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Employee Debt Is Hurting Your Workforce. Here’s How To Help.

Employee Debt Is Hurting Your Workforce. Here’s How To Help.

by | Jun 12, 2023 | Blog

Employee debt is hurting your workforce. Here’s how to help. Here’s what to know about employee debt, how it occurs and what you can do to lighten the load for your team.

Personal debt is a major issue for Americans, and it’s getting worse. According to the Federal Reserve, American household debt was at $16.9 trillion at the end of 2022, up $2.75 trillion from 2019. As the issue continues to grow, the responsibility of maintaining healthy personal finances falls on employers as well as employees.

Surprising statistic block concerning employee debt and Federal Reserve data.

How does employee debt occur?

According to EBRI’s 2022 Workplace Wellness Survey, 80% of employees are bothered by their debt level. But where does this debt originate?

Employee debt can occur from a number of different sources. Credit card debt is one of the foremost challenges for employees. According to the same EBRI survey, among employees with debt, 78% of those surveyed cited credit card debt as a ‘problem’ for their financial situation. Another survey conducted by LendingTree estimates that Americans owe a collective $986 billion in credit card debt.

Student loans and medical debt also pose a significant challenge. The U.S. owes over $1.6 trillion in student loan debt dispersed between around 43 million borrowers, according to data by Forbes. Meanwhile, data from the Kaiser Family Foundation estimates that 1 in 10 American adults owes some form of medical debt, and Americans’ collective debt totals at least $195 billion.

Addressing employee debt in the workplace

Employees with debt are three times as likely to suffer from depression, anxiety and general stress, according to AIMS Public Health, and these poor mental health outcomes have long been linked with poor performance at work. Employee stress costs an estimated $7,000 per employee per year. 

However, the nature of debt means that your employees could be suffering in silence. A recent financial well-being index from TELUS Health found that while 2 in five workers felt overwhelmed by their debt, almost 75% of those surveyed had yet to reach out to their employers for help due to embarrassment. 

It’s important that employers confront this issue head-on with accessible financial wellness tools. Providing a financial wellness solution increases workplace productivity and signals to your employers that their personal well-being is being cared for.

Workers gravitate towards the idea that their employer should play a role in relieving their debt. A 2022 Bank of America study found that 4 out of 5 employees say that their companies should be playing a role in their own financial wellness. The solution isn’t a simple paying off of debt but requires education and training in order to instill healthy financial habits in employees.

Best Money Moves could be the solution you’re looking for!

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. With budgeting tools and personalized money coaching, users can easily receive comprehensive financial advice right from their phones.

Focused on user-friendliness, Best Money Moves is designed to bring financial wellness resources right to the fingertips of employees. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in improving employee financial wellbeing.

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.

3 Top Wellness Benefits for LGBTQ+ Employees

3 Top Wellness Benefits for LGBTQ+ Employees

by | Jun 7, 2023 | Blog

3 top wellness benefits for LGBTQ+ employees. Encourage pride year-round with these three top wellness benefits to support your LGBTQ+ employees.

According to a 2022 Catalyst study, almost a quarter of LGBTQ+ Americans have experienced some sort of discrimination when applying for jobs. Almost half claim to have experienced forms of unfair treatment due to their sexual orientation or identity. 

By recognizing the needs of your LGBTQ+ employees, you can empower your workforce and create a workplace culture that is more inclusive. These three top wellness benefits are key to making a tangible difference.

An important state about the financial challenges facing LGBTQ+ employees

  1. Accessible healthcare for LGBTQ+ employees.

Access to inclusive healthcare is a fundamental part of overall wellness for LGBTQ+ employees. Some progress has been made, but there are significant healthcare disparities within the LGBTQ+ community. 

A 19th News survey found that LGBTQ+ individuals are more likely to be refused medical services, blamed for their health problems and discriminated against than cisgender and heterosexual people. 

Many of the necessary medical procedures and pharmaceuticals for LGBTQ+ individuals often have exorbitant costs attached, putting them firmly out of reach for a large percentage of the community. 

For example, gender-affirming surgeries can cost up to $100,000 in total according to Mount Sinai. However, even less expensive hormone replacement therapy may still require patients to pay thousands of dollars out of pocket every month. 

By offering comprehensive healthcare benefits, you can bridge this gap and demonstrate a commitment to supporting the diverse needs of your workforce.

  1. Mental health support.

Prioritizing mental health support for LGBTQ+ employees is another key element you can use in your benefits strategy. LGBTQ+ individuals often face higher rates of anxiety, depression, and other mental health challenges due to discrimination. 

According to a US Census Bureau survey, 61% of LGBTQ+ respondents from ages 18 to 29 reported feeling symptoms of anxiety compared to 35% of non-LGBTQ+ respondents in the same age range. The same survey found similar results for depression, with nearly 50% of LGBTQ+ respondents citing symptoms.

By offering mental health benefits tailored to their needs, you can significantly improve this disparity and the well-being of your employees. These benefits may include coaching, mental health training and support groups for your team.

LGBTQ+ individuals may face unique challenges related to their sexual orientation or gender identity, including being uncomfortable expressing their identity at work. According to a 2023 Indeed survey, the vast majority of 732 full-time, adult U.S. workers who identify as LGBTQ+ have not come out to all of their work colleagues. 

Counseling services can also help employees navigate their personal and professional lives with less resistance. Creating a culture that accepts everyone ensures that employees are culturally competent creates a welcoming and safe environment for all. This includes updating policies that promote acceptable language, hiring LGBTQ+ employees into leadership roles and creating resource groups for all employees.

  1. Financial wellness initiatives to address the financial challenges unique to LGBTQ+ employees.

A healthy financial life is a major boon for all employees, but can be incredibly helpful for workers LGBTQ+ community. Economic disparities and challenges getting affordable healthcare can have a profound impact on the financial stability of LGBTQ+ employees. 

According to a 2023 LEAF Economic and Financial Survey, 57% of LGBTQ+ people reported a household income of less than $50,000 per year, compared to 36% of adults nationwide. This is also coupled with another staggering statistic — over half of LGBTQ+ people had less than $5,000 in savings, including 20% who had no savings whatsoever. 

Offering financial wellness benefits can help alleviate some of these burdens and create a more equitable work environment for your team.

It is crucial to address the unique challenges faced by LGBTQ+ employees in the workplace while creating an environment where all employees can thrive.

Attract and retain top talent with financial wellness solutions from Best Money Moves

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 wellbeing. Our intuitive, easy-to-use program platform is fit for employees of any age and level of financial literacy. 

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 700+ 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.

3 Ways Financial Stress Impacts Different Generations

3 Ways Financial Stress Impacts Different Generations

by | May 31, 2023 | Blog

3 ways financial stress impacts different generations. Learn more about how financial stress can vary across generations — plus what you can do to dial down your employees’ financial worries.

Money habits vary across the generations in your workforce. After all, the financial needs of a Gen Z employee are going to be different than those of Baby Boomer. However, financial stress affects all Americans, regardless of their age, income or how they choose to spend their money.

Learn more about how financial stress can vary across generations — plus what you can do to dial down your employees’ financial worries.

important stats about financial stress for various generations

3 Ways Financial Stress Impacts Various Generations

  1. Millennials and Gen Z are less likely to afford a $2000 emergency.

When it comes to saving for a rainy day, older generations fare better than their younger counterparts. In the face of a financial emergency, Millennials and Gen Z are less likely to come up with $2000, according to KeyBank’s Financial Mobility survey. A quarter of Gen Zers said they certainly cannot come up with $2000 in a pinch, whereas most individuals over 50 are confident they can afford a $2000 emergency.

  1. Baby Boomers’ top financial priority is preparing for retirement.

For most generational cohorts, affording everyday bills is their top financial priority. However, for Baby Boomers, their number one financial priority is preparing for retirement, according to a Society of Actuaries study. 

A potential reason why retirement readiness is more of a concern for Baby Boomers, compared to other generations, is because they are the generation closest to retirement age. While younger generations have decades, Baby Boomers have a limited number of years to prepare for retirement. 

Nearly 1 in 5 employees over the age of 59 do not have a retirement account, per a Credit Karma poll, the highest percentage for any generation. With retirement near on the horizon, this leaves less opportunity for older generations to save for the later years.

  1. Employees under 35 are more likely to ignore their finances when facing financial stress.

For many Americans, their worries and stress around money have only exacerbated in the past few years. However, when it comes to coping with financial stress, different generations tend to use different tactics. 

About 4 in 10 employees of all ages spend less and budget more to cope with financial stress, according to a KeyBank survey. However, for employees under the age of 35, almost 1 in 5 cite ignoring their bank and investment accounts to cope with financial stress.

By ignoring their finances, employees are at risk for burnout and compounded financial problems. Overtime, this can worsen employees’ financial wellness, productivity and overall wellbeing.

3 Ways Financial Stress Impacts Various Generations

  • Find engaging ways to educate employees across different generations on how to build a rainy day fund. For instance, to target Millennials and Gen Z, consider offering digital financial wellness tools and resources, instead of relying on literature and seminars. Younger generations prefer to manage their money and banking digitally, according to Bank of America’s Workplace Benefits report, so they may be more receptive to receiving financial wellness tools and support digitally.
  • Offer employees an objective financial wellness provider and source. For many employees, a common source for retirement and financial advice for employees is their retirement plan provider. However, a PwC study found that employees across all generations want an objective financial wellness advisor or program not tied to their retirement plan provider. Think about which vendors are providing financial wellness benefits and consider where you may be able to add choice and variety of vendors.
  • Invest in 1:1 financial advising and money coaching. Managing financial stress is difficult, especially when managing it alone. However, by investing in financial advisors, employers can provide a trusted guide to help employees navigate their most personal financial problems and stressors. Rather than relying solely on online resources, like budgeting tools, financial advisors provide employees with live, human support — this personalized touch can make it easier for employees to discuss sensitive financial matters.

Need a financial wellness program suitable for all generations? Try Best Money Moves!

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 wellbeing. Our intuitive, easy-to-use program platform is fit for employees of any age and level of financial literacy. 

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 700+ 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 5 Best Benefits for Remote and Hybrid Teams

The 5 Best Benefits for Remote and Hybrid Teams

by | May 9, 2023 | Blog

The 5 best benefits for remote and hybrid teams? Remote and hybrid work is changing the landscape of HR. Here are 5 benefits that are ideal for remote and hybrid workers.

According to a study by Upwork, 22% of all working Americans (around 36.5 million people) will be working remotely by 2025. This marks a dramatic 16 million person increase from the number of remote and hybrid workers before the COVID-19/Coronavirus pandemic.

With remote and hybrid teams becoming much more commonplace, employers must rethink their benefits strategies for a new work landscape. Here are 5 benefits that are ideal for remote workers.
 important stats about the helpfulness of financial wellness for remote and hybrid teams

5 Top Benefits for Remote and Hybrid Teams

  1. Digital wellness initiatives

All employees, whether remote or not, need some kind of wellness benefits. For remote and hybrid teams, digital wellness initiatives offer key advantages to keeping teams connected and well. Offer employees digital solutions for every area of their wellbeing from healthcare to financial fitness. A 2022 study by Bank of America found that 84% of American employees said that employers offering personal finance tools would increase their ability to retain employees. Comprehensive wellness solutions can help employees in any location tackle diverse financial hurdles.

  1. Remote mental health support

Another way to help your remote workforce is to acknowledge and alleviate stressors brought on by forces outside of the workplace. According to a study by Apollo Technical, remote workers feel very burnt out 11% of the time and about half of workers responded that they don’t feel as if they have the emotional support in place at work to help them through larger tasks. Assisting employees with their mental health is a great way to ensure their stress and burnout is low during particularly taxing tasks and projects. 

  1. Flexible work hours/Increased PTO

Just because an employee is now working from home does not mean they no longer need PTO or the ability to complete work outside of a typical 9-5 schedule. It can be easy as an employer to think that employees are taking advantage of working from home to slack off. However, the opposite has been true. According to a study by Apollo Technical, 65% of remote workers they surveyed reported working more hours when they switched to remote work than when they were in the office. Many remote workers are enticed by working from home due to the ability to work around their personal schedules. It’s important as an employer to understand the needs of your remote workers and provide benefits that help meet their expectations of the role.

  1. Home office improvement stipends

Working remotely increases an employee’s dependency on the tech they have available around the house. Offering funds for at-home upgrades can improve employee productivity. Another hidden cost of working from home is an increased energy bill. According to the National Bureau of Economic Research, remote workers average a $40-50 a month increase on their energy bill. A stipend to employees helps ensure they have the correct tools to maximize their efficiency and productivity in their home office.

  1. Home delivery/Subscription services

These benefits can range from monthly subscription boxes to pick your employee’s spirits up with small gifts each month, to streaming services so employees can enjoy the newest movies and TV shows after a long day or week at work. Sending a gift basket or a similar package to all of your employees can help grow bonds and build connections amongst remote employees.

Looking for the right digital wellness platform to reach your remote team? Try Best Money Moves. 

Best Money Moves is a mobile-first financial wellness solution designed to help employees dial down their financial stress and meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive compressive financial advice right from their phones. 

Best Money Moves is designed to guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ 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.

3 Ways to Boost Women’s Financial Literacy and Wellbeing

3 Ways to Boost Women’s Financial Literacy and Wellbeing

by | May 9, 2023 | Blog

3 ways to help boost women’s financial literacy and wellbeing. Female employees face disproportionate financial hurdles. Here are 3 ways to help boost women’s financial literacy and wellbeing.

Money stresses out most people. Women, however, worry about money more than men. In fact, women have lower levels of financial literacy and wellness compared to men, according to a TIAA report. And when factoring in race, too, Black and brown women have even less financial literacy than their white women peers.  

Employees are increasingly relying on their employers for financial wellness support and guidance. Learn more how companies with any benefits budget can help boost women’s financial wellness, and ultimately help address the gender gap in financial literacy and wellbeing. 

important statistic about women's financial literacy

3 ways to boost women’s financial literacy:

1. Help women balance household finances with financial wellness resources 

Nearly 90% of women either control household finances or manage household money jointly with a partner, according to a study from GoBankingRates.This includes balancing checkbooks, paying bills on time and other financial responsibilities. Companies can help women shoulder this load, by providing financial wellness resources with tactical support. 

For example, budgeting tools are a visual, intuitive way for employees to track their finances. They can help women and their families plan and work toward long-term financial goals, such as buying a home or saving for a luxury vacation. 

Another tactical financial wellness tool are loan calculators. When taking out a home or auto loan, loan calculators can help employees compare between loans and estimate their payments. Employees can leverage loan calculators to make better financial decisions for their long and short-term goals.

2. Deliver financial education tailored toward women 

Studies have shown that with greater financial literacy comes improved financial wellness. In addition, people with greater financial literacy are better prepared to weather economic uncertainty, according to TIAA’s report. 

Rather than offering general financial education, companies have started providing financial events, literature and marketing tailored toward women. For instance, some companies host financial webinars and events on topics that resonate with women, like planning financially for pregnancy or a wedding. Financial resources and educational opportunities can equip women with the tools to boost their financial understanding and wellbeing.

3. Provide 1:1 financial advising and planning

When it comes to financial advice, it’s best to receive personally tailored financial advice. Everyone has different goals, aspirations and financial situations. With one-on-one financial advising, employees can get the personalized care they need.

For instance, where some women may need help planning for a family addition, not all women may want children or to get married. While some women might need help combining their finances with a new spouse, others may be facing a divroce and need help transitioning from a double-income household to a single-income household. Instead of providing cookie cutter advice, one-on-one financial advising takes employees’ personal circumstances into account to devise an individualized gameplan.

Today, companies are well-positioned to help employees boost their financial wellness and address the financial literacy gap between men and women. With financial wellness benefits and intentional marketing, companies can empower and educate the women in their workforce.

Looking for a financial wellness program? Try Best Money Moves!

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 wellbeing. Our iplatform, with a human-centered design, is fit for employees of any age. 

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 700+ 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.

How Much Does Financial Illiteracy Cost Your Team?

How Much Does Financial Illiteracy Cost Your Team?

by | Apr 12, 2023 | Blog

How much does financial literacy cost your team? Financial illiteracy is a growing problem among American workers. Here’s how financial wellness can help your team thrive.

Financial illiteracy is a growing problem among Americans and it could be costing your people dearly. An NFEC survey found that financial illiteracy costs about $1,819 per person on average. In fact, 15% of those surveyed said their lack of knowledge cost them upwards of $10,000. Luckily, the right financial wellness program can help your team.

statistic illustrating the impact of financial illiteracy

What is financial illiteracy?

Financial illiteracy refers to a person’s lack of understanding about personal finance and related concepts. Financial illiteracy comes in many forms including:

  • Misunderstanding basic financial concepts such as interest or inflation
  • Being unable to save money, create an emergency fund or build a budget
  • Misusing credit cards and struggling to pay off debt
  • Taking out high interest loans with no repayment plan
  • Missing out on long-term investment/retirement opportunities  

A lack of financial literacy can prevent someone from managing their day-to-day financial affairs and slow a person’s ability to long-term goals. According to a Banrakate study, 56% of Americans are unable to cover $1,000 for an emergency fund, making it difficult to plan for the future. People who are financially illiterate may also be unaware of the consequences of poor financial decisions, potentially leaving them trapped in cycles of bad debt.  

Annually, the biggest culprit of money lost to financial illiteracy is credit card interest and late fees, totalling around $120 billion among all Americans, according to the same NFCC survey. The next highest offenders are luxury spending at $64.8 billion and overdrafts at $17 billion. Other common financial drains included identity theft and fraud, which cost Americans around $13 billion collectively.

Many of these costs would be otherwise avoidable, if employees had access to more comprehensive financial education. 

How can financial illiteracy impact a workforce?

Financial illiteracy can lead to stress, poor decision making and decreased productivity while at work, among other things. Even the highest earners aren’t safe from the dangers of financial illiteracy. A 2022 survey conducted by Willis Towers Watson found that 36% of Americans making over $100,000 a year still lived paycheck to paycheck — an amount double that of 2019. 

These financial issues may increase stress levels that can affect employees while on the job. A Morgan Stanley survey found that 78% of employees with high financial stress see its effects while at work. Another 49% claim that they spend 3 or more hours during their work week dealing with their financial issues. Beyond being a major distraction, this additional stress has many dangerous mental health implications for employees. 

A 2019 survey found that employees with money worries were 4 times more likely to suffer

from depression and 3.4 times more likely to suffer from anxiety and panic attacks. Because of the major effects financial struggles have on employees, many employers have started to take notice. According to Forbes, 80% of employers in the U.S. report that financial stress is lowering their employees’ productivity. These companies also lose almost half a trillion dollars a year due to employees’ financial stress. 

These issues have clear and measurable effects on workers, so solving them is in the best interest of every employer.

How can employers improve financial literacy?

Employees make some of their most important financial decisions in the workplace, whether they are beginning a retirement plan or choosing a health insurance provider. So, providing financial education at work can help combat the most common consequences of financial illiteracy.  

Developing a strategy that teaches the basics of personal finance can be a great boon for your employees. Financial wellness programs can cover topics like budgeting, saving, investing and debt management.

The same Morgan Stanley survey found that around 74 percent of workers consider it important for their employer to provide financial wellness benefits, while 60 percent expressed their increased likelihood of staying at their current job if financial wellness benefits were offered. A 2020 survey from HR Daily Advisor found that 90% of employers who offered financial wellness benefits say that the programs had a positive impact on employees.

Financial literacy is an essential skill that employees need. The cost of financial illiteracy can be significant for them and for your own business. Help your employees improve their financial literacy with Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help employees dial down their financial stress and meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive compressive financial advice right from their phones. 

Best Money Moves is designed to guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings, and 700+ 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.