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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.

To help start the conversation, try Best Money Moves.  

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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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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.

3 Reasons to Focus on Employee Financial Security

3 Reasons to Focus on Employee Financial Security

by | Jan 22, 2024 | Blog

3 reasons to focus on employee financial security. Critical insights from recent data reveal the significant benefits of supporting employee financial security.

Significant inflation and economic turmoil have brought employee financial security into the spotlight. Recently, Mercer published their 2023-2024 Inside Employee’s Minds study and found that 78% of all employers surveyed felt a high to moderate level of concern regarding employee financial well-being. 

This worry isn’t without good reason. One of Mercer’s most pressing insights reveals that employees have a renewed focus on financial stability in 2024 — and they’re increasingly turning to their employers for help. 

Here are three key reasons employees’ financial security should be top of mind of employers in the new year and beyond.

an important insight into the need for employee financial security

1. Recent economic trends have made it harder for employees to maintain healthy personal finance habits.

Inflation has been a prevailing concern over the past year and the workforce has felt the effects. Seventy-two percent of employees surveyed by Mercer agreed with the statement: “High Inflation and market volatility have significantly increased my financial stress.” What’s more, 51% of employees reported reducing their discretionary spending due to economic concerns and another 37% had to reduce or tap into savings. 

When asked to rate their top unmet needs, “covering monthly expenses” and “being able to retire” topped the list of employee concerns. More than 10% of all employees surveyed had at least some concerns about their financial health. Financial stress has long been linked to poor outcomes at work, with stressed employees feeling less productive and less connected to their employers and experiencing higher rates of absenteeism.

2. Economic strain and financial stress threaten overall employee well-being.

Stress from inflation and similar economic turmoil seeps into aspects of everyday life, and some of the most crippling expenses that the American workforce face are related to healthcare. Only about three-fourths of employees feel they can afford needed healthcare without facing financial hardship, including employees making six figures. Moreover, for employees in lower income brackets, these numbers drop. Only around half feel they can afford needed care. 

Long-term stress takes a physical toll on the body, causing high blood pressure, headaches, insomnia, fatigue, and more. These stressed employees may in turn spread discontent in the workplace and negatively impact company culture. According to data collected by Gallup, stressed employees are more likely to butt heads with coworkers and superiors alike.

3. Competitive employers recognize the importance of employee financial security and supportive financial benefits. Economic strain and financial stress threaten overall employee well-being.

Mercer’s research uncovered that one in three employees are considering leaving their employer because their benefits needs have not been met. So, as personal finance woes have skyrocketed to the top of worker’s minds, financial security has become a key benefits incentive. 

More and more employers are integrating financial wellness tools into their benefits strategy, or plan to in the new feature. Mercer found that of their surveyed employers, 55% already offered some type of basic money management tool and another 27% hoped to integrate such tools soon. Fifty-three percent of employers also offered financial planning seminars and webinars with another 27% planning for such tools down the road. 

Support employee financial security with holistic financial wellness benefits.

Personal finance benefits can support employees of all ages and help employers to stand out in a crowded job market. 

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.

5 Ways to Support Employees During the Holidays

5 Ways to Support Employees During the Holidays

by | Nov 14, 2023 | Blog

5 ways to support employees during the holidays. Holiday stress can cause big problems for your workforce. Here are 5 ways to support employees during the holidays. 

While the holidays should be a restful and celebratory time of year, they can also introduce financial stress into the lives of many employees. Between the cost of gifts, holiday dinners, long-distance travel and hosting family, your team may face significant holiday costs. In a survey from the American Psychiatric Association (APA), 31% of adults said they expect to feel more stressed during the upcoming holiday season compared to years prior. 

Luckily employers can take steps to support their workers during the holidays and keep the season merry.

a surprising statistic about employee stress during hte holidays

1. Make flexible schedules the norm.

The ability to shift schedules is one of the most valuable benefits employers can provide during the holiday season. Different people have different traditions, celebrations and customs, So, flexibility is vital for limiting stress. Whether your employees are hourly, salaried or gig workers, flex time can help accommodate everyone’s needs and save your team from major headaches. 

In fact, according to Workable, 55.8% of US workers say the ease of integrating personal and professional priorities is a major benefit of having a flexible work schedule.

Flexibility allows your team to complete their work on their own terms, while still managing their own personal lives. This fosters an environment where work-life balance is valued but also respects your team’s time and effort.

2. Encourage time off during the holidays

Taking time off during the holidays is important for everyone to recharge and spend quality time with their loved ones. But, many employees may hesitate to utilize their allocated time off. 

According to Pew Research, nearly half of workers say they’d worry about falling behind at work if they took more time off. However, this mentality can lead to increased levels of employee burnout, which has severe consequences for teams. In a Deloitte study on burnout, 91 percent of respondents said that having an unmanageable amount of stress or frustration negatively impacted the quality of their work. 83 percent of respondents said burnout from work could even negatively impact their personal relationships.

 Limiting burnout can also help with employee retention. According to the same Deloitte survey, nearly half of millennials said they have left a job specifically because they felt burned out. 

To support your employees, actively encourage them to take advantage of their vacation days and spend time with their loved ones.

Prioritizing a healthy work-life balance will help your employees feel comfortable using their paid time off without fear of judgment. A supportive work environment helps you keep your best talent.

3. Promote your existing mental health services.

Employers should take proactive steps to support their staff’s mental health all year, but the holidays can be especially tough for some. Take the time to promote any mental health resources and short-term benefits you offer, as they can be most important at the end of the year. According to an APA survey, 38% of people said their stress increased during the holiday season, which can lead to physical illness, depression and anxiety. 

These benefits can help improve these symptoms and get your workforce into a healthier place for the new year.  

4. Ask about employee goals for the new year.

Supporting your employees might also mean discussing their long-term career goals, especially if productivity dips at the end of the year. A Robert Half survey of more than 2,700 U.S. workers found that 30% of respondents saw difficulty balancing work and holiday obligations. Engaging in a conversation about future aspirations is a great way to organize your workforce and help refocus. Asking about goals can also provide clarity for your employees and shift your team’s thinking past their everyday tasks. These conversations can be great opportunities to set achievable goals and prepare for the new year together.

5. Prioritize financial wellness during the holidays and beyond.

The holidays can be an expensive time for all of your employees. Between gift-giving, decorations, travel and higher utility costs, this time of year often sets people back in their financial journeys. 

In fact, the Money and Holiday Mental Health survey from 2022 found that as consumer prices have continued to increase, 55% of millennials felt more stressed about the holiday season. However, programs like Best Money Moves offer effective solutions to their financial concerns. With budget tools, calculators and other resources, the right system can get your employees back on track in time for the new year.

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 700+ 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.