into your 2022 benefits strategy, your employees are missing out.

The COVID-19 pandemic has had a long-lasting impact on your employees’ financial health. According to a study by Morgan Stanley and SHRM more than one in four employees report financial trouble related to the pandemic. In the same study, 31% of employees reported having finance-related anxiety.

Financial wellness programs are a must-have for your 2022 benefits strategy. Here’s how these programs can offer a lifeline for your team.

Financial Wellness is the must-have employee benefit for 2022

Money management is a universal issue for your employees, whether they’re fresh out of college or approaching retirement age. But not all of your employees are financially stable. In fact, according to data from CapitalOne, 73 percent of Americans rank their finances as their top source of stress. The problem has only grown over the last few years due to the significant economic strain of the pandemic. 

Long-term financial stress has far-reaching effects on those struggling with debt and other challenges. Twenty-three percent of Americans report that their financial challenges keep them from a full night’s sleep and financial stress has long been linked to an increase in anxiety, depression and burnout. Meanwhile, around the office, financially stressed employees are often less focused, less productive and at a greater risk of employee turnover than their financially stable peers. 

That’s why comprehensive financial wellness programs, like Best Money Moves,  aim to allow employees to take control of their finances on their own terms. 

What employees want from financial wellness programs

Adding financial wellness programs to an employer’s benefits package is a great way to meet the needs of employees. According to a SHRM survey, 74% of employers have not added benefits that address employee’s financial stress since the beginning of the pandemic. However, in the same survey, over half of the employees said they wanted some form of financial wellness benefits. 

Seventy-seven percent of employees want retirement planning and 54 percent of employees want safety net insurance as a part of their financial wellness programs. Employees also want advice from professionals. Employees listed access to a financial advisor, information on retirement plans, and help developing good financial skills and habits as three problem areas that they want their employers to address.  

It’s not just the employees that reap the rewards of these benefits. According to a Bank of America survey, 8 out of 10 employers surveyed agreed that including a financial wellness program led to more productive, engaged and loyal employees.

Best Money Moves can help

If you’re looking for a first-in-class financial wellness solution, Best Money Moves could be the answer you need. Best Money Moves is a financial wellness program that provides all the guidance and support employees need to help them reduce their financial stress. It has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. 

Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans and buying their first homes with access to a library of over 700 articles, videos and calculators. 

Best Money Moves is also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.

Employers want a financial wellness program that is expansive, engaging and suited to meet each of their employee’s unique needs and they’ve found it in Best Money Moves.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

4 Industry Insights About the Need for Financial Wellness

4 Industry Insights About the Need for Financial Wellness

by | Nov 9, 2021 | Blog

4 industry insights about the need for financial wellness. Financial wellness is a sought-after benefit in the post-pandemic workforce. Here’s why financial wellness resonates with employers and employees.

Financial wellness initiatives are critical when it comes to a post-COVID benefits strategy.

According to Corporate Insights’s 2021 Workplace Finance Monitor Report, 44 percent of surveyed participants felt their personal finances were negatively impacted by the pandemic. Eighty-two percent of respondents rated financial wellness as “very important” or “extremely important.” 

Here are four key insights from the 2021 report to explore the need for financial wellness benefits in a post-pandemic workforce. 

1. The financial fallout from the COVID-19 pandemic has highlighted a need for financial wellness programs.

The turmoil the pandemic caused has resonating effects and has increased the need for employer-based financial wellness programs. Only 38 percent of employees with an emergency fund said the pandemic negatively impacted compared to 54 percent of employees without an emergency fund. The pandemic also created opportunities to enroll employees that were otherwise unengaged with financial wellness benefits. About 58 percent of employees reported that they logged into financial websites and mobile apps more frequently as a result of the pandemic.

2. Employee interest in financial wellness programs is on the rise.

In recent years, financial wellness programs have turned from an addition to retirement planning to a desirable workplace benefit. Among employees who do not have access to a workplace financial wellness program, 85  percent expressed interest in their employer adding one, up from 53 percent in 2018. Employers have responded to these demands rapidly as about 40 percent of all surveyed employees reported having access to a workplace financial wellness program, also up from 14 percent in 2018. 

Employers that add financial wellness benefits can see positive improvements in productivity from their employees as well. According to a recent PWC survey, 45 percent of employees whose financial stress has increased due to the pandemic reported that stress was a distraction at work as opposed to 12 percent of employees whose financial stress did not increase. Alleviating the financial stress of employees can lead to increased productivity.

3. A successful financial wellness program includes a wide variety of media and tools.

When it comes to financial wellness, there isn’t a one-size-fits-all program. Employees will vary with what they want to achieve from these financial wellness benefits. Some want quick answers to easy questions while others want a longer investment to build a wealth of knowledge. Millennials put budgeting resources and financial tracking goals as the tools they wanted the most from their financial wellness program. Providing employees with a wide range of tools to access allows individuals to accomplish their goals with their benefits. Also, people have a range of preferences when it comes to modes of learning, so a variety of media helps more employees stay engaged with the program.

4. The most requested features from financial wellness programs are financial goal tracking and budgeting resources.

When employees express their interest in financial wellness programs, they want tools and resources that will help plan for a healthy financial future. Financial goal tracking tools (55 percent), budgeting help and resources (48 percent) and actionable next step recommendations (48 percent) all appear within the top-10 highest rated financial wellness program features. The report highlighted sites with particularly robust budgeting tools such as Best Money Moves. 

Looking for a financial wellness solution for your team? Best Money Moves is a human-centered program that offers a personalized approach to financial wellbeing. Employees can register their financial stress in 15 categories to receive resources meeting their individual needs. Meanwhile, a highly detailed budget tool offers savings suggestions tailored to each user’s unique financial situation. The comprehensive and user friendly-platform provides a plethora of financial resources and educational tools, with nearly 800 articles, videos, calculators and more.

Whether your employees need help saving money, paying their bills, raising their credit scores, getting ready for retirement or buying a house, Best Money Moves is there to support them every step of the way. Best of all, Best Money Moves is portable, so when your employees move on, they can take it with them.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

4 Top Benefits Trends for 2022

4 Top Benefits Trends for 2022

by | Nov 3, 2021 | Blog

4 top benefits trends for 2022. The pandemic has brought big changes to what employees need from their benefits programs. Here are 4 top trends to look for in 2022. 

The employee benefits needs of the post-pandemic workforce look very different than they have in the past. Employers need to take notice.

Seventy-three percent of Americans rank their finances as their number one source of stress, according to a 2021 CreditWise survey. Additionally, 75% of American employees say they have struggled with anxiety caused by COVID-19 and other world events while working from home.

4 of the top employee benefits trends to keep in mind for 2022

1. Personalized Benefits

Having a benefits package that is the same for every employee often leads to workers not fully understanding what they’ve enrolled in. Employers are trying to combat this in 2022 by shifting to personalized benefits. While satisfying your employees, personalized benefits also help employers by eliminating wasteful spending towards unused benefits. In the same Trends in Benefits survey, only 33% of employees felt that they understood the benefits options available to them and only 49% of employees said they can accurately recite which benefits they selected from the package their employer provided. 

Employers must keep up with the needs of their employees and choose their benefits based on that information. If your workforce consists of older and more financially stable workers, cater your benefits towards retirement and healthcare benefits. If your workforce has younger employees, choose benefits that aid in financial wellness as they have just started in the workforce and may be managing more-delicate finances. Instead of providing every employee with every benefit, employers can allow their workers to choose from a wide selection of benefits. The best way to figure out which benefits work best for your company is to simply survey your employees. Let your team choose the benefits package most relevant to

2. Increased flexibility/remote work

The second most requested benefit from last year was flexible work arrangements. While some workforces have been wary of flexible work solutions, allowing employees to work from home does not equate to a loss in productivity. In fact, a recent study by Mercer found that 94% of employers stated that work productivity was the same or higher since people shifted to remote work.  In addition, working from home saves employees an average of 40 minutes of commute a day, saves around $500 a month and 59% of people were more inclined to choose a job that allowed them to work from home. 

Allowing employees to work from home and have flexible schedules is another way for employers to prove they are listening to the needs of their employees.  In a recent PWC survey, over half of the employees surveyed responded that they would want to work remotely three days a week or more.  Workplace flexibility is not limited to remote work, but may also include allowing your employees to choose a daily and a weekly work schedule that best suits their needs and personal lives.

3. Mental health benefits

The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said. 

To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.

4. Financial wellness benefits

Money is the #1 cause of stress for employees and can lead to sleeping disorders, anxiety and depression.  Employees who are constantly worried about their finances are twice as likely to look for a different job and that stress costs employers 13-18% of annual salary. A great way for employers to refocus their employees on their work is by including financial wellness tools and training in their benefits packages. A recent survey by SHRM found that these programs not only focus workers, but improve their overall well-being, increase employee retention and can attract new hires. The most requested services by employees include retirement savings plans, emergency savings funds, safety net insurance and financial coaching.

Financial wellness programs, like Best Money Moves, can help employees regain control of their finances. 

Best Money Moves has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

5 Financial Steps to Support Employees in 2022

5 Financial Steps to Support Employees in 2022

by | Oct 7, 2021 | Blog

5 financial steps to support employees in 2022. Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees.

According to a 2021 Capital One CreditWise survey, 73 percent of Americans rank their finances as the most significant source of stress in their life. And stress has real life implications: Eighty percent of US employees spend 12-20 hours per month dealing with financial concerns at work according to the IFEBP (International Foundation of Employee Benefit Plans). Financial wellness can help alleviate that stress and lead to more focused employees.

Here are five steps to increasing employee financial wellness for 2022.

1. Help your employees plan for the future

According to a study by EBRI and Greenwald Research, about two in three employees expressed concern about their financial future. There are programs employers can offer such as a rainy day savings account program that can help ease these issues. Utilizing these programs is also a good way to signal to employees that their financial wellness is a priority. Among those polled, 72 percent of workers who reported facing increased financial setbacks during the pandemic said they would be more attracted to another company that cared more about financial well-being than their current employer.

2. Instruct your employees on how to use your current financial benefits

A recent survey by Voya financial found that 35% of employees do not fully understand the benefit programs in which they were enrolled. This does not mean that employees are discouraged from enrolling in these programs or learning more about their finances. The same study found that around two-thirds of employees want their employer to help them better understand their employee benefits. Talking about financial well-being and asking for help with their financial wellness can be daunting for many employees. Employers should take a proactive approach to alert their employees to available benefits.

3. Alleviate your employee’s stress with debt reduction programs

The average American household has $15,706 in credit card debt and the average federal student loan debt is $36,510 per borrower. Debt can be a burden that contributes to long-term stress as well as mental health strain. Employer-sponsored student loan relief programs have grown increasingly popular among workforces. Many potential employees, especially those just entering the workforce, feel burdened by their student debt. Offering these programs is a great way for an employer to stand out to potential new hires.

4. Be sure your retirement strategy is still going strong

According to a study conducted by the Department of Labor, only 40% of Americans have calculated the amount they need to save for retirement. The best time for employees to start saving is right now. Employers can emphasize this by using 401(k) or other retirement plans. The most common retirement plan is the 401(k) match where the employer grants a certain amount to the plan based on how much the employee contributes. Employers that utilize these plans are desirable to potential new hires. According to a survey by Willis Towers Watson, 51% percent of employees joined their current employer primarily because they offered a retirement plan.

5. Utilize financial wellness benefit programs

A good way to aid your employees in minimizing the stress associated with finance is by instituting financial wellness programs or benefits. There are a wide variety of these programs from financial counseling sessions to employer matching programs. Employees will appreciate the access to financial education as over 50% of financially-stressed employees are afraid to ask for help with their finances according to Pwc. The cost of these programs is manageable for most employers and is often well worth the additional productivity seen from workers who use the benefits. 

There are many benefits to financial education including being prepared to tackle debt, making smarter decisions with how to spend money and a less stressful 2022. 

Whether your employees need help saving money, paying their bills, raising their credit scores or getting ready for retirement, Best Money Moves is there to support them every step of the way with best-in-class products, services and benefits tailored to suit your workforce needs. Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. Give your employees the very best financial wellness experience. Reach out for a demo today!

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.