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Financial Wellness Is The Best Answer To Wage Stagnation

Financial Wellness Is The Best Answer To Wage Stagnation

by | May 14, 2025 | For Employers

For millions of American workers, the income from one job is simply not enough to cover basic living expenses anymore. Despite an increase in prices and growing inflation, wages have remained unchanged for many Americans. According to ResumeNow’s Wage Reality Report, one-third of workers say their salary hasn’t kept pace with inflation, and it’s taking a major toll on financial health, mental health and productivity.

Because compensation is failing to keep pace with rising costs, companies are pivoting to financial wellness programs to provide solutions both employers and workers desperately need.

Learn why Financial Wellness may be the best answer to this growing issue.

Who Suffers From Wage Stagnation?

Wage stagnation happens when workers’ pay increases at a slower rate than inflation, reducing their ability to afford common goods and services. Wage stagnation has become increasingly common across the United States, with 55% of workers reporting their salaries are lower than they should be.

The consequences of wage stagnation go far beyond tight household budgets and savings accounts. According to a survey from Zety, more than one in three workers feel hopeless, anxious or frustrated about their chances of meeting life goals on their current salary. This financial distress directly impacts workplace performance, with 36% of employees reporting feeling less motivated to exceed expectations at work.

Even more concerning for employers, more than one in four workers are actively seeking new job opportunities for higher salaries. Meanwhile, 20% admit they’re more focused on increasing their income than improving their job performance.

The Hidden Cost of Financial Stress

The impact of wage stagnation directly affects a company’s bottom line. Financial stress costs employers an estimated $200 billion annually through decreased productivity, increased absenteeism and higher turnover rates.

This stress affects employees of all levels. According to Forbes, 76% of C-suite executives and HR leaders reported experiencing financial stress themselves, while a staggering 92% of employees acknowledged being stressed about their finances.

While financial stress affects employees in the short term, long term financial milestones are also stunted. According to HR Dive, 40% of employees say they cannot save for retirement, while 37% report being unable to afford to buy a home.

In response to these challenges, organizations are using benefits packages to provide financial wellness initiatives. These initiatives address immediate needs while building long-term financial resilience among their workforce.

Financial wellness programs typically include:

  1. Educational resources that help employees better manage their existing finances
  2. Retirement planning support that helps employees prepare for the future regardless of current wage constraints
  3. Comprehensive budgeting tools that help track and manage expenses
  4. Personalized AI insights for specific employee needs

Why Financial Wellness Is the Key to Addressing Wage Stagnation

While wage stagnation presents significant challenges for both employees and employers, financial wellness programs offer a practical path forward even when salary increases aren’t feasible. These initiatives address the core issues behind financial stress while providing employees with tools to support existing compensation and build toward more secure futures.

By investing in financial wellness, companies can significantly reduce the productivity drain caused by financial stress while demonstrating a commitment to employee wellbeing. This approach creates a more engaged, productive workforce and builds loyalty during a period when more than a quarter of financially stressed workers are contemplating leaving for better opportunities elsewhere.

The data is clear: when companies can’t immediately solve wage stagnation through compensation increases, comprehensive financial wellness programs offer the most effective alternative for empowering employees and creating financially healthy organizations.

The Truth About the Sandwich Generation: 3 Unique Insights

The Truth About the Sandwich Generation: 3 Unique Insights

by | May 7, 2025 | For Employers

Employees of different generations have different financial struggles. Recent grads may struggle with student debt, while older individuals may focus on building a solid retirement plan. But what about employees in between?

This section of the workforce is aptly labelled “the sandwich generation,” and represents working adults caught in a unique and challenging life stage. Usually between ages 40 and 60, these employees both care for aging parents while supporting their own children. Members of the sandwich generation are responsible for overwhelming responsibilities that may impact their financial well-being.

This phenomenon has been around since the 1980s, but has only grown since then. Parents are deciding to have their children at later stages in their lives, while lifespans for older individuals are increasing. In addition, according to the census, nearly 1 in 3 adults aged 18 to 34 lives with their parents, which adds to their caregiving burden. This is an issue that is likely affecting your workforce in unforeseen ways.

Here are three insights you should know about the sandwich generation.

The burden on employees in the sandwich generation is significant

The financial and emotional challenges facing the sandwich generation are far-reaching. According to a survey conducted by Wakefield Research, a staggering 72% of caregivers report having to make difficult financial sacrifices that impact their quality of life.

These sacrifices are not trivial choices but critical decisions about survival and support. An AARP survey found that American caregivers provide nearly $600 billion in unpaid care annually, not to mention the additional time investment. Individually, this rounds out to $61,000 in caregiving expenses annually for the average family. These costs include food, medical supplies, home modifications and medicine.

Many are forced to cut back on essential expenses, depleting their carefully saved retirement and personal savings just to meet the immediate needs of their families. Some even reduce medical care expenses, putting their own health at risk to support their loved ones.

As a result, half of all caregivers experience increased emotional stress, with the constant pressure of supporting two generations creating a taxing state of anxiety, overwhelm and burnout. Physical stress impacts 37% of caregivers, resulting in health issues directly related to the demanding nature of their responsibilities. The persistent nature of this stress is evident in a startling statistic: 40% of caregivers rarely or never feel truly relaxed. The mental health implications are severe, with 56% struggling to maintain their psychological well-being and 41% reporting feelings of profound loneliness.

Caregiving often comes at the cost of career opportunities

However, the professional consequences of being in the sandwich generation extend far beyond personal stress. More than half (53%) of working caregivers have made significant career sacrifices, often stepping back from professional opportunities or reducing their work commitments. Retirement planning has become a luxury many cannot afford, with 42% delaying their retirement plans to meet immediate family needs.

Their commitment is further illustrated by the fact that 40% would willingly take a pay cut to gain more flexibility for caregiving responsibilities. In fact, 15% of working caregivers are considering leaving their jobs entirely in the next six months to focus exclusively on caregiving.

Employers have a responsibility to provide support to those in the sandwich generation

For organizations, supporting employees in the sandwich generation is not just an act of compassion — it’s a critical business strategy to improve retention and workforce well-being. Employees experiencing such intense personal pressures are at high risk of reduced productivity, increased absenteeism, higher stress and burnout.

To support your sandwich generation employees, consider these targeted benefits.

Flexible work arrangements: Traditional work models can no longer accommodate the complex lives of sandwich generation employees. It is imperative to offer remote work options that allow employees to manage caregiving responsibilities, providing flexible scheduling that recognizes their multiple commitments.

Financial wellness programs: Comprehensive financial support goes beyond traditional benefits. Offering financial planning educational resources helps employees navigate their complex financial landscapes. Dedicated caregiver support resources and emergency savings programs can provide a critical safety net for those managing multi-generational responsibilities. Budgeting tools and catered financial content also can help workers plan for the future with the best information.

Mental health support: Recognizing the profound emotional toll of caregiving, employers should provide comprehensive mental health coverage. This includes counseling services specifically tailored to caregivers, stress management workshops that provide coping strategies and support groups that create communities.

Comprehensive insurance options: Insurance benefits must evolve to meet the complex needs of the sandwich generation. This includes extended family care insurance, flexible spending accounts for dependent care, and health insurance options that cover multi-generational care needs.

Looking for a fintech solution to support your employees? Try Best Money Moves!

Best Money Moves is an AI-driven, mobile-first financial wellness solution. BMM is designed to help employees with varying experience dial down their financial stresses. Best Money Moves offers comprehensive support toward any money-related goal. 

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. To learn more, contact us at customersupport@bestmoneymoves.com and we’ll reach out to you to schedule a call! 

Budgeting With Irregular Income: 4 Simple Ways to Support Educators

Budgeting With Irregular Income: 4 Simple Ways to Support Educators

by | Apr 23, 2025 | For Employers

Only 71% of U.S. workers earn stable, full-time pay year-round according to the Bureau of Labor Statistics. This leaves nearly a quarter of the workforce with irregular income and the financial instability that comes with it.

Financial instability and income irregularity apply to various professions, including seasonal and gig workers. However, the issue is especially pressing with educators. Roughly 22% of teachers are only paid during the 10-month school year, leaving a two-month gap in earnings every summer according to the online resource platform, We Are Teachers. This is despite the fact educators often spend their summers preparing for the next school year.

So it’s no surprise that income-related anxiety is especially common among educators. A recent Stanford-led study showed that nearly half experience frequent financial anxiety compared to only 17% of the general population.

This financial stress can significantly impact job performance and overall well-being, making it crucial for employers to find ways to support educators earning irregular incomes. Here are four simple ways employers can help.

1. Encourage budgeting and savings plans for your employees with irregular income

One of the most practical ways for employees with fluctuating incomes to gain financial stability is strategic budgeting. Employers can offer guidance on creating a budget that accounts for months of high and low income. Then, take pains to help employees to avoid financial stress during low-income periods. Financial advisors have recommended identifying months when income is expected to dip and planning spending accordingly. This approach to budgeting can prevent unexpected expenses from throwing an employee’s finances off track​.

Additionally, setting aside a portion of higher earnings during peak months can create a cushion during lower-income periods. Employers can support educators by providing access to budgeting workshops or digital financial tools like those included in Best Money Moves. Creating a workplace culture that promotes financial security and preparedness can alleviate stress and help employees feel more confident in managing their futures.

2. Support employees in building an emergency fund

Emergency expenditures can cause considerable strain on workers without consistent year-round income. A study from the Aspen Institute shows that many lower-income employees with irregular earnings experience “spending spikes” due to unplanned expenses. For these employees, an emergency fund is a crucial financial safety net​.

To help employees build an emergency fund, employers should offer programs that make this type of saving easier to attain. One way to support your employees is by establishing a payroll deduction program. This would allow employees to automatically put some of each paycheck into a designated savings account. Employers could also match contributions up to a certain amount or offer other financial incentives to encourage these helpful saving habits.

3. Educate employees with Irregular Income about predatory lending options

For employees struggling to make ends meet during low-income months, payday loans or other high-interest lending options can be tempting but often come with steep consequences. Payday loans carry exorbitant costs, with an average annual percentage rate (APR) of roughly 400% and some reaching as high as 600% according to the Consumer Protection Financial Bureau. These loans can quickly become a trap, as over 80% of payday loans are either rolled over or followed by another loan within two weeks, leading to a cycle of debt that is difficult to escape​.

Employers can play a crucial role by offering financial education through programs like Best Money Moves that highlight the risks of payday loans. Additionally, they can point employees toward safer alternatives, such as credit unions, low-interest loan programs or paycheck advance services, all of which provide more secure options for managing financial strain during challenging times.

4. Invest in employee financial wellness

Financial wellness programs are one of the most effective ways employers can support employees with irregular incomes. They offer tools designed to help employees manage their financial lives effectively such as budgeting, saving and debt management tools, customized user journeys, and articles that guide employees through common financial challenges.

Programs like Best Money Moves have also been shown to improve employee retention and morale. In a recent Bank of America study, 84% of employers noted that these programs help keep employees engaged. Financial wellness programs can be particularly impactful for teachers, who face unique challenges. Around 71% of teachers with student loan debt have considered quitting or changing careers due to financial stress according to a study.com survey.

By reducing financial stress, employers can help employees spend less time stressed about money and improving quality of life.

Looking for a fintech solution to support your employees? Try Best Money Moves!

Best Money Moves is an AI-driven, mobile-first financial wellness solution. BMM is designed to help employees with varying experience dial down their financial stresses. Best Money Moves offers comprehensive support toward any money-related goal. 

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. To learn more, contact us at customersupport@bestmoneymoves.com and we’ll reach out to you to schedule a call! 

How Fintech Is Driving the Push for Better Employee Benefits

How Fintech Is Driving the Push for Better Employee Benefits

by | Apr 9, 2025 | For Employers, Uncategorized

Fintech, shorthand for financial technology, has rapidly transformed how people spend and manage their money. Websites, apps, APIs and other digital solutions have made it easy for people to do everyday money transactions all from their phone — such as buy groceries or pay bills.

Companies have primarily adopted fintech for customer or client-facing use cases (such as, accepting ApplePay or GooglePay). However, even more are missing out on the employee-facing benefits of this evolving technology.

Learn how leading employers leverage the power of fintech to transform their benefits offerings and retain the job market’s best talent.

So, what is fintech?

Broadly, fintech, or “financial technology,” is any technology used to spend or manage money. Often, fintech comes in the form of a phone app or website. It may allow people to perform money-related tasks within seconds.

Everyday examples of fintech include:

  • Using a budgeting app
  • Sending money to a friend digitally
  • Making purchases via tap-to-pay (e.g., Apple Pay or GooglePay)

More recently, fintech has entered the landscape of employee benefits and compensation. Financial wellness is top of mind for employees and employers. Investing in fintech solution can help simplify benefits and support employee well-being.

How fintech is transforming the employee benefits space

Here are some of the fintech benefits companies have adopted to empower their employees’ financial wellness:

  • AI-driven budgeting tools
    Most Americans (84%) have found that despite having a monthly budget, they sometimes overspend, according to NerdWallet’s Consumer Budgeting survey. Overspending can lead to a cycle of debt that can quickly compound overtime. AI-driven budgeting tools can analyze employees’ spending habits and deliver personalized solutions. For example, for employees who may have challenges with overspending, AI budgeting tools can streamline expenses. These tools deliver real-time budget updates, and generate recommendations on where to dial down expenses. 

  • Earned wage access & other alternative payment methods
    As fintech continues to innovate, companies are rethinking how employees are compensated. Some companies have adopted is earned wage access, which allow employees to access their paycheck early, while avoiding predatory payday loans. According to a study conducted by ADP, most employees (76%) are interested in earned wage access. This is true regardless of age, education and income levels. By investing in earned wage access, companies can empower employees with increased financial flexibility.
  • Mobile-first financial wellness education
    Mobile-first financial education makes it easy for employees to learn about financial wellness, all from their smartphone. And when equipped with the right tools, employees are empowered to make well-informed financial decisions for their short-term and long-term well-being. For instance, learning about different types of retirement accounts beyond a 401(k) can help employees decide which is best for them. In addition, learning about how to shop for a credit card can help employees avoid predatory interest rates. Financial education can help employees dial down their financial stress and, in turn, improve their overall well-being.

Advantages of investing in fintech employee benefits:

  • Reduced attrition rates
    According to a Bank of America study, over 80% of employers say that offering financial wellness benefits helps improve employee retention rates. Top talent wants more than a high-paying salary. They want an employer who is invested in their overall well-being, including their financial health.
  • Increased personalization of financial wellness benefits
    AI and machine learning have made it easier for companies to provide bespoke financial wellness benefits at a reasonable cost. This allows employees to get more individualized support, rather than cookie-cutter financial advice.

  • Improved accessibility of financial services
    Historically, access to financial services was limited to wealthy individuals. However the innovation of fintech had made financial services increasingly accessible. Adopting fintech employee benefits can help employees across the income ladder. These might include personalized financial resources, such as 1:1 financial advising.

Looking for a fintech solution to support your employees? Try Best Money Moves!

Best Money Moves is an AI-driven, mobile-first financial wellness solution. BMM is designed to help employees with varying experience dial down their financial stresses. Best Money Moves offers comprehensive support toward any money-related goal. 

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. To learn more, contact us at customersupport@bestmoneymoves.com and we’ll reach out to you to schedule a call! 

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.