Employee holiday hangover? Offer these financial wellness solutions. Holiday spending can cause headaches for your workforce, even after the season has ended. Financial wellness programs could be the solution your team needs.
Americans had a record year of holiday spending. The National Retail Federation estimated shoppers spent between $834.4 billion to $859 billion.
The bad news is that your employees may be feeling the effects of overspending. Research shows that financial stress tends to make its way into the workplace, reducing productivity, causing burnout and negatively impacting employee health.
If you’re finding that your workforce is struggling after the holiday season, you may try incorporating financial wellness in your benefits packages.
Financial Wellness: The Cure for Your Employee Holiday Spending Hangover
A report from PwC found that 87% of employees want help when it comes to personal finance, and programs like Best Money Moves have proven to be the solution. Financial wellness programs can improve overall health and well-being, leading to lower stress, lower healthcare costs and a lower risk of employee burnout and resignation.
Best Money Moves uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system. The program addresses your employees’ pain points with a variety of tools, from budgeting help to financial calculators and wide-ranging resources on topics like debt reduction and savings plans.
These are only a few of the many features Best Money Moves has to offer:
An intuitive budgeting tool to get employee spending back on track.
When money is tight following a busy holiday season, budgeting is often the perfect antidote. Best Money Moves’ budget tool is easy to understand and takes into account each user’s unique spending and saving needs, helping people learn how to manage every dollar more effectively. This simple step can reduce financial stress and improve the health and happiness of your workforce.
Financial calculators for your employees’ unique needs.
Best Money Moves’ financial calculators can also help employees with their financial goals. For example, the emergency savings calculator will determine how a user can best build, or re-build, a robust safety net for themselves or their family. This may be particularly useful after an expensive holiday season, as many people find themselves spending beyond their budget or needing to dip into savings accounts. A holiday survey from American Express found that 86% of millennials — the largest generation in the workforce — spent more money during the holidays than they planned to in 2020. Over one fifth of those who overspent went over budget by about $500 or more.
A library of 800+ resources on topics across the financial spectrum.
The resources on Best Money Moves are extensive and broken down by topic, including general money management, paying bills, healthcare costs, overall debt and more. The various articles can help employees learn more and take control of their finances, in turn helping your workplace become a more productive and happier environment. For example, according to LendingTree, consumers racked up more debt than during the 2020 holiday season, with the average borrower taking on $1,249. Resources on debt, especially credit card debt, are applicable to the post-holiday season, when many Americans have residual debt from increased spending.
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.