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Financial Literacy Month: 4 Urgent Facts You Need to See

Financial Literacy Month: 4 Urgent Facts You Need to See

by | Mar 31, 2025 | For Employers

April is Financial Literacy Month, hosted by the National Endowment for Financial Education and The Jump$tart Coalition for Personal Financial Literacy.

Financial health is a pillar of employee well-being. Yet, many Americans remain financially undereducated. In a 28-question financial survey by the World Economic Forum, most respondents could only answer about 50% of the questions.

Low financial literacy is linked to higher levels of stress and anxiety. It’s also connected to employee stress, which has a major effect on mental health and performance at work. Employees who don’t receive help from their employers through financial wellness programs are more susceptible to stress, burnout and an overall lower quality of life.

Here are 4 urgent reasons to make Financial Literacy a priority in your workplace.

1. Nearly 3 in 4 workers say they can only meet their most basic living expenses

According to a survey from Resume Now, 73% of respondents claimed they couldn’t afford anything beyond their basic living expenses. Living expenses, which include rent, utilities and groceries have all gradually increased (adjusted for inflation) while wages have generally stayed the same. This reflects the volatility of the current economic climate but also highlights potential gaps in financial knowledge.

Better financial literacy includes effective budgeting skills and finding ways to optimize their current expenses. In 2023, the United States Census Bureau found that over 21 million renter households spent more than the recommended 30% of their income on housing costs. In the Resume Now survey, 55% of respondents described housing as their main source of financial stress. Individuals with stronger financial education may better understand the long-term implications of housing choices, including how much they can spend with their income.

Most employees who live paycheck to paycheck often have little saved for financial emergencies. When workers focus on their next rent payment, or credit card debt, their productivity and engagement at work suffer.

2. One in four workers has delayed saving for retirement due to inflation

A lack of financial literacy may result in misinformed decisions that can have lasting effects on your workforce. According to research from TIAA, 25% of employees in a study decreased the amount they saved for retirement due to inflation. Nearly half of these same employees stopped saving completely. The ability to save for retirement is a major boon for employees, but those who cannot suffer major consequences. Without financial literacy, employees will be more stressed now and less prepared for retirement when the time comes.

This continues to be a struggle for nearly half of employees. U.S. adults correctly answered only 48% of the questions on average, on the P-Fin Index (a survey that rates financial literacy). The Index saw particularly low scores among younger generations and certain racial/ethnic groups.

3. 39% of Gen Z lack financial literacy skills and see debt as a normal part of their financial life

Generation Z (individuals born between 1997 and 2012) are disproportionately affected by a lack of financial education. According to WalletHub, more than 25% of Gen Zers say they are not confident in their financial knowledge and skills. Less than 20% of Gen Z and Gen Xers say they can manage their debt. This deficit is made worse by the fact that Gen Z is the age group most impacted by inflation.

Gen Z are the most financially stressed generation. This stress is due to several key factors: economic uncertainty, increased cost of living and rising debt levels. There are also major societal expectations amplified by social media. Young employees see other successful individuals and may feel behind in life when comparing themselves to others. 72% claim that these pressures contribute to their financial trauma.

Generational differences also play a part in the buildup of financial stress. According to the survey, only 35% of Gen Z respondents discuss money during times of stress. These combined pressures create unique challenges for a generation entering adulthood during periods of
economic instability and increased cost of living.

4. Employees who are more stressed over their money management have a higher rate of burnout and lower job satisfaction

Burnout is a major issue affecting employees, especially those with financial stress. A survey from the University of Georgia found that employees dealing with money management issues were also more likely to have increased issues at work.

The survey included over 200 full-time US employees who dealt with burnout symptoms (depersonalization, emotional exhaustion, and reduced sense of accomplishment) due to their financial situation.

The research suggests that addressing financial concerns could help reduce burnout, with employers potentially benefiting from offering financial wellness services to employees.
Employees dealing with money worries might spend time at work dealing with personal financial issues, show higher absenteeism, and experience more health problems. By addressing financial stress through educational programs, employers can directly impact burnout rates and improve job satisfaction, leading to a happier and healthier workforce.

5. About half of workers believe employers have a responsibility to help them maintain and improve their financial literacy and wellness

Employers increasingly offer financial wellness programs to help workers make better financial decisions and manage workplace benefits effectively. Important financial decisions are constantly being made at work, yet many employees feel unprepared to navigate complex benefits options while dealing with personal financial stress. These programs vary widely but typically include educational resources, workshops and budgeting tools. By 2026, nearly half of employers expect to offer comprehensive financial wellness services, according to Transamerica’s research.

The key to solving this stress is a comprehensive financial wellness program. Financial wellness programs can help start the conversation while providing practical strategies for debt management and building positive financial habits early in their careers.

This expectation from employees represents both a challenge and an opportunity for employers. Workers increasingly see financial wellness benefits as an essential part of a comprehensive benefits package. Companies that respond to this expectation can stand out by demonstrating a commitment to employee wellbeing.

Looking for a comprehensive financial wellness solution? Consider Best Money Moves.

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster 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.

Sneak Peek: Free Financial Wellness Webinars With Best Money Moves

Sneak Peek: Free Financial Wellness Webinars With Best Money Moves

by | Mar 26, 2025 | For Employers

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees dial down their most top-of-mind financial stress. Best Money moves users receive access to hundreds of articles, videos and educational tools to help them manage money.

We’re offering a special sneak-peek of one of our most-loved resources, our monthly webinars, hosted by Best Money Moves founder & CEO Ilyce Glink.

Enjoy a special sneak peek of the monthly webinar series, free to all users

Each month, our free webinars tackle common financial topics from budgeting, to credit card debt, retirement and more. We break down complex financial issues into basic fundamentals for the viewers.

Also, webinar attendees get their unique financial wellness questions answered during live Q&As at the end of each presentation. Past webinars are uploaded to our extensive user Learning Center to enable future viewing. Questions from this webinar include:

  • Could my partner’s poor credit score affect me once we’re married?
  • Why do I really need more than one credit card?
  • When is it time to file for bankruptcy?
  • Can activity in my checking and debit accounts impact my credit history?
  • Is a credit freeze a good idea? How can I set one up

Make an ongoing commitment to employee financial wellness: Sign up for Best Money Moves today

This month’s webinar tackles credit, specifically, 10 Credit Questions You’ve Been Too Afraid to Ask. In it, Ilyce discusses common credit misconceptions and pain points. All of this content and more is available on the Best Money Moves platform, along with amazing tools to help employees get a handle on their credit. Take a look at this 10-minute preview to get a glimpse of what your employees can access through Best Money Moves.

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 Credit Unions Can Better Support Member Financial Security

How Credit Unions Can Better Support Member Financial Security

by | Mar 10, 2025 | For Employers

Credit unions hold an estimated $2.23 trillion in consumer assets, according to data from the National Credit Union Administration. And these numbers are only expected to grow over time. Given the member-centric approach taken by many modern credit unions, it’s no surprise that many consumers have flocked to these organizations in lieu of traditional banks.

Credit unions are member-owned, not-for-profit institutions whose primary goal is to serve their members through many of the same services as banks. Because of the personalized nature of their membership, they are uniquely positioned to enhance the financial well-being of the communities they serve.

Here are four simple solutions that credit unions can leverage to better support members’ financial security — and make a personal impact not always possible through traditional banks.

1. Expanding financial product offerings

Credit unions can bolster financial security by diversifying their product offerings to help members address specific needs. This might include providing products such as low-interest loans, emergency savings accounts and tailored retirement funds to increase financial health.

According to America’s Credit Unions, U.S. credit unions provided $25.8 billion in direct financial benefits to their 140.3 million members during the 12 months ending June 2024. This equates to approximately $184 per member or $386 per household. Such savings, achieved through lower loan rates, higher saving rates and fewer fees compared to traditional banks, exemplify the tangible value of membership.

Furthermore, loyal, high-use member households often receive even greater benefits, up to $1,103 in direct financial advantages annually, underscoring the importance of engaging members with credit union products and services.

2. Building financial education programs for credit union members

By offering comprehensive financial education programs, credit unions can ensure their members’ financial literacy. Well-informed members can make smarter decisions about budgeting, saving and investing. Equipping individuals to navigate economic uncertainties helps members build resilience and improve financial decision-making.

Digital advances specifically allow for the integration of technology for more customized financial wellness solutions, especially for younger demographics. Workshops and webinars provide on-demand e-learning resources to give members regular access to financial basics. Credit unions can also harness AI and advanced analytics to personalize offerings, predict member needs and improve overall engagement. Online stress assessment tools, budgeting apps and interactive learning websites are a few initiatives that use technology to foster deeper engagement.

These virtual resources can also be easily tailored to different demographics, be it student loan guidance for young adults or estate planning for retirees. Providing diverse member-specific programs can foster a culture of financial empowerment. The National Credit Union emphasizes this, particularly as financial vulnerability among Americans has risen to 17% in 2023, disproportionately affecting Black, Latinx, and younger populations.

3. Promoting financial wellness through community initiatives

Credit unions are often more committed to community development than traditional banks. Community-focused strategies, especially those in partnership with local organizations, can amplify impact and scale solutions effectively.

Credit unions can collaborate with local organizations such as schools, community centers or other non-profits. These programs not only enhance financial literacy but also foster a sense of belonging. Through community building, credit unions fulfill their missions to provide safe and affordable financial products to those in need.

4. Measuring the impact of credit union financial wellness programs

Credit unions can also track tangible metrics of their success, helping to ensure the success of their organization. Metrics such as member participation rates in workshops and webinars are crucial in refining and improving educational programs. Organizations can also track things like increases in member savings accounts and retention of members in educational initiatives. Regular assessment of these metrics allows credit unions to identify successful strategies and adjust underperforming programs.

Credit unions are uniquely positioned to enhance their members’ financial security, contributing to stronger member trust and loyalty. A member-focused approach both empowers individuals and ensures their sustainability. By expanding product offerings, investing in financial education, leveraging technology and fostering community initiatives, they can drive meaningful change through financial resilience.

Looking for a partner to better support member security? Consider Best Money Moves.

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster 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.

Everything You Need To Know About AI-Driven Benefits Solutions

Everything You Need To Know About AI-Driven Benefits Solutions

by | Mar 5, 2025 | For Employers

Artificial Intelligence (AI) is no longer a term reserved for science fiction — it’s here and the corporate world is taking advantage. According to Microsoft’s 2024 work trend index, 70% of employees use AI at work in some capacity.

The applications of artificial intelligence are varied. The most popular use of artificial intelligence is generative. This type of intelligence takes user prompts and provides “original” content based on an enormous database. Other organizations rely on AI to perform automation or data aggregation.

But the true scope of AI is yet to be seen. Even now, AI companies compete to see who can develop the most efficient consumer model.

From writing prompts to code bases, the true extent of AI’s creative opportunities is still unknown. However, it’s important to understand how AI is helping employees today and how you can leverage these solutions to strengthen your benefits program.

Here is everything you need to know about AI and its current applications for HR.

1. AI solutions help companies solve small issues

Companies leverage AI to perform difficult tasks that might be too time-intensive for a team. Though AI may seem like a complex solution for complex problems, most employees have comparatively much simpler needs. A Gallup study found that of the employees who use AI, nearly half have it handle routine tasks.  

This includes everything from writing emails to creating daily to-do lists. Given a prompt, chatbots are efficient at generating ideas or outlining information. AI can also take over repetitive tasks, like data entry or scheduling.

In this way, employees can perform daily tasks more quickly and save valuable time. For businesses, saving time means saving money — as employees can focus their energy on more high-value tasks. 

2. Personal finance is easier with AI

Financial stress is on the rise, due to a myriad of political and socioeconomic factors. As cost of living increases, employees are looking to alternative methods of dealing with the uncertainty. According to a Capital One survey, 73% of Americans say finances are their number one stress.

In response, artificial intelligence has emerged as a powerful tool for alleviating financial stress. Budgeting apps, investment help and debt management tools may be the catalyst many need to jump-start their personal finance journey.

Creating a budget is time-consuming, especially if someone has no prior experience. A simple AI prompt can provide a detailed plan in a fraction of the time. These tools can even factor in a user’s current expenses, goals and investments.

And AI is becoming an even more popular way to handle this economic crisis. Half of the respondents in EBRI’s 2024 Workplace Wellness Survey agreed that they were comfortable using AI to manage personal finances.

3. AI solutions make data easier to interpret

For businesses, analyzing large amounts of data is key to making informed decisions. However, examining these datasets may lead to human error. Human mistakes may skew results or provide incorrect conclusions. 

Artificial intelligence can accurately determine current patterns based on an input, and even predict future trends. This is especially useful for managers or employees working in finance or marketing. Risk assessment, consumer behavior and strategic planning are all areas where AI can be used. 

Developing a business strategy becomes much more streamlined with AI, as much of the manual work is removed, leaving the space for high-level decision-making.

4. AI is transforming the healthcare industry

Healthcare providers are already using artificial intelligence to improve lives. While doctors will never be replaced by AI, many of the smaller administrative tasks in hospitals can be delegated, saving time and money for employees.

Treatment and diagnosis are key areas where AI can help. For example, patients can ask common medical questions and receive preliminary answers before seeing a doctor. Tools like these make quality healthcare more efficient and affordable.

AI has also been used in research to develop life-saving drugs and provide treatment options. Advancements in radiology, for example, have led to AI-powered tools that show abnormalities in X-Rays and MRIs.

Looking for a financial wellness program with powerful AI tools?

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster 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.

Employee Caregivers Need Support. This Is How to Offer It

Employee Caregivers Need Support. This Is How to Offer It

by | Feb 24, 2025 | For Employers

Research from Harvard Business Review reveals more than 70% of employees are caregivers in some capacity. Caregiving encompasses everything from basic childcare to supporting elderly family members.

And this silent majority desperately needs support. Along with their responsibilities at work, these employee caregivers spend between 20 to 30 hours addressing the needs of their loved ones. The costs associated with caregiving practices can also add to these employees’ financial stress, which can affect their mental health and performance on the job.

Here are the three top ways to leverage your benefits to help your employees with their caregiving needs.

1. Communicate with employee caregivers to help inform your benefits decisions

The best way to understand what your employee caregivers need is simple — ask them directly. Using surveys and in-person conversations, get a sense of what your workforce struggles with to better inform how to shape your benefits package. It can also be beneficial to conduct competitor research to see how other companies handle benefits.

Paired with collecting data is creating a culture where caregivers are supported. Ensure your employees are familiar with all of the resources available to them. Orientation and onboarding are great ways to start the conversation, while monthly emails and flyers help continue it. Employee caregivers who don’t use their benefits might be unaware or intimidated by how complex they can be.

2. Flexible benefits are key to supporting caregivers

No strategy can be one size fits all because caregivers’ needs vary widely. To best support all of your employees, consider including flexible benefits in your compensation package. These benefits include shared time off, PTO, unlimited vacation and remote or hybrid work. Flexible work schedules allow employees to balance their work and life responsibilities more effectively while limiting stress and burnout. According to AARP, 84% of employee caregivers find flexible schedules “very helpful.”

To go above and beyond for your workforce, you may also want to provide caregiver-specific benefits.

These include but are not limited to:

All of these programs provide necessary support to caregivers that may not be readily available. Government assistance, such as EAPs, have resources that include counseling, assessments and consultations, which all have their benefits for caregivers.

Not all companies have the bandwidth to support these measures, but those that put an emphasis on their caregiving employees can help that much more. And when employees see their workplaces care for their needs, they are more likely to stay engaged and productive.

3. Offer financial wellness tools to ease the burden of caregivers

Balancing the responsibilities of life and a full-time job can be difficult, but the financial strain it puts on employees can be crippling. No matter what the caregiving entails, there are likely significant costs associated.

Costs include but are not limited to:

  • Transportation
  • Medical equipment
  • Home accessibility modifications
  • Housing

These costs add up quickly and put a major dent in monthly expenses. A 2024 AARP poll found that one-third of caregivers in Vermont feel financially strained by their caregiving responsibilities.

The answer to these financial concerns is a comprehensive financial wellness program. Financial wellness programs offer personalized solutions to the most common money stresses.

Educational resources, advisors and budgeting tools all come stock-standard with great wellness programs and are proven to help ease the burden of financial stress. Many wellness programs are also personalized to fit employee needs and offer support specific to their situations.

Are you looking for a financial wellness solution that supports caregivers? Try Best Money Moves!

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster 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.

Employee Stress in 2025: 4 Unexpected Takeaways, Direct from Workers

Employee Stress in 2025: 4 Unexpected Takeaways, Direct from Workers

by | Jan 14, 2025 | For Employers

New research on employee stress has revealed useful insights to incorporate into your company’s benefit program. EBRI’s 2024 Workplace Wellness Survey interviewed over 1,500 American employees and uncovered surprising trends that could shape workplace wellness strategies in 2025 and beyond.

Above all, employees hope to improve their financial lives to secure their future. Depending on the individual, this could mean anything from contributing to their retirement to getting out of debt. However, one throughline remains — when it comes to relieving employee stress, many employees are looking to their employers to provide the necessary educational resources.

Here are four takeaways from the EBRI survey and what they mean for your company.

Saving for retirement is top of mind for employees

According to the survey, if given $600 to put toward any financial accounts, the majority of employees would choose to contribute to their retirement savings. A solid retirement fund contributes to a secure future and improves overall well-being. However, nearly 20% of respondents had used funds from their retirement to pay for emergencies.

Without a dedicated emergency fund, employees may borrow from their future, adding to their financial stress. While a comfortable retirement is the goal, unforeseen expenses can put a wrench in those plans.

Employers can help by offering a variety of retirement plan options and providing matching contributions. Additionally, extensive education or workshops on retirement planning and budgeting can empower employees to make informed decisions and maximize their savings.

Employers must provide educational resources to relieve employee stress

Forty percent of the employees surveyed expressed a desire for tools to learn more about personal finance. Financial education comes in many forms, and the types of questions employees have often depend on demographics and life experiences.

According to the EBRI survey, the most popular subject employees were interested in was retirement planning (42%). This was followed by building emergency savings (34%) and learning to budget effectively (33%).

Financial wellness programs help answer burning questions with comprehensive educational resources catered to your employees’ needs. Access to customized tools and accessible content can bridge knowledge gaps and reduce financial stress among workers.

Workers find financial wellness programs useful for employee stress

Nearly 90% of workers surveyed claimed that the financial wellness programs their employers offered were at least somewhat helpful in achieving their goals. 40% said financial wellness programs have become more important to offer in the past year. Finally, nearly eight in 10 respondents claimed that these programs contributed positively to their feeling of financial security.

These programs can include everything from budgeting tools and debt management workshops to resources for investing and planning for major life events. Employers should prioritize making these programs accessible, engaging, and tailored to the needs of their workforce.

AI financial management tools are becoming more popular

The use of artificial intelligence is quickly becoming more mainstream. This trend is consistent among employees. Nearly 60% of respondents felt comfortable using AI at work, and many are turning to AI as a tool to manage their finances.

Personalized recommendations and automated financial planning can be powerful tools for your employees. According to a survey from Experian, 67% of Gen Z and 62% of millennial respondents used artificial intelligence to help with personal finance tasks.

This is an area with growth opportunities. AI can help employees identify potential savings, monitor spending habits and achieve financial goals. Employers should consider integrating AI-driven financial tools into their wellness programs to stay ahead of this growing trend.

Looking for the right wellness benefit in 2025? Try Best Money Moves.

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their 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, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster 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.