Log in
Book a Demo

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

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.

How To Help Younger Employees Tackle Money Worries

How To Help Younger Employees Tackle Money Worries

by | Jul 15, 2024 | Blog

How to help younger employees tackle money worries. Younger employees are especially vulnerable to money issues at home. Here are the best ways employers can help.

Younger Americans are disproportionately worried about money, compared to their parents’ and grandparents’ generations. According to an American Psychological Association study, over 60% of Gen Z and Millennials say they feel overwhelmed by their financial woes. And for younger employees, their financial worries extend far into the future.

According to Georgetown and Bank of America’s study, most Gen Z and Millennial employees (64%) don’t foresee themselves being able to retire at 65, due to their lack of financial security. This issue is further exacerbated by the fact that 44% of younger workers report outstanding student loans or other consumer debt.

Today, more than half of the U.S. student loan debt belongs to borrowers under 40 years old, totaling over $800 billion, per the Education Data Initiative. Credit card delinquencies have also risen this year. According to the Federal Reserve Bank of New York, most of these missed payments are driven by Gen Z and Millennials.

Here are three ways companies can support their younger employees with their unique financial struggles.A statistic about younger employees

1. Offer debt management resources and tools

Debt management support is needed and highly sought-after by younger employees. According to a Georgetown study, nearly 1 in 5  say they’d like their employer to offer debt management benefits. 1 in 3 younger employees with outstanding debt  say they’d like their employer to offer debt management benefits.

With budgeting tools and other debt management resources, younger employees can get the individualized support they need for their financial situation.

 

2. Provide younger employees with personalized financial guidance.

With money coaching, younger employees can learn how to address their short-term and long-term money goals. Instead of getting generic cookie-cutter advice, money coaching can provide Gen Z and Millennials with the personally tailored support they need for their financial situation.

For instance, 1 in 2 younger employees with outstanding debt say they’d rather pay off their consumer or student debt than invest for retirement, per Georgetown and Bank of America’s study. Alongside a money coach, younger employees can develop a plan to pay off their debt while preparing for retirement.

3. Take a digital-first approach to financial wellness benefits.

Today, younger employees use their phones for more than just streaming and social media. Many use online resources and applications for banking and managing their finances.

Whether it be viewing an account statement or transferring money, more than 95% of Gen Z and Millennials use mobile banking apps to manage their money, according to CNBC’s Digital Banking Attitudes study.

Given younger employees’ comfort with technology and online banking, take a digital-first approach to financial wellness benefits. Younger employees are more likely to engage with an online financial wellness program, especially if it can be accessed from their phone.

Try Best Money Moves to support your younger employees.

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.

5 Ways to Motivate Your Employees to Save Money

5 Ways to Motivate Your Employees to Save Money

by | Jul 8, 2024 | Blog

5 ways to motivate your employees to save money. Help employees save money with financial wellness programs, benefits communication, retirement plans and more.

Financial experts generally recommend having three to six months’ worth of expenses in an emergency fund to help cover unexpected costs. However, for many employees, putting this advice into practice is easier said than done. 

In a survey of over 1,000+ U.S. adults conducted by Bankrate, 56% of respondents reported being unable to cover a $1,000 expense. Additional data from the Consumer Financial Protection Bureau found that roughly 25% of consumers have no emergency savings whatsoever. 

Here are five important ways that employers can help motivate employees to save money to help prevent financial emergencies and reach their unique financial goals.

A statistic about Americans who struggle to save money

1. Comprehensive financial wellness programs help employees save money.

Saving for the future is often not a priority, especially for employees living paycheck-to-paycheck. However, having these savings is important both for individual employees and the workplace as a whole. A 2023 PwC study found that 57% of employees cited finances as their top stressor. Helping employees manage their financial stress can reduce absenteeism, improve workplace productivity and improve morale among staff members. 

While many employers offer retirement plans, financial security is not only about the distant future. It also means being prepared for unexpected expenses in the present. Addressing the broader aspects of financial wellness can lead to more immediate and impactful benefits for employees.

Educating employees on the importance of an emergency fund can help them handle any sudden costs that come their way. Many employees also struggle with debt from student loans, credit card balances and mortgages. Counseling and resources for debt reduction and management can lower financial stress and help your team regain control of their spending. 

Ask employees how they prefer to access such resources to maximize their usage. For example, some employees may prefer to learn from a website while others would rather talk to an expert. For employees looking for more direct guidance, providing access to a financial counselor who can work one-on-one with employees is crucial. Qualified advisors can help individuals set goals, formulate budgets, choose investments and save money.

2. Focus on improving your existing benefits communication.

Some employers already offer financial benefits that help their employees save money. However, poor benefits communication means these services go unused. Recent data from the Bureau of Labor Statistics estimates that benefits account for just under 40% of an employee’s total costs. So, when your team fails to take advantage of their existing benefits, both the employee and employer lose money. 

Benefits communication efforts can increase employee engagement, financial wellness and staff satisfaction. Furthermore, there is a demand for clearer communication among employees themselves. According to the Society for Human Resource Management (SHRM) 2023 Employee Benefits Survey, 71% of employees want more accessible information about their benefits choices. Through consistent communication with employees, employers can increase the take rate of benefit opportunities and help employees manage their savings.

3. Use default opt-out for retirement plans.

In some cases, it may also help to make benefits participation automatic. Rather than having employees opt into a company’s retirement plan, employers can automatically enroll all employees into the plan unless they actively choose not to participate by opting out. This way, workers have to take action to not be enrolled in the retirement plan and many end up taking the path of least resistance by staying enrolled, thus making regular retirement contributions. 

Employers can also offer retirement plans to new and part-time employees, as long qualifying work periods can discourage workers from saving for retirement—avoiding these buffer periods can attract and retain talent.

4. Help employees save money by offering debt education.

Monthly debt payments and high interest rates eat up space in employee budgets, making it difficult to save money.  However, employers can step up to help employees manage their debt and make room in their budgets to cover surprise expenses. 

The process of managing debt begins with understanding employees’ needs. For example, student loan debt follows some employees far into their lives. 46% of student loan debt is held by those over 40 years old. Offering housing assistance is another way employers can help with debts among the housing shortages and increasing home and mortgage costs. This can be done through down payment offerings and closing cost assistance in the form of a loan forgivable over a designated period. 

Grants, loans and security deposits, along with homeownership education and counseling, can also help employees with mortgage loan support. Debt consolidation resources can also help simplify the debt repayment process. Employees can quicken their debt payoff by merging the separate payments into a single monthly payment. This may also allow employees to pay an interest rate less than the average interest rates of their multiple debts.

5. Facilitate payroll deductions and on-demand pay to help save money. 

78% of Americans live paycheck to paycheck, which is a 6% increase from the previous year, according to a 2023 survey conducted by Payroll.org. These numbers underscore the need for employers to take steps to support their employees. 

One way for employers to do this is by enforcing after-tax payroll contributions to a savings fund. Because the process is fully automatic, it makes saving easy for employees—the earnings go straight from the payroll to this rainy day fund so people are not tempted to use the money from the accounts for everyday costs. 

On-demand pay is another way for employers to support employees financially. On-demand pay gives employees access to their pay as they earn it—employees can request a portion of their pay before the end of the pay period, which supports their short-term financial security, giving them the flexibility to cover bills and emergency expenses as they arise without sacrificing long-term financial stability, allowing them to establish a solid financial foundation.

Help your team build their savings with 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 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 4 Best Benefits in 2024, According to Employees

The 4 Best Benefits in 2024, According to Employees

by | Mar 11, 2024 | Blog

The 4 best benefits in 2024, according to employees. Your benefits choices go a long way toward attracting the right employees. Here are the 4 best benefits in 2024, according to employees.

A holistic benefits strategy is one of the most important factors that job-seekers consider when deciding where to work. In fact, according to Forbes Advisor, 40% of employers believe that workers would leave their current jobs to find employment that offers better benefits.

Well-tailored, helpful employee benefits go a long way toward keeping your existing team members satisfied while also attracting new talent. With dozens of options, each catered to different ages, incomes and needs, how do you know the right program to choose?

To evolve your benefits strategy, you need to understand what will help your employees the most. Here are the best benefits in 2024 based on input from real workers.

A fact about the best benefits in 2024

1. Affordable healthcare

Healthcare costs are a major concern for employees, especially for those who earn lower wages.

Average healthcare premiums for American families increased 7% in 2024, according to research from KFF. As these costs rise, so do concerns about affordability. To ease the financial burden, employees look to their compensation packages for support.

The study from Forbes Advisor shows that 67% of employees and 68% of employers believe healthcare to be the most important benefit.

Healthcare benefits can be wide-ranging, but usually include some sort of insurance package that helps make medical costs more affordable for employees. Employer-paid healthcare benefits allow employees flexibility when dealing with a medical visit and peace of mind when the bill comes.

Employees also value alternative health benefits, such as gym memberships, wellness programs and mental health programs. According to Forbes Advisor, a third of employees surveyed named mental health programs as a top benefit.

Mental health benefits include everything from inclusive paid leave to workplace meditation. Programs that support mental health have shown improved performance at work among employees. Research from the National Library of Medicine reveals that 86% of employees treated for a mental health condition reported an increase in productivity.

2. Paid time off

PTO allows employees to take breaks from their busy schedules and recharge. In turn, potential burnout is replaced with productivity and a positive working environment.

Post-pandemic, there has been a significant shift toward flexible benefits that emphasize work-life balance. More companies are even adopting remote work strategies and four-day work weeks to help their employees.

Making these benefits as inclusive as possible is another factor to consider. Mercer’s 2023 Health and Benefits Strategies report shows that many employees are looking for benefits packages that include parental leave, adoption leave and elder caregiver leave.

With non-standard work schedules becoming the norm, flexibility in general is in high demand among most employees. Some lesser-known benefits in this area include virtual team bonding activities, a home office stipend and financial assistance to cover internet costs.

3. Pension and retirement plans

The same Forbes Advisor study found that 34% of employees and 34% of employers agree that retirement plans are a vital part of a company’s benefits strategy. A retirement plan allows employees to build a financial safety net as they work, saving money over their careers.

In a study from PeopleKeep, 87% of employees surveyed said they valued retirement benefits or retirement accounts. However, only 54% of the employers surveyed even offered those benefits.

Retirement plans are tax deductible, flexible and are a great way to attract new talent to your business. Introducing quality retirement plans is a great way to keep your employees satisfied and set them up for future success.

4. Financial wellness benefits

For employees struggling to keep up with their finances, financial wellness benefits have been shown to greatly improve stress levels, well-being and retention.

Costs of common goods and groceries are rising due to different economic factors, making it harder for salaried workers to manage their finances. According to BenefitsPro, 53% of US adults are financially anxious, while more than 60% of families don’t have an emergency fund.

Financial stress leads to decreased productivity at work and an overall lower quality of life for your employees. A comprehensive wellness strategy is the answer to financial stress outside of the workplace. These benefits provide personalized advice for all aspects of a person’s financial life. 

In fact, in PWC’s 2023 Financial Wellness Survey, 74% of employees who responded sought guidance when faced with a major financial decision, crisis or life event.

If you are looking to start a financial wellness initiative in your business, try Best Money Moves.

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.

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.

4 Ways to Support Employees Living with Disabilities

4 Ways to Support Employees Living with Disabilities

by | Mar 6, 2024 | Blog

4 ways to support employees living with disabilities. Create an accessible workforce and access top talent with these helpful strategies.

More than 1 in 10 Americans live with a disability, according to the U.S. Census Bureau.

And while people usually think of disabilities in the physical form, many Americans live with “invisible” disabilities. “Unseen” or “invisible” disabilities have symptoms and impairments that are non-apparent, such as chronic pain, learning disabilities, or mental health conditions.

All employees deserve to feel supported in the workplace, despite any adversities they may face. Learn how HR professionals and companies can support employees living with disabilities and provide resources that can facilitate their overall success.A fact about employees living with disabilities.

1. Cultivate a work culture that allows employees living with disabilities to show up authentically

Focusing on equity and inclusion can help create a work culture and environment that not only attracts top talent but allows employees to show up as their full selves.

Recruiters and talent acquisition teams are increasingly focusing on recruiting diverse talent — however, it’s important to build a work environment where employees with disabilities feel included. Creating an inclusive work environment is key to both attracting talent but also retaining talent. Data from the U.S. Department of Labor found that organizations that diversified to include employees with disabilities report a 72 percent increase in employee productivity.

Whether it be live transcriptions during virtual meetings, using larger text in PowerPoints, or providing a private wellness room, companies are going beyond the minimum to make the workplace more accessible. These small touches and accommodations can make a difference to top talent in the job market.

2. Create an employee resource group supporting accessibility and employees living with disabilities.

Employee resource groups are communities within companies that connect employees of a shared identity or interest identity, such as race/ethnicity or gender. Employee resource groups have been around for decades — in 1970, the first employee resource group was created by a group of Black employees at Xerox. Today, companies have evolved to support employee resource groups for employees living with disabilities, whether “visible” or “invisible.”

Navigating the work environment with a disability isn’t easy, especially when it comes to self-advocacy and asking for accommodations. Having an employee resource group focused on accessibility and employees living with disabilities can help create a community and attract top diverse talent.

3. Offer financial wellness education that is accessible and easy to use.

Americans living with disabilities are more likely to face financial hardship, compared to Americans without disabilities. Per the U.S. Census Bureau, employees with a disability make about $28,000 on average, compared to $40,000 for employees without a disability. This means that employees living with disabilities are more likely to face financial hardship as they have less disposable income, or money left over after monthly expenses.

Offering a financial wellness program can help improve employees’ financial wellness and knowledge. For instance, many Americans living with disabilities are less likely to have a bank account than Americans without disabilities.

A robust, accessible financial wellness program should be personalized to individual employee’s needs — some employees may need help getting their first credit card, while others may be seasoned investors looking to expand their portfolio. Regardless of one’s level of financial knowledge, all employees can benefit from access to financial wellness benefits and resources.

4. Allow employees to use their health insurance benefits starting day 1

Some companies require a waiting period before employees are allowed to use their health benefits; however, for employees living with disabilities, waiting 60 or 90 days may be too long and only exacerbate their symptoms.

For instance, employees suffering from a chronic condition or taking multiple medications may not be able to afford to go a month or two without health insurance. This may worsen their conditions.

Allowing employees to use their health insurance benefits starting day 1 can demonstrate a corporate commitment to inclusivity — moreover, this can help set employers apart from the competition when attracting top talent.

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.