Improving employee financial wellness in 2021. How employers can help workers achieve their financial goals and reduce financial stress in 2021.
An incredible 85 percent of employees say they worked on their financial habits during the COVID-19 pandemic and 96 percent of them plan to continue improving their financial behaviors in 2021, according to research by NerdWallet.
Nearly 90 percent of those with financial goals for 2021 recognize current events could interfere with their plans, 53 percent are concerned about the uncertainty of the pandemic, 36 percent are worried about the effects of election outcomes and perhaps most surprising — 19 percent are uncertain about having access to the best resources to help them achieve their goals.
This financial wellness month employers can help employees reach their goals and minimize the negative impact financial stress has on their business by choosing a financial wellness solution that meets their varying needs.
Improving Employee Financial Wellness in 2021
Understanding Financial Goals for 2021
Understanding the different financial goals employees have can give employers a better idea of the tools and features they could benefit from. According to a survey by MagnifyMoney, these are the financial resolutions employees are most interested in achieving in 2021:
- 50 percent of employees want to reduce their debt or become debt-free
- 46 percent want to increase their credit score
- 45 percent want to increase their savings
- 38 percent want to save for a specific purpose (retirement, vacation, etc.)
- 33 percent want to build an emergency fund
- 31 percent want to stop living paycheck to paycheck
- 29 percent want to get a higher-paying job
- 22 percent want to create a budget and stick to it
- 13 percent want to donate more money to charity.
As employees build on the habits they developed in 2020, it’s vital they have access to resources that can help them break these broad topics down step-by-step. Most employees (84 percent) say getting advice at work would be valuable and 74 percent say it would reduce their financial stress, according to research by Edelman Financial Engines.
How Financial Wellness Programs Can Help
Now more than ever, the desire for financial wellness is evident. Platforms like Best Money Moves have everything employees need to improve their financial wellness and reach the goals they set for themselves.
Best Money Moves goes far beyond basic budgeting tools. Employees can educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. A team of Money Coaches, trained financial counselors, are ready to answer any remaining questions and give employees financial guidance whenever they need it. Going another step further, Best Money Moves leverages user analytics to create individualized employee content and it’s gamified to encourage consistent engagement.
Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.