Money Dysmorphia: A Simple Guide to Why it Matters

Money Dysmorphia: A Simple Guide to Why it Matters

Money Dysmorphia: A Simple Guide to Why it Matters. Financial wellness programs help combat Money Dysmorphia, with tools to empower employees and help them develop a more accurate view of their financial life.

According to Credit Karma, almost half of Gen Z and 41% of millennials struggle with comparisons and feel behind financially. This phenomenon may also be triggered by negative experiences with money, like extreme poverty or debt. Money Dysmorphia causes preventable stress, which can affect workplace productivity, retention and quality of life.

To help your employees, try Best Money Moves.

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.

Financial Burnout in 2025: How to Address Employee Concerns

Financial Burnout in 2025: How to Address Employee Concerns

Financial Burnout in 2025: How to Address Employee Concerns. Financial burnout is affecting employees of all generations. Learn the ins and outs of this issue, including ways to improve your workforce’s wellbeing.

There’s a new term to describe how employees feel about money: Financial burnout, a condition marked by prolonged financial pressure that results in mental exhaustion and physical strain.

Eighty-eight percent of American workers report feeling some level of financial burnout, and 65% say finances are their biggest source of stress, according to a recent survey by MarketWatch Guide. Another 41% of employees say their finances have “destroyed” their mental health, and 64% reported feeling “financial fatigue,” when dealing with money.

Like other types of burnout, financial strain affects more than mental wellbeing. Respondents also report symptoms such as loss of sleep (56%), physical fatigue (47%), headaches (45%), weight gain or loss (38%), changes in appetite (34%) and digestive issues (33%).

It’s clear that financial burnout is taking a significant toll on the overall health of American employees, yet many workplaces still struggle with how to effectively curb the issue. Here are the key factors driving this issue and actionable steps employers can take to provide support.

Healthcare costs and employee financial burnout

Many workers face especially high anxiety over healthcare costs. According to the 2023-2024 Aflac WorkForces Report, 50% of workers report anxiety about out-of-pocket health care expenses, even beyond what insurance covers. Furthermore, 51% of employees would need to dip into their savings or checking accounts for unexpected medical bills. Younger generations are particularly vulnerable, with 72% unable to afford $1,000 in out-of-pocket healthcare costs.

Employers can help by offering more comprehensive health plans that minimize out-of-pocket costs from the start. Employees can further prepare for unexpected medical expenses and diagnoses by partnering with financial planning services that guide saving for medical emergencies. Encourage employees to set aside income to cover future medical costs through pre-tax income programs such as health savings accounts.

The gap between perception and reality

There is also a gap between employer and employee perceptions of healthcare. While 79% of employers think their teams understand healthcare costs, only 48% of employees agree. Furthermore, 41% of employees would be unsure of where to seek support after a serious medical diagnosis.

Employees can provide support by offering financial literacy programs like workshops or tools to help employees better understand the costs of healthcare and other essentials. Employers can also establish a fund to support employees facing financial hardships due to unexpected events.

How poor habits can intensify financial stress

However, it is not just limited access to resources that causes financial burnout. Employees’ financial habits may also exacerbate already existing issues. Poor budgeting, overspending and procrastination are common issues leading to financial burnout when employees avoid dealing with their financial challenges until it is too late.

According to MarketWatch Guide, 58% of employees don’t use a detailed financial budget. 57% procrastinate on important financial decisions, 44% overspend to deal with stress, 44% make purchases they cannot afford and 41% avoid opening bills or reviving card statements. 44% also admitted they ignore a financial problem until it becomes a crisis.

Employers can partner with financial institutions to offer debt consolidation services or low-interest loans for employees struggling with debt. Providing access to budgeting apps or financial planners can also encourage employees to create and adhere to a financial plan. Organizing employee challenges that reward participation in financial planning and debt-reduction programs can also help employees reach their financial goals.

Financial burnout affects the mental, physical and financial health of employees nationwide. Employers can play a crucial role in mitigating this stress by offering comprehensive healthcare benefits, financial literacy programs and resources to support better budgeting and debt management. By taking proactive steps, organizations can both improve the well-being of their teams and foster a more productive workforce.

Tackle financial burnout head-on with direct help from 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.

Financial Wellness Company Best Money Moves Wins Social Impact Award

Financial Wellness Company Best Money Moves Wins Social Impact Award

On October 16, 2024, Best Money Moves Founder & CEO Ilyce Glink accepted the Social Impact Award from Smart Business Dealmakers at their annual Chicago conference. This is her acceptance speech.

Marne, thank you for that gracious introduction. And, thank you to the nominating committee for honoring Best Money Moves with a 2024 Dealmakers’ Social Impact award.

When I began my career in financial journalism, appearing on the radio, television and writing hundreds of newspaper articles and columns each year, an advisor of mine told me I needed to have a motto for my career. After trying out a few, I landed on this: Helping people make smarter decisions with their money.

As is so often the case these days, my career has expanded from its service journalism beginnings. I started a second company, Think Glink Media, to help connect financial services companies in better, smarter, more innovative ways with the clients and customers they serviced. I co-founded a third company that connected a Fortune 100 healthcare company with healthcare consultants, experts, influencers and healthcare journalists. Once that was sold, I started thinking about how consumers were experiencing financial stress in the wake of the Great Recession. And, given that nearly 70% of our population lives paycheck-to-paycheck today, including a third of those earning more than $250,000 per year, they still are.

That’s the foundation of Best Money Moves, my financial wellness company. We help employers measure their employees’ level of financial stress with a variety of assessment tools, then leverage artificial intelligence to help personalize the information, tools, and solutions we push to each employee. (We use Anthropic, by the way, since my son works there and, well, family first!) And, we can even send employees information about their own company’s benefits. So they make smarter financial decisions every day.

For employers, we offer an unparalleled level of customization and curation out–of-the-box, the ability to build in your own benefits, grouped for specific portions of your workforce, as well as analytics that would be difficult to get anywhere else.

Today, around 1,000 companies trust Best Money Moves with their employees’ financial wellbeing. What I’ve learned is that when employees feel less financial stress, there’s a real ROI for employers: Less chronic illness and addiction issues, fewer heart attacks, better health outcomes, sure. Also, less turnover and more focused, productive employees. Their employees feel happier and sleep better. Bonus: They’re less grouchy, too.

Since Black and Brown families have about one-tenth the wealth of White families, we’ve found creative ways to work with nonprofits, religious organizations, colleges and universities, local governments and for-profit companies enmeshed in those communities. We’ve developed give-back programs to help fund their initiatives. We’ve created special versions of Best Money Moves, which we call “Pro,” to cater to micro-businesses and start-ups packed with partnerships that we believe will resonate with those employers and their employees. And, we work to make sure everyone who needs access to Best Money Moves has it.

The feedback, testimonials, and ratings we’ve received make it all worthwhile. We are helping people make smarter decisions with their money everyday. Which is enormously gratifying. Less so is the hard work we’ve done over the past eight years to educate employers on the very real benefits of a less financially-stressed workforce.

Financial stress is the #1 reported workplace stress. Financial wellness has been the #1 requested benefit for the past few years. We must all look for ways to turn down the volume on our highly stressed workforce and find opportunities to help our employees feel better about themselves, their earning potential and their financial futures.

I have a few people I’d like to thank starting with our incredible Best Money Moves team, who make us look good every day, my family for all their support, and in particular, I’d like to thank my husband, Sam, who always believes my wildest dreams will come true.

In closing, I’d like to leave you with a quote from the late Herb Kelleher, co-founder, CEO and Chairman Emeritus of Southwest Airlines until his death in 2019: Your employees come first. And if you treat your employees right, guess what? Your customers come back, and that makes your shareholders happy. Start with your employees and the rest follows from that.

Thank you.

How to Use Benefits to Stand Out to Top Talent

How to Use Benefits to Stand Out to Top Talent

How to use benefits to stand out to top talent. Companies need a competitive benefits package to attract and retain top talent. Here are the standout benefits your employees are looking for.

Offering a good salary isn’t enough to attract cream of the crop employees — top talent want an employer that’s invested in their development and wellbeing, both professionally and personally.

People are critical to a company’s success, so having a strong talent acquisition strategy is key in today’s competitive job market.
Learn how employers of choice are going beyond competitive pay to attract top talent, and ultimately retain top employees.
Companies, regardless of industry and size, struggled with full-time hiring in 2024 — better benefits can boost talent acquisition efforts.

According to research by the Society for Human Resource Management (SHRM), over 3 in 4 companies struggled with full-time hiring in 2024 and nearly 1 in 2 companies have difficulty retaining top talent. This is because top talent are increasingly shopping around for an employer that values their wellbeing, even if that means leaving their current employer.

SHRM’s research also found that regardless of industry or size, recruiting top talent remains a key business issue for all companies.

On the other hand, companies that had success with recruiting in 2024 often cite their strong benefits package as a success factor, according to SHRM. Having a competitive benefits package doesn’t only help get top talent in the door — in the long term, unique value-driven benefits can help retain talented employees.

3 Standout Benefits to Help Attract & Retain Top Talent Employees

1. Tuition support for employees and their family

The cost of attending college and other education programs has skyrocketed in recent decades. As a result, cost has become a large barrier to education for many, but it doesn’t have to be this way.

To support employees’ self-development and improvement, companies are increasingly investing in tuition assistance programs. For instance, some employers of choice offer up to 100% tuition reimbursement for educational self-improvement, including professional training and degree-seeking programs.

Even if the employee themselves isn’t interested in tuition assistance, at some companies this benefit can be leveraged to support the educational costs of an employee’s spouse and children.

2. Flexible work models (hybrid, remote)

Although many companies are shifting back in-office, hybrid work models are here to stay.

Many employees value having the opportunity to work remotely, whether full-time or several days a week. This is because flexible work models can help support employees’ work-life balance, while also creating a more inclusive work environment.

Flexible work models allow all employees to participate in the workforce — including parents, caregivers, and people living with disabilities.

Without hybrid/remote work, almost 40% of mothers say they’d need to decrease their work hours or leave their jobs entirely to meet their caregiver duties, according to research by McKinsey & Co.
In sum, hybrid work may seem like a simple offering, but it’s an impactful benefit that can go a long way for top potential employees.

3. Financial wellness & money management resources

A key step in creating a resilient workforce is meeting your employees’ most top-of-mind worries — and oftentimes, a leading stressor employees face is related to money.

Over 50% of employees say that they’re financially stressed, according to PwC’s 2024 Global Workforce Hopes & Worries survey. Prolonged financial stress can impact employees’ ability to focus and perform their best, which can ultimately lead to lower productivity.

To help employees dial down their money worries, employers of choice have increasingly invested in financial wellness benefits and resources.

Whether it be 1:1 financial advising or personalized savings programs, offering money management benefits can help employers demonstrate to future employees their commitment to all aspects of employee wellbeing, including financial wellness.

Offer top benefits to attract top talent with help from 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, ranginging 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.

Here Are The 4 Important Insurance Terms Gen Z Employees Need To Know

Here Are The 4 Important Insurance Terms Gen Z Employees Need To Know

The 4 Important Insurance Terms Gen Z Employees Need To Know. Gen Z employees often struggle to understand common insurance terms. Learn about how employers can help with financial wellness benefits.

Insurance is a complex topic, no matter how experienced you are. However, Gen Z employees are particularly susceptible to a lack of education on insurance terms and policies. In fact, when surveyed by the National Association of Insurance Commissioners (NAIC), only about a quarter of Gen Z adults could define the terms “deductible” (27%) and “copay” (29%). Around 35% said they could define “out of pocket,” while only 19% said they understood the term “out-of-network.”

Engaging with insurance is key to developing a strong sense of financial security. The savings accrued from the right health, auto or renters insurance can be crucial for preventing large expenses that cause many Americans to take on crippling debt.

Here are the top insurance terms your Gen Z employees should know and why they matter.

The Top Insurance Terms Your Gen Z Employees Should Know

Open Enrollment is a period where employees can sign up for, adjust or change their health insurance policies. It is vital for employees to understand when this period starts and ends, in order to be prepared if they (or someone in their family) get sick. Reviewing their plan may also expand their ability to receive prescription drugs and specialized care for certain illnesses.

A MetLife survey found that 30% of Gen Z workers regretted their open enrollment decisions, with over 25% saying they didn’t select enough benefits during the year before. In fact, nearly half of Gen Zers said they waited too long before choosing benefits and 53% said they didn’t understand what was being offered.

A deductible is the amount of money an individual pays (per year or per condition) before insurance companies begin covering any expenses. A copay is a similar fixed payment that occurs each time an individual sees a doctor. A premium represents the actual cost of an insurance plan, dictating the amount a person pays to keep their plan active.

According to WorkLife, only 60% of Gen Zers understand these three insurance terms and can explain how they relate to their coverage. Confusion surrounding insurance often causes people to turn to unreliable sources for help, which can lead to uninformed decisions. Defining insurance terms will allow employees to make the most out of their healthcare benefits and prevent them from being blindsided by unexpected expenses or lack of coverage.

Financial education bridges the information gap

In order to support your younger employees, insurance education must be transparent and personalized to each individual. To ensure your employees understand their insurance policies, include financial wellness into your benefits program.

A financial wellness program offers comprehensive educational resources that gives your team the best chance to succeed when they have questions about their insurance policies. Their pressing questions about insurance, open enrollment and other guidance are packaged into simple, easy-to-understand articles and videos.

It’s clear that financial education, especially surrounding insurance, is vital for your employees’ success. Whether your workforce is fresh out of college or preparing for retirement, the help they need is readily available if your focus targets their financial wellness needs.

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 well-being.

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 1000+ 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 Employee Healthcare Crisis: This is How To Help

The Employee Healthcare Crisis: This is How To Help

Employees Face a Healthcare Crisis. Here’s How You Can Help. Employees are experiencing a healthcare crisis due to financial concerns. These are the best strategies employers can use to help.

American families are in the midst of a healthcare crisis and employer-sponsored health insurance can’t keep up. Even with support from employee health insurance programs, millions of American families cannot afford the full care they need.

When surveyed by employee experience company Perceptyx, almost 60% of respondents felt they didn’t have the right health care benefits to cover their care. Another 40% of Americans with employer-sponsored health insurance say they’ve postponed healthcare needs over concerns about cost, according to a study commissioned by health payment card provider Paytient.

Over time, postponing healthcare concerns can further decrease employees’ health and well-being. Learn how companies of sizes and across all industries can help employees access needed care, improve their overall well-being and manage the looming healthcare crises.

Even with insurance, many employees struggle with medical debt

Despite having employer-sponsored health insurance, research has shown that many employees struggle to access healthcare. Having health insurance does not guarantee access to healthcare or the ability to afford it.

Employees often pay out-of-pocket for a portion of their healthcare costs (e.g., copay or deductible). And after multiple visits or treatments, healthcare costs can rack up fast.

About 15 million people carry over $1000 in medical debt, according to the Kaiser Family Foundation (KFF) and about 3 million people carry over $10,000 in medical debt.

To avoid looming medical debt, employees may forgo key healthcare practices, such as:

  1. Filling their prescriptions
  2. Receiving surgery and procedures
  3. Attending a routine medical appointment or checkup

Delaying care can have long-term physical and mental impacts on employees. According to the same Paytient survey, one in six respondents reported that their work suffered from delaying needed care and 31 percent reported lying to an employer while dealing with the effects of not treating their illness or injury.

Your team deserves to feel secure that they can afford healthcare when needed — but are your benefits doing enough to help?

How to help employees manage (and prepare for) a healthcare crisis:

At some point in one’s career, many employees experience some sort of healthcare crisis. What’s important is that employees don’t feel alone while navigating these difficult waters. Here are some tips on how to help employees weather healthcare crises and prepare for the future.

  • Emphasize the importance of your Open Enrollment period. Once a year, employees are given a small window known as Open Enrollment, during which time they can make changes to their healthcare coverage. For most employees, this is the only time during which such changes will be possible, aside from select special circumstances. So, when making Open Enrollment decisions, it’s important that employees know how to best utilize this period of time and the healthcare benefits available to them. Employees must be supported in making well-informed decisions during this time as these decisions determine employees’ (and their families’) healthcare coverage and costs for the year ahead. Well before the Open Enrollment period begins, spend time talking to your workers about their benefits options.

 

  • Use modern communication methods to share key healthcare info and reminders. When communicating healthcare information and deadlines to employees, consider complementing traditional communication methods with more modern alternatives. For instance, in addition to sending employees emails and letters, use Slack or Teams messages to share reminders on key healthcare information and deadlines. Reminders, especially from multiple touch points, can be an effective catalyst to improving employee health, both during Open Enrollment and beyond. According to the Agency for Healthcare Research and Quality, adults that receive multiple reminders about their health and healthcare are more likely to receive essential healthcare, such as immunizations and preventative care. Moreover, reminders about key healthcare information can help foster trust between employees and their employer — it demonstrates corporate investment in employee wellbeing.

 

  • Adopt a financial dashboard to help employees manage healthcare expenses. Managing healthcare costs isn’t easy. One medical emergency can dramatically change a family’s financial situation — what may seem like simple procedures and treatments can end up costing hundreds to thousands of dollars for employees. Over time, unpaid medical bills can lead to medical debt.To help employees manage their healthcare costs and avoid medical debt, consider adopting a comprehensive money management dashboard. This can help employees track, manage and predict their medical expenses and much more. With these insights, employees can better understand their healthcare spending habits and make well-informed decisions accordingly. For instance, some families may find that they can dial down their healthcare spending and use that money toward something else, such as covering a car repair or saving for a home. Others, such as those expecting a new addition to the family, may need to increase how much they budget for healthcare costs.By understanding how your employees think about their healthcare costs, companies can make more accurate predictions about their own healthcare expenses.

Help your team face any healthcare crisis head-on with help from Best Money Moves’ intuitive financial wellness platform.

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.