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LGBTQ+ Employees and Money: 4 Unique Challenges to Wellbeing

LGBTQ+ Employees and Money: 4 Unique Challenges to Wellbeing

by | Jun 10, 2024 | Blog

LGBTQ+ Employees and Money: 4 unique challenges to wellbeing. LGBTQ employees have unique struggles that can affect their ability to build wealth. Here are the most important challenges to be aware of.

LGBTQ+ employees face unique financial challenges that affect their ability to earn money, build savings and achieve long-term financial stability.

According to a survey of 2,5000 LGBTQ+ individuals conducted by the Center for LGBTQ Economic Advancement & Research (CLEAR), over half of LGBTQ+ respondents had less than $5,000 in savings – and a significant portion had no savings at all. This figure is staggering compared to the average median savings reported by non-LGBTQ+ individuals: $25,700.

What’s more, LGBTQ+ employees are more likely to report discrimination in industries like banking and healthcare. Special healthcare needs such as family planning procedures and gender-affirming care may cost thousands of dollars – and are often paid out of pocket. Compounded with lower savings, this can make necessary care inaccessible to many Americans.

To support your LGBTQ+ employees, it’s essential not to overlook these unique challenges. Here are some of the financial roadblocks facing these workers, along with proven strategies to help mitigate their effects.A stat about LGBTQ+ Employees and finances.

1. LGBTQ+ employees face higher levels of debt.

Debt is a significant issue for many Americans. A Northwestern Mutual study found that two-thirds of all respondents carried at least some debt.

However, LGBTQ+ individuals are disproportionately affected by their debt loads due to lower wages (90 cents to the dollar compared to the average worker), leading to higher levels of financial stress and instability.

Overall, LGBTQ individuals have more credit card and student debt, yet are less likely to carry valuable assets from their debt, such as mortgages or auto loans. This heightened debt burden can impede their ability to save for the future, invest in property or build wealth. The inability to pay off debt may also lead to mental health concerns including sleep problems, stress and anxiety.

The key to getting rid of bad debt is to use proven strategies that can be applied to different financial situations. Employers can use financial wellness programs to provide education on debt management and planning. These programs can access financial tools that help employees create and stick to a budget, manage debt, and create long-term goals.

2. LGBTQ+ employees have limited access to financial education.

A significant percentage of the LGBTQ+ community has less access to financial education, which affects their confidence in making financial decisions. According to Mercer, more than 30% of LGBTQ+ women and 25% of LGBTQ+ have difficulty addressing their financial options.

Only 49% of LGBTQ+ individuals feel they understand their financial options very well, compared to 61% of non-LGBTQ+ Americans. Financial illiteracy often leads to common pitfalls such as a lack of retirement savings and an inability to accumulate wealth over time.

Providing access to financial education that addresses the needs of the LGBTQ+ community is critical to closing the gap. Facilitating resources that tackle retirement planning, investment strategies and debt management is one of the best ways to set your employees up for success.

3. LGBTQ+ employees struggle with reduced access to elder care and retirement benefits.

LGBTQ+ seniors face significant challenges in accessing elder care and retirement benefits. Nearly two-thirds of LGBTQ+ Americans live paycheck to paycheck and struggle with building personal savings. Additionally, LGBTQ+ seniors often have fewer options for informal aging care, as they are more likely to be single or childless.

In fact, until changes in legislation over the past few years, LGBTQ+ seniors even lacked basic retirement rights including the ability to transfer Social Security, pension benefits and retirement plans to their surviving partners.

In order to support their employees, companies can offer retirement planning resources and benefits tailored to their specific needs. This includes providing access to financial wellness resources that discuss the unique challenges faced by LGBTQ+ seniors and offering comprehensive retirement plans that consider their circumstances and provide for their loved ones.

3. LGBTQ+ individuals face higher, more prohibitive healthcare costs.

LGBTQ+ employees also face higher healthcare costs and barriers to accessing appropriate care. Health plans may lack support for LGBTQ+ needs, such as gender-affirming care and non-traditional family planning. In fact, a 2022 CAP study, the most recent data available, found that LGBTQ+ adults are more than twice as likely as non-LGBTQ+ adults to postpone or forgo needed medical care because of costs.

Employers should ensure that their healthcare plans are inclusive and provide coverage for LGBTQ+ employees. This includes offering benefits that cover mental health services, nondiscriminatory care, and other specific healthcare needs. Providing access to this kind of support boosts wellbeing and makes potentially life-saving care more accessible.

Addressing the financial struggles of LGBTQ+ employees requires a holistic approach that focuses on financial wellness. Creating an inclusive workplace culture and offering targeted support requires hard conversations and input from your LGBTQ+ employees.

Use Best Money Moves to support your LGBTQ+ employees.

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.

Video: Tackling Financial Stigma: How to Discuss Money At Work

Video: Tackling Financial Stigma: How to Discuss Money At Work

by | May 29, 2024 | Blog

Tackling Financial Stigma: How to Discuss Money At Work. Financial stigma prevents employees from having conversations and seeking out the right education. Here are the best ways to help. 

 

More than half of Americans say they never discussed personal finances growing up and now actively avoid the topic in daily life. It’s no surprise that financial stigma extends into the workplace too. Yet 74% of employees report wanting clear and unbiased guidance when it comes to handling tough financial situations.

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To help start the conversation, try Best Money Moves.  

Best Money Moves is an interactive financial wellness benefit that helps employees make smarter choices about their money. Whether employees are building their first budget, paying down debt, working toward homeownership or planning for retirement – Best Money Moves has the tools they need to turn financial goals into reality. Best Money Moves users gain access to a suite of debt trackers, budgeting calculators and a library of 900+ articles, videos and webinars. Our tools empower employees with actionable solutions to real-world problems. Best Money Moves users also receive exclusive member deals from our library of trusted benefits partners, including discounts on insurance, college planning prescription medications and so much more.

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

3 Things to Know About the Future of Work and Financial Wellness

3 Things to Know About the Future of Work and Financial Wellness

by | Apr 30, 2024 | Blog

Employee needs are changing which means benefits must follow suit. To prepare for the future of work, make financial wellness a part of your benefits strategy.

New developments in benefits technology are reshaping the future of work. Over 85% of organizations surveyed in the World Economic Forum’s 2023 Future of Jobs Report identified increased use of new technologies as the trend most likely to drive growth over the next few years.  

With benefits technology constantly evolving, compensation alone is no longer enough to keep your workplace competitive for new hires. Employers must prioritize new technology and cutting-edge support programs if they hope to attract the best talent. 

Here are some of the most promising developments employers can expect from the future of work. We offer a special focus on the growing demand for employee financial wellness benefits.

A fact about the future of work and benefits.

1. Financial wellness tools will become central to the future of work.

Financial wellness tools are gaining popularity among employees of different backgrounds and income levels — and it’s not surprising why. The cost of living has increased steadily over the past few years. According to Forbes, more than a third of Americans struggle with their bills. Another 80% are living paycheck to paycheck.

However, most employers offer outdated benefits as a substitute for financial literacy. Around 98% of employers provide health coverage and 94% provide retirement planning support. Yet, these programs are not equipped to address some of the biggest employee pain points, such as high levels of student debt, the need for credit guidance, and the growing demand for elder care resources.

In PWC’s 2023 Employee Financial Wellness Survey, 73% of financially stressed employees said they would be attracted to another employer that cares more about their financial well-being. Financial stress affects everything from mental health to personal relationships.

So, financial wellness is already becoming a must-have benefit. Its importance is only expected to grow in the coming years. Addressing this issue will be something the majority of employers simply cannot ignore. Financial wellness benefits provide the information and tools needed to combat complex financial hurdles. They empower your employees to take control of their finances.

2. The desire for flexibility and accessibility will expand to benefits options.

The Coronavirus/COVID-19 pandemic shifted the landscape of corporate work in the direction of flexibility and accessibility. Now more than ever, employees are looking for jobs that allow them to work how and when they want.

A recent Upwork study suggested that 22% of workers in America will be remote by 2025. This change has been generally positive. In the same study, 56% of hiring managers claimed the shift to remote work has gone better than expected.

Flexibility in these environments also applies to employee benefits. Financial wellness benefits, for example, are fully customizable – meaning employees can choose the areas that are most pertinent to their situation. Whether someone is looking to pay off debt or learn about savings accounts, these benefits offer resources that support all levels of knowledge and income.

Personalization is the answer to making these benefits accessible and is a key component of the most effective financial wellness tools. According to a Vestwell study, employees hoping to save money are looking for highly tailored financial wellness solutions to solve their issues. For example, 74% of employees with student loans agree that they would be more likely to continue working for an employer that offered student loan-related benefits.

When it comes to financial wellness, the ability to personalize and answer specific questions is key to creating quality benefits that work. Flexible, effective and relevant benefits will improve your employees’ financial lives and improve productivity and quality of life in your company.

3. AI tools are an inevitable addition to the future of work.

AI tools have evolved greatly over the past few years to occupy almost every industry. As it continues to develop at such a significant rate, it’s difficult to imagine a future of work without significant AI involvement:

  • Artistic fields: AI has streamlined the creative process, assisting in the creation of music, art, writing and more.
  • Healthcare: AI helps eliminate human error in administrative work, providing a streamlined experience when distributing medication and making appointments.
  • Customer success: AI chatbots help meet consumer demand by answering client questions.

AI tools are expected to be just as valuable a tool for businesses. This is especially true when it comes to creating better benefits for employees. With AI, employers can evaluate their workforce’s demographics, health records and usage trends to create a benefits system that is best suited for each employee. These tools can be invaluable for HR, enabling them to shape their campaigns to accommodate employees’ needs and preferences.

Workers are consistently looking for ways to get their problems addressed without giving up autonomy. Giving them the tools they need will help your organization stand out in the job market and continue to attract top talent.

Choose an award-winning financial wellness platform for your employees

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.

Financial Literacy Month: What Makes a Great Financial Literacy Strategy?

Financial Literacy Month: What Makes a Great Financial Literacy Strategy?

by | Apr 2, 2024 | Blog

Financial Literacy Month: Fundamentals of Financial Literacy. A quality benefits strategy should include financial literacy tools to better support employees.

April is Financial Literacy Month, which recognizes the role that financial education plays in a person’s long-term success and stability.

Without the right education, your employees are much more susceptible to financial hardship. According to a Forbes Advisor survey, 68% of Americans say financial regrets from 2023 caused them stress in the following year. However, compensation alone isn’t enough to cultivate a worker’s financial well-being.

Successful financial literacy requires a holistic approach, one that recognizes financial stress as a complex issue and offers many solutions to help address employee pain points. Here are the key components of a successful financial literacy strategy, plus how you can use the right benefits to improve the quality of life for your team.

A fact about financial stress and Financial Literacy Month.

1. Budgeting and saving skills are the foundation of financial literacy.

Unfortunately, 44% of Americans can’t pay $1,000 for an emergency expense from their savings. So when a financial emergency occurs, they may be forced to rely on credit cards, personal loans or other types of consumer debt. Employees need a reliable savings account to face tough financial setbacks, and building savings starts with the right budget.

Employee financial wellness programs are the first line of defense when it comes to teaching employees to budget and save. These helpful, interactive platforms teach foundational financial skills through a mixture of reading materials, interactive tools and customizable financial guidance.

These programs are in high demand among employers and workers alike. In PNC’s Financial Wellness in the Workplace Study, 80% of employees said they would stay longer with an employer that offered more financial wellness benefits.

2. Debt management skills help employees plan for a debt-free future.

Understanding how debt works is one of the most important aspects of employee financial literacy. The average American adult holds around $104,215 in debt across mortgages, auto loans, student loans and credit cards, according to data from the Federal Reserve. The average debt for Millennials alone rose more than 8% in 2023.

Dealing with long-term debt issues can lead employees to postpone other major financial decisions like buying homes, getting married or starting a family. According to a Bankrate survey, nearly 60 percent of U.S. adults with student debt have put off making important financial decisions due to that debt. Delaying major milestones puts employees behind their peers and makes it difficult to build long-term wealth.

To combat debt, employers can use a variety of strategies, including loan contribution plans and tuition reimbursement. Look for tools to help employees visualize and track the repayment process, with an emphasis on understanding interest costs.

3. Don’t overlook retirement and investing skills.

The ability to save for a secure future is one of the most important reasons to teach financial literacy. Retirement plans are core to building a solid foundation, but many Americans are still not saving enough. 

According to the St. Louis Federal Reserve, in April of 2023, personal savings only accounted for 4.1% of disposable personal income. This means that Americans are saving only a small percentage of their wages, which won’t be enough to fully support a retirement plan.

These numbers also represent a sharp decline from the pandemic when the majority of Americans saved upwards of 30% of their income in April of 2020. Without a proper savings plan, employees may have to work past retirement age.

While employer-sponsored retirement benefits are almost always offered to full-time employees, many workers overlook their existing benefits due to a lack of education. Use your financial literacy strategy to target retirement planning.

Doing so can improve the take rate of your existing benefits and help employees feel more confident planning for the future. In a 2023 MetLife study, 62% of employees said understanding how to use their benefits would give them more financial stability.

4. A successful financial literacy strategy knows that accessibility is key.

Although online resources built to improve financial literacy are out there, it doesn’t mean they are all accurate or accessible. Education for all ages, incomes and experience levels is the most important factor for a successful financial wellness program. Even employees earning more than $100,000 a year struggle with debt and issues paying bills.

In fact, financial concerns can be completely different based on the individual’s age group. According to Business Insider, building a savings account is one of the most pressing stressors for Gen Z, while older millennials are generally more concerned about credit card debt. Both of these issues require specific solutions and it can be difficult for employees to find the answers they are looking for.

A financial wellness benefit offers an all-in-one package where employees can ask questions and learn how to avoid common pitfalls.

Make Best Money Moves a part of your financial literacy strategy.

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.

The 4 Best Benefits in 2024, According to Employees

The 4 Best Benefits in 2024, According to Employees

by | Mar 11, 2024 | Blog

The 4 best benefits in 2024, according to employees. Your benefits choices go a long way toward attracting the right employees. Here are the 4 best benefits in 2024, according to employees.

A holistic benefits strategy is one of the most important factors that job-seekers consider when deciding where to work. In fact, according to Forbes Advisor, 40% of employers believe that workers would leave their current jobs to find employment that offers better benefits.

Well-tailored, helpful employee benefits go a long way toward keeping your existing team members satisfied while also attracting new talent. With dozens of options, each catered to different ages, incomes and needs, how do you know the right program to choose?

To evolve your benefits strategy, you need to understand what will help your employees the most. Here are the best benefits in 2024 based on input from real workers.

A fact about the best benefits in 2024

1. Affordable healthcare

Healthcare costs are a major concern for employees, especially for those who earn lower wages.

Average healthcare premiums for American families increased 7% in 2024, according to research from KFF. As these costs rise, so do concerns about affordability. To ease the financial burden, employees look to their compensation packages for support.

The study from Forbes Advisor shows that 67% of employees and 68% of employers believe healthcare to be the most important benefit.

Healthcare benefits can be wide-ranging, but usually include some sort of insurance package that helps make medical costs more affordable for employees. Employer-paid healthcare benefits allow employees flexibility when dealing with a medical visit and peace of mind when the bill comes.

Employees also value alternative health benefits, such as gym memberships, wellness programs and mental health programs. According to Forbes Advisor, a third of employees surveyed named mental health programs as a top benefit.

Mental health benefits include everything from inclusive paid leave to workplace meditation. Programs that support mental health have shown improved performance at work among employees. Research from the National Library of Medicine reveals that 86% of employees treated for a mental health condition reported an increase in productivity.

2. Paid time off

PTO allows employees to take breaks from their busy schedules and recharge. In turn, potential burnout is replaced with productivity and a positive working environment.

Post-pandemic, there has been a significant shift toward flexible benefits that emphasize work-life balance. More companies are even adopting remote work strategies and four-day work weeks to help their employees.

Making these benefits as inclusive as possible is another factor to consider. Mercer’s 2023 Health and Benefits Strategies report shows that many employees are looking for benefits packages that include parental leave, adoption leave and elder caregiver leave.

With non-standard work schedules becoming the norm, flexibility in general is in high demand among most employees. Some lesser-known benefits in this area include virtual team bonding activities, a home office stipend and financial assistance to cover internet costs.

3. Pension and retirement plans

The same Forbes Advisor study found that 34% of employees and 34% of employers agree that retirement plans are a vital part of a company’s benefits strategy. A retirement plan allows employees to build a financial safety net as they work, saving money over their careers.

In a study from PeopleKeep, 87% of employees surveyed said they valued retirement benefits or retirement accounts. However, only 54% of the employers surveyed even offered those benefits.

Retirement plans are tax deductible, flexible and are a great way to attract new talent to your business. Introducing quality retirement plans is a great way to keep your employees satisfied and set them up for future success.

4. Financial wellness benefits

For employees struggling to keep up with their finances, financial wellness benefits have been shown to greatly improve stress levels, well-being and retention.

Costs of common goods and groceries are rising due to different economic factors, making it harder for salaried workers to manage their finances. According to BenefitsPro, 53% of US adults are financially anxious, while more than 60% of families don’t have an emergency fund.

Financial stress leads to decreased productivity at work and an overall lower quality of life for your employees. A comprehensive wellness strategy is the answer to financial stress outside of the workplace. These benefits provide personalized advice for all aspects of a person’s financial life. 

In fact, in PWC’s 2023 Financial Wellness Survey, 74% of employees who responded sought guidance when faced with a major financial decision, crisis or life event.

If you are looking to start a financial wellness initiative in your business, try Best Money Moves.

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.

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.