Log in
Book a Demo

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

Book a Demo
Video: Using Technology in Financial Wellness Services

Video: Using Technology in Financial Wellness Services

by | Feb 23, 2024 | Blog

Using technology in financial wellness services. Help your team achieve their most important goals by including financial technology services in your benefits program.

 

 

Nearly 60 percent of Americans say that money is the top cause of stress in their lives, according to data from PWC. Chances are your employees are dealing with many of the same struggles. Financial stress includes both everyday habits, like building a budget, and bigger goals, like paying off student debt. Tackling these problems while juggling responsibilities at work and at home, can be overwhelming for employees.  

To help your team achieve the goals most important to them, include financial technology services in your benefits program. 

—

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.

4 Things You’re Missing About Employee Financial Stress

4 Things You’re Missing About Employee Financial Stress

by | Feb 21, 2024 | Blog

4 things you’re missing about employee financial stress. Don’t overlook these important insights about how employee financial stress harms American workers.

When it comes to employee financial stress, employers and employees aren’t always on the same page.

In their 2023 Financial Wellness in the Workplace Report, PNC surveyed over 1,000 U.S. full-time workers across various organizations about employee financial wellness. When surveyed, 80% of employers felt their teams were at least somewhat financially prepared for the future – but only 50% of employees felt the same way. 

If you’re looking to create a happier, more financially secure workforce, don’t overlook these 4 insights from PNC about the impacts of employee financial stress.

A surprising statistic about the impacts of employee financial stress

1. Employees don’t have long-term financial security.

Despite feeling secure in their jobs, around 63% of all surveyed employees still live paycheck to paycheck, according to PNC data. These workers face unique challenges when it comes to paying down debt and saving for future financial goals. Employees living paycheck-to-paycheck can’t build emergency savings and are more susceptible to relying on credit cards and loans in the face of unexpected expenses. 

What’s more, employees are still feeling the effects of an uncertain economy. Ninety percent of employees report being negatively impacted by inflation with 81% finding it more difficult to put money into savings. Three out of every four employees worry that there will be a recession in the near future.

2. High-earners aren’t immune to employee financial stress.

While it may seem like employee financial stress is only an issue for young or economically disadvantaged employees, that’s simply not the case. Employees of all ages and income levels are feeling the weight of financial challenges. Of the surveyed employees who made $100,000 or more per year, fifty-seven percent still report feeling somewhat or very stressed about their financial situation. The numbers are even more severe for employees at lower income levels. For employees earning $50,000 to $99,999, 77% report the same financial challenges. For employees earning less than $50,000, the numbers jump to 79%. 

3. Employee financial stress impacts performance on the job. 

Employee financial stress has tangible consequences for a business’s bottom line. Eighty-seven percent of employees surveyed by PNC admit to thinking about their financial situation while on the job. On average, employees report spending three hours per week worrying about money. This distraction hasn’t gone unnoticed by employers — 75% percent feel that employee financial stress has negatively impacted business in the form of reduced productivity (39%), unhappy employees (18%) and overall poor performance outcomes (16%).

4. Employees expect their employers to take an interest in their financial well-being.

When asked for their opinion on solutions to target employee financial stress, 80 percent of respondents said they would stay longer with an employer who offered financial wellness benefits. Younger employees are especially anxious for this help, with 88 percent of respondents 21 to 34 years of age more likely to stay with a financially conscious employer.

Likewise, 96% of employers say financial wellness benefits positively impact retention. However, although employers agree that these benefits pay off, many still offer the bare minimum. Many will offer retirement matching but don’t include additional benefits such as financial counseling and education. Financial wellness benefits are a great way to help your company stand out amongst competitors when attracting and maintaining your workforce. 

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. 

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.

How Small Businesses Can Develop a Financial Wellness Strategy

How Small Businesses Can Develop a Financial Wellness Strategy

by | Feb 7, 2024 | Blog

How small businesses can develop a financial wellness strategy. Learn more about how small businesses can embrace financial wellness to increase employee well-being.

A comprehensive benefits package is one of the best strategies small businesses can use to retain employees and attract top talent. When salaries are comparable, the decision to take an offer often comes down to the level and quality of an employer’s benefits program. 

In fact, according to a survey conducted by ConsumerAffairs, 42% of employees stated they would likely leave their jobs for another position with better benefits.

a surprising statistic about the necessity of financial wellness for small businesses

Why are employee benefits important to small businesses?

Employee benefits are forms of compensation outside of a traditional salary or wage. Small businesses often include a suite of benefits when advertising a job offer to stand out among larger competitors in their industry. 

Some benefits, such as health insurance, workers’ comp and social security are required by law. These are known as statutory benefits and serve to protect employees from struggling with money directly after leaving a job or provide coverage if there is a workplace accident or illness.

However, benefits also serve as a method for small businesses to satisfy employees. To retain employees in full-time positions, a quality benefits strategy is vital. Small businesses are often competing with the tools and resources of larger organizations and may struggle to find ways to stand out when looking for top talent. According to a Pew Research Center study, in 2021, 43% of workers who quit their jobs left due to lack of benefits flexibility, including poor health insurance and mediocre paid time off. Although statutory benefits are necessary to support a workforce, auxiliary opportunities are usually the backbone of a comprehensive benefits program, especially for small businesses.

Why should your small business offer financial wellness as a benefit?

When considering the costs of statutory benefits, including a financial wellness component may seem unnecessary, especially for small businesses. However, according to Morgan Stanley, 75% of Americans believe that financial wellness should be a part of their company’s programs. 

It’s also important to note that workers are struggling with their finances at an alarming rate. According to a Bankrate survey, 52% of U.S. adults said their financial issues harmed their mental health, which included an increase in stress. These mental declines impact employees at the office, leading to lower productivity and increased rates of absenteeism. Data also suggest a disturbing trend toward the lack of financial resources for employees. And problems with financial wellness can span far beyond an employee’s life at home. According to data collected by management software engineer TeamStage, employees who experience severe financial stress levels lose between 29 and 39 workdays every year to attend to concerns. 

Financial wellness programs generally lead to a positive return on investment for small businesses because of the major additions they make to employees’ lives. These include reduced absenteeism, positive company perception and fewer financial burdens for your workforce. 

At small businesses, financial wellness benefits are the key to solving your workers’ most pressing issues. These programs usually include a host of resources and tools that help employees manage their finances and provide an easy outlet to address the most common money concerns. The bottom line is that financial wellness benefits can have a positive impact on engagement at work, improve your company’s brand among prospective employees and save your small business money in the long run.

How small businesses can develop a financial wellness strategy

If you have a small business, considering the financial well-being of your employees is one of the best ways to support and grow your workforce. With a small business, you can tailor benefits to fit your company’s culture and address your employees’ needs. A benefits program that helps employees reach their financial milestones is key to promoting a positive sentiment in the workplace.

Here are some tips for supporting your team’s financial well-being. 

1. Ask your employees what financial wellness benefits are right for them. A smaller team can help you get individual responses and create a more personalized benefits solution. Ask employees how they feel about their financial wellness and if extra resources would be beneficial. Compared to large corporations, small businesses can be much more in tune with their workers’ needs, so take advantage of that when considering what benefits to offer.  

2. Promote a financial wellness initiative. Including a comprehensive financial wellness program into your business can help employees get back to setting and achieving their most important financial goals. Financial wellness can take many forms, but you might consider basic financial literacy courses, budgeting classes, retirement planning, and the tools a benefits solution might offer. At a small business, it can be easier to create tailored offerings based on the demographics of your company. 

3. Regularly assess the effectiveness of your benefits strategy. Simply offering the benefit to your employees is only the first step. For your employees to get the full freight of the benefits you offer, make sure to consistently ask for feedback to facilitate the right changes. From there, you can make the adjustments that will help your workforce the most. It is also important to establish what you consider to be a successful program. What do you want your employees to get out of a financial wellness program? What does a successful benefits campaign mean to your company?

Ready to embrace financial wellness for your small business?

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 Ways Inflation is Still Hurting Your Workforce

3 Ways Inflation is Still Hurting Your Workforce

by | Jan 26, 2024 | Blog

3 ways high inflation is still affecting your workforce. Learn how to help your team cope with the continuing effects of high inflation.

Although inflation cooled during the end of 2023 and price increases have somewhat slowed, most employees aren’t feeling the benefits of a recovering economy. Over 90% of Americans cut back on spending in 2023, according to a CNBC and Morning Consult survey, due to the effects of rising inflation. Going into 2024, many of these reduced spending habits are expected to remain as 88% of respondents still listed inflation as a top concern.

Find out how inflation and high prices may still be affecting your employees. Plus, learn more about the actionable solutions that your team can use to help employees find relief from financial stressors. a surprising statistic about widespread inflation

3 ways high inflation is still affecting your workforce

1. Employees increasingly use “buy now, pay later” services to cover grocery expenses

Between supply chain disruptions and rising consumer demand, prices for most household goods have risen at historic rates. Americans are struggling to keep up with new market prices. So much so that, employees are turning to “Buy Now, Pay Later” services to pay for household expenses, according to research by Adobe Analytics.

After paying rent or mortgage payments and car payments, some Americans don’t have any cash left to cover all of their monthly expenses. So, to help make ends meet, many are turning to buy now, pay later services and apps, a form of short-term financing that allows shoppers to take out an easily accessible loan at checkout that they then repay in installments over time. 

Initially, Buy Now, Pay Later services were used to help individuals finance large expenses, such as a new treadmill or computer, and repay the borrowed amount in installments. However, today, many cash-strapped employees have resorted to buy now, pay later services to pay for their groceries and other necessities. Using installment loans to cover day-to-day purchases is a short-term solution at best. At worst, it leaves buyers vulnerable to mounting debt, missed payments and even credit score damage.

2. Inflation-fueled gas prices continue to eat into employees’ monthly budgets

Although national gas prices are lower than they were a year ago, according to the AAA, employees still struggle to afford new gas prices. And amid supply-and-demand issues and geopolitical tensions, gas prices remain susceptible to price volatility. 

Similar to groceries, to help afford gas prices, employees are increasingly taking out loans and buy now, pay later accounts to cover expenses. This means that instead of using today’s dollars to pay for gas, employees are increasingly relying on future dollars and digging themselves into a potential cycle of debt.

3. Employees put fewer dollars toward their retirement savings.

To prioritize and balance expenses, many employees have turned their financial focus away from the long-term, and become laser-focused on the short-term. The impact of inflation has fueled many employees to stop saving for retirement, and instead, spend that money on short-term necessities. 

About 25% of employed adults decreased their retirement savings in 2022 and 12% stopped saving altogether, according to a TIAA report. Among Hispanic and Black employees, the percentage is disproportionately higher. 

Many employees are making sacrifices today that impact their future financial standing. However, with the right financial wellness tools, employees can learn how to balance near-term financial responsibilities with long-term financial goals.

How companies can help their employees amid financial uncertainty

1. Offer robust budgeting tools

Balancing multiple expenses every month can be challenging, but with a robust budget tool, employees can keep track of monthly and one-off expenses all in the same place. Whether it be utility bills or entertainment expenses, keeping track of spending habits and categories can help employees improve their financial practices over time. 

2. Establish flexible retirement plans and resources.

Retirement planning tools and calculators can help employees balance current financial responsibilities while preparing for tomorrow’s goals. With the right tools, employees can learn prepare for retirement, despite the ups and downs of the economy. For instance, if an employee regularly contributes 10% of every paycheck to retirement savings, when economic hardship hits, financial planning calculators can help employees gauge a new contribution percentage that works for their latest financial situation.

3. Invest in financial wellness advisors and workshops 

Some employees are aware of inflation and economic uncertainty; however, they’re unsure of how these economic events connect to them and affect their financial standing. With a financial advisor, employees can get personalized financial guidance and understand how today’s economic events impact them. In addition, consider hosting financial wellness workshops on topics that resonate with employees in your workforce. For instance, if many employees are interested in homeownership, consider a workshop on how interest rates impact mortgages.

Offset the strain of inflation with comprehensive employee financial wellness 

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 Reasons to Focus on Employee Financial Security

3 Reasons to Focus on Employee Financial Security

by | Jan 22, 2024 | Blog

3 reasons to focus on employee financial security. Critical insights from recent data reveal the significant benefits of supporting employee financial security.

Significant inflation and economic turmoil have brought employee financial security into the spotlight. Recently, Mercer published their 2023-2024 Inside Employee’s Minds study and found that 78% of all employers surveyed felt a high to moderate level of concern regarding employee financial well-being. 

This worry isn’t without good reason. One of Mercer’s most pressing insights reveals that employees have a renewed focus on financial stability in 2024 — and they’re increasingly turning to their employers for help. 

Here are three key reasons employees’ financial security should be top of mind of employers in the new year and beyond.

an important insight into the need for employee financial security

1. Recent economic trends have made it harder for employees to maintain healthy personal finance habits.

Inflation has been a prevailing concern over the past year and the workforce has felt the effects. Seventy-two percent of employees surveyed by Mercer agreed with the statement: “High Inflation and market volatility have significantly increased my financial stress.” What’s more, 51% of employees reported reducing their discretionary spending due to economic concerns and another 37% had to reduce or tap into savings. 

When asked to rate their top unmet needs, “covering monthly expenses” and “being able to retire” topped the list of employee concerns. More than 10% of all employees surveyed had at least some concerns about their financial health. Financial stress has long been linked to poor outcomes at work, with stressed employees feeling less productive and less connected to their employers and experiencing higher rates of absenteeism.

2. Economic strain and financial stress threaten overall employee well-being.

Stress from inflation and similar economic turmoil seeps into aspects of everyday life, and some of the most crippling expenses that the American workforce face are related to healthcare. Only about three-fourths of employees feel they can afford needed healthcare without facing financial hardship, including employees making six figures. Moreover, for employees in lower income brackets, these numbers drop. Only around half feel they can afford needed care. 

Long-term stress takes a physical toll on the body, causing high blood pressure, headaches, insomnia, fatigue, and more. These stressed employees may in turn spread discontent in the workplace and negatively impact company culture. According to data collected by Gallup, stressed employees are more likely to butt heads with coworkers and superiors alike.

3. Competitive employers recognize the importance of employee financial security and supportive financial benefits. Economic strain and financial stress threaten overall employee well-being.

Mercer’s research uncovered that one in three employees are considering leaving their employer because their benefits needs have not been met. So, as personal finance woes have skyrocketed to the top of worker’s minds, financial security has become a key benefits incentive. 

More and more employers are integrating financial wellness tools into their benefits strategy, or plan to in the new feature. Mercer found that of their surveyed employers, 55% already offered some type of basic money management tool and another 27% hoped to integrate such tools soon. Fifty-three percent of employers also offered financial planning seminars and webinars with another 27% planning for such tools down the road. 

Support employee financial security with holistic financial wellness benefits.

Personal finance benefits can support employees of all ages and help employers to stand out in a crowded job market. 

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.

What is Employee Cybersecurity? Plus, 3 Ways to Improve Your Cybersecurity Strategy

What is Employee Cybersecurity? Plus, 3 Ways to Improve Your Cybersecurity Strategy

by | Jan 8, 2024 | Blog

What is employee cybersecurity? Plus, 3 ways to improve your cybersecurity strategy. Learn how organizations can improve employee cybersecurity practices through proactive training and hands-on education.

In 2023, employee cybersecurity breaches cost organizations an average of 4.45 million dollars, according to a 2023 report from IBM. What’s more, only 1 in 3 affected organizations were able to spot and report these breaches through internal security procedures. The rest had to be alerted of the breach by a third-party organization — or by the hackers themselves. 

Remote work and the rise of AI technology have redefined our digital landscape. Without robust employee cybersecurity measures in place, companies of all sizes find themselves increasingly vulnerable to hackers or ransomware attacks. 

Learn more about employee cybersecurity, including how a poor cybersecurity strategy could leave your organization vulnerable to attack.a surprising statistic about the importance of employee cybersecurity
What is employee cybersecurity? Why does employee cybersecurity matter?

Employees across all industries use some type of technology in their daily operations, from basic communications technology such as email and message systems to industry-specific technology such as medical devices or stock trading software. 

Employee cybersecurity is the art of protecting these digital networks, devices, and data from unauthorized access or criminal use. Cyber security strategy may include protecting documents and emails from hackers, frequently checking for software viruses, reporting suspicious emails and more. 

For many executive teams, employee cybersecurity is a top-of-mind issue. According to Accenture’s recent CEO survey, almost 3 in 4 CEOs worry about their company’s ability to minimize damage from a cybersecurity attack. And despite companies’ increasingly investing in cybersecurity software, these investments don’t address one of the greatest risks and vulnerabilities: employees, themselves. 

Many cybersecurity attacks start with human error, whether it be accidentally downloading a virus or clicking on a phishing link. Employee cybersecurity ensures that workers have the right knowledge, strategy and preventative tools when it comes to spotting and averting cyber attacks.

3 ways to improve employee cybersecurity

1. Upgrade employee passwords with two-factor authentication.

Having a strong, unique password is helpful, but this is only the first layer of password protection. Passwords can be reused, stolen or cracked. So companies have started to double-check employees’ identity with two-factor authentication (also known as multi-factor authentication) as another layer of protection.

With two-factor authentication, after an employee inputs their password, they will be prompted to complete a second step that would be a lot harder for a hacker to fake. Common authentication methods, according to CISA, include using:

  • Something an employee knows (e.g., a PIN or security question answer)
  • Something an employee owns (e.g., sending a confirmation text to your phone)
  • Something an employee is (e.g., fingerprint or face identification)

Adding an extra layer of protection can help prevent unauthorized access to accounts, software and other sensitive data. 

2. Educate employees to spot (and avoid) phishing scams. 

One of the most common ways that hackers target employees is through phishing scams, which involve the use of fraudulent emails, text messages, phone calls or websites designed to trick users into downloading malware, sharing sensitive or personal data (e.g., Social Security number, login credentials, etc.) and more. 

According to IBM, over 40% of cybersecurity attacks use phishing to gain access to company information and data. 

Phishing attacks commonly include grammatical and spelling errors, sketchy email addresses, threats of jail time and other unrealistic consequences. By teaching employees how to identify phishing, companies can minimize their vulnerability to hackers and ransomware attacks.

3. Create an online hub for employee cybersecurity resources.

To help employees navigate the ever-changing world of cybersecurity, companies have begun developing employee cybersecurity support hubs. Within these cybersecurity hubs, employees receive consistent reminders to perform software updates, regularly change their passwords and more. 

Employee cybersecurity hubs serve as a dedicated resource for all things cybersecurity and IT-related. For instance, cybersecurity and IT hubs may include a hotline number for employees to call with any questions, as well as a reporting system for phishing attempts. 

With a clear, consistent place for employees to get cybersecurity support, companies can help increase employees’ cybersecurity awareness and minimize the risk of a harmful breach. 

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.