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The Truth About Employee Financial Wellness in 2025

The Truth About Employee Financial Wellness in 2025

by | May 21, 2025 | For Employers

Ongoing economic factors are putting a heavy strain on American financial stability. Recent reports paint a concerning picture of employee financial wellness, creating challenges in the workplace that may affect productivity, retention and overall satisfaction.

According to Mercer’s Financial wellbeing Landscape report, 43% of employers say employee financial wellness is a point of concern, up 14 points since 2022. With employers and employees increasingly keyed into this issue, now is the time to turn your attention to employee financial well-being.

Here are a few key highlights about the state of employee financial wellness in 2025. (Plus, what you can do to help your team in tough times.)

The current state of employee financial wellness

Despite their best efforts, many workers struggle to stay afloat financially. Those with one salary often look to side hustles or gig work to supplement their income, but lack the necessary savings to feel secure.

Based on the Mercer report, half of Americans have saved less than what they needed for financial security. This widespread lack of savings across all demographics threatens workers’ retirement hopes. In addition, 27% of adults report having no emergency savings whatsoever, leaving them vulnerable to unpredictable expenses.

As a result, 43% of adults in 2025 would need to borrow money to cover an unexpected $1,000 expense, according to May 2024 polling. For these employees, the margin for error is impossibly slim, leaving no room for life changing events.

The situation for employees is just as dire when it comes to retirement prospects. Among current retirees, 36% have faced unexpected spending needs during retirement, which shows how even careful planning can fall short. Additionally, 31% of retirees admit their spending is higher than they can comfortably afford.
55% of retirees cite fear of running out of money as a major reason they try not to spend down their assets. This approach to retirement spending reveals a lack of financial security, even among those who have successfully saved for retirement.

The role employers play in employee financial wellness

Financial wellness programs are some of the strongest means of defense for safeguarding your workforce from financial insecurity. These programs have evolved significantly, moving beyond basic retirement plans to offering comprehensive solutions addressing immediate and long-term financial challenges.

Without a solid benefits package, employees are more susceptible to economic forces outside of their control. This vulnerability doesn’t just affect workers’ personal lives — it directly impacts workplace performance, with financially stressed employees reporting higher levels of distraction, absenteeism, and decreased productivity.

Forward-thinking employers implement different approaches to support employee financial wellness:

  • On-demand pay options provide flexibility for employees to access earned wages before traditional pay periods, reducing reliance on high-interest loans or credit cards. 
  • Financial education platforms provide personalized guidance to meet employees where they are in their financial journey. These platforms often include a plethora of resources and tools to develop a stronger sense of financial wellbeing.
  • Student loan assistance programs acknowledge the debt burden affecting productivity and long-term financial planning for many employees.
  • Dedicated emergency savings accounts with employer matching contributions, helping build financial resilience against unexpected expenses. Employers are increasingly working with banks, credit unions and third-party vendors to encourage employees to save for emergencies.
  • Holistic financial planning services that integrate retirement planning with day-to-day financial management, healthcare planning and estate planning.
Looking to the rest of the year, employers seeing the greatest returns on investment are those treating financial wellness as a fundamental part of their benefits strategy. Organizations that acknowledge the connection between financial stress and workplace performance are developing more sophisticated approaches to supporting their workforce.

The most successful programs recognize that financial wellness isn’t one-size-fits-all. Personalization and flexibility have become key, with benefits packages that can be tailored to individual circumstances and needs across diverse workforce demographics.

By addressing both immediate financial pressures and long-term security, employers can create an environment where workers can focus on their jobs without the distraction of financial stress, benefiting both employees and the companies they work for.

Looking for a financial wellness 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! 

Video: Tackling Financial Stigma: How to Discuss Money At Work

Video: Tackling Financial Stigma: How to Discuss Money At Work

by | May 29, 2024 | Blog

Tackling Financial Stigma: How to Discuss Money At Work. Financial stigma prevents employees from having conversations and seeking out the right education. Here are the best ways to help. 

 

More than half of Americans say they never discussed personal finances growing up and now actively avoid the topic in daily life. It’s no surprise that financial stigma extends into the workplace too. Yet 74% of employees report wanting clear and unbiased guidance when it comes to handling tough financial situations.

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To help start the conversation, 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.

Video: Using Technology in Financial Wellness Services

Video: Using Technology in Financial Wellness Services

by | Feb 23, 2024 | Blog

Using technology in financial wellness services. Help your team achieve their most important goals by including financial technology services in your benefits program.

 

 

Nearly 60 percent of Americans say that money is the top cause of stress in their lives, according to data from PWC. Chances are your employees are dealing with many of the same struggles.

Financial stress includes both everyday habits, like building a budget, and bigger goals, like paying off student debt. Tackling these problems while juggling responsibilities at work and at home, can be overwhelming for employees.  

To help your team achieve the goals most important to them, include financial technology services in your benefits program. 

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 Support your employees with 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.

4 Things You’re Missing About Employee Financial Stress

4 Things You’re Missing About Employee Financial Stress

by | Feb 21, 2024 | Blog

4 things you’re missing about employee financial stress. Don’t overlook these important insights about how employee financial stress harms American workers.

When it comes to employee financial stress, employers and employees aren’t always on the same page.

In their 2023 Financial Wellness in the Workplace Report, PNC surveyed over 1,000 U.S. full-time workers across various organizations about employee financial wellness. When surveyed, 80% of employers felt their teams were at least somewhat financially prepared for the future – but only 50% of employees felt the same way. 

If you’re looking to create a happier, more financially secure workforce, don’t overlook these 4 insights from PNC about the impacts of employee financial stress.

A surprising statistic about the impacts of employee financial stress

1. Employees don’t have long-term financial security.

Despite feeling secure in their jobs, around 63% of all surveyed employees still live paycheck to paycheck, according to PNC data. These workers face unique challenges when it comes to paying down debt and saving for future financial goals. Employees living paycheck-to-paycheck can’t build emergency savings and are more susceptible to relying on credit cards and loans in the face of unexpected expenses. 

What’s more, employees are still feeling the effects of an uncertain economy. Ninety percent of employees report being negatively impacted by inflation with 81% finding it more difficult to put money into savings. Three out of every four employees worry that there will be a recession in the near future.

2. High-earners aren’t immune to employee financial stress.

While it may seem like employee financial stress is only an issue for young or economically disadvantaged employees, that’s simply not the case. Employees of all ages and income levels are feeling the weight of financial challenges. Of the surveyed employees who made $100,000 or more per year, fifty-seven percent still report feeling somewhat or very stressed about their financial situation. The numbers are even more severe for employees at lower income levels. For employees earning $50,000 to $99,999, 77% report the same financial challenges. For employees earning less than $50,000, the numbers jump to 79%. 

3. Employee financial stress impacts performance on the job. 

Employee financial stress has tangible consequences for a business’s bottom line. Eighty-seven percent of employees surveyed by PNC admit to thinking about their financial situation while on the job. On average, employees report spending three hours per week worrying about money. This distraction hasn’t gone unnoticed by employers — 75% percent feel that employee financial stress has negatively impacted business in the form of reduced productivity (39%), unhappy employees (18%) and overall poor performance outcomes (16%).

4. Employees expect their employers to take an interest in their financial well-being.

When asked for their opinion on solutions to target employee financial stress, 80 percent of respondents said they would stay longer with an employer who offered financial wellness benefits. Younger employees are especially anxious for this help, with 88 percent of respondents 21 to 34 years of age more likely to stay with a financially conscious employer.

Likewise, 96% of employers say financial wellness benefits positively impact retention. However, although employers agree that these benefits pay off, many still offer the bare minimum. Many will offer retirement matching but don’t include additional benefits such as financial counseling and education. Financial wellness benefits are a great way to help your company stand out amongst competitors when attracting and maintaining your workforce. 

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. 

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.