financial wellness programs Archives

Improving Employee Financial Wellness in 2021

by LizStevens | Jan 13, 2021 | Blog

Improving employee financial wellness in 2021. How employers can help workers achieve their financial goals and reduce financial stress in 2021.

An incredible 85 percent of employees say they worked on their financial habits during the COVID-19 pandemic and 96 percent of them plan to continue improving their financial behaviors in 2021, according to research by NerdWallet.

Nearly 90 percent of those with financial goals for 2021 recognize current events could interfere with their plans, 53 percent are concerned about the uncertainty of the pandemic, 36 percent are worried about the effects of election outcomes and perhaps most surprising — 19 percent are uncertain about having access to the best resources to help them achieve their goals.

This financial wellness month employers can help employees reach their goals and minimize the negative impact financial stress has on their business by choosing a financial wellness solution that meets their varying needs.

Improving Employee Financial Wellness in 2021

Understanding Financial Goals for 2021

Understanding the different financial goals employees have can give employers a better idea of the tools and features they could benefit from. According to a survey by MagnifyMoney, these are the financial resolutions employees are most interested in achieving in 2021:

50 percent of employees want to reduce their debt or become debt-free
46 percent want to increase their credit score
45 percent want to increase their savings
38 percent want to save for a specific purpose (retirement, vacation, etc.)
33 percent want to build an emergency fund
31 percent want to stop living paycheck to paycheck
29 percent want to get a higher-paying job
22 percent want to create a budget and stick to it
13 percent want to donate more money to charity.

As employees build on the habits they developed in 2020, it’s vital they have access to resources that can help them break these broad topics down step-by-step. Most employees (84 percent) say getting advice at work would be valuable and 74 percent say it would reduce their financial stress, according to research by Edelman Financial Engines.

How Financial Wellness Programs Can Help

Now more than ever, the desire for financial wellness is evident. Platforms like Best Money Moves have everything employees need to improve their financial wellness and reach the goals they set for themselves.

Best Money Moves goes far beyond basic budgeting tools. Employees can educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. A team of Money Coaches, trained financial counselors, are ready to answer any remaining questions and give employees financial guidance whenever they need it. Going another step further, Best Money Moves leverages user analytics to create individualized employee content and it’s gamified to encourage consistent engagement.

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

Why Financial Wellness Is Important to Employees in 2021

by LizStevens | Dec 9, 2020 | Blog

Why financial wellness is important to employees in 2021. Why employees want financial wellness benefits and what they value most about their tools and features.

An astounding 86 percent of employees agree it’s important for employers to offer financial wellness programs, according to research by John Hancock.

The time employees spend distracted by their personal finances at work equates to over 47 hours in lost productivity per year. Nearly 20 percent of employees worry about personal finances at work every single day and roughly 60 percent worry about it at least once a week. Financial stress is top of mind for 64 percent of employees.

More than 65 percent of employees believe that employer-sponsored financial wellness programs have an impact on reducing financial stress, 59 percent say such programs improve loyalty and the likelihood they’d recommend their employer and 54 percent say a financial wellness program would increase their job productivity.

All financial wellness programs are not created equally, however, and employees are looking for a specific mix of tools and resources to help them manage their finances and reduce financial stress.

Why Financial Wellness Is Important to Employees in 2021

The vast majority of employees agree it’s important for employers to offer financial wellness programs. Most employees don’t feel knowledgeable enough to determine their overall financial wellness and 62 percent would like their employer to help them.

These are top sources of financial stress that employees believe financial wellness programs could help them with:

80 percent of employees aren’t sure if they’re on track for retirement
57 percent of employees worry about not having enough emergency savings to cover an unexpected expense
23 percent of employees have student loan debt for themselves or others and 60 percent of them have a balance of $20,000 or more
20 percent of employees believe their debt is a major problem

Employees are most interested in financial wellness programs that can help them assess their situation, manage debt, balance financial priorities, set goals and create a budget. More than half of workers believe if they were taught how to balance their financial priorities, they would be able to save more for retirement.

How Best Money Moves Can Help

Best Money Moves has it all. It has tools and features that help employees assess their financial situations, budget for monthly expenses, pay down debt, plan for emergencies and save for retirement. Our team of Money Coaches, trained professional financial counselors, are ready to give employees financial guidance whenever they need it. Employees can educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a growing library of over 700 articles, videos and calculators. We leverage user analytics to create individualized employee content and Best Money Moves is gamified to encourage consistent engagement.

If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

How Employee Health and Wellness Programs Help Build Resiliency

by LizStevens | Oct 14, 2020 | Blog

How employee health and wellness programs help build resiliency on an individual and organizational level to better navigate economic uncertainty.

An astounding 75 percent of U.S. employees are struggling at work because of anxiety caused by COVID-19 and other recent events, according to a survey by TELUS International.

Employers aren’t blind to the unprecedented levels of stress employees are feeling. In fact, as the pandemic drags on, 85 percent of them are increasingly concerned about their employees’ health and wellness needs, according to research by Unum.

Another report by Principal found roughly 30 percent of employers plan to adapt benefits offerings to provide better mental health and wellness programs, childcare support, healthcare benefits and financial wellness programs to support employees through times of uncertainty.

“COVID-19 has fundamentally reshaped the benefits landscape,” says Kara Hoogensen, senior vice president of U.S. Insurance Solutions for Principal. “Employees and employers alike are recognizing the need for coverage that protects the health and well-being of both individuals and their families. This has brought new meaning to benefits that may have previously fallen lower on an employee’s priority list, such as income protection, life insurance and mental health programs.”

How Employee Health and Wellness Programs Build Resiliency

According to the research by TELUS International, since working from home during the pandemic, almost four in five employees have found it challenging to “shut off” from work in the evenings. Forty percent of workers aren’t getting enough sleep and 13 percent are hardly sleeping at all. Over 35 percent of employees reported feeling less healthy physically and 45 percent said they feel less healthy mentally. But just 40 percent of employees feel empowered to let someone at their company know when they aren’t feeling physically or mentally well, and that’s a problem.

Employees who aren’t feeling well struggle to focus, aren’t as engaged or collaborative, take more time off and are less satisfied with their jobs, ultimately taking a toll on an organization’s productivity and retention. Nearly 80 percent of employees would consider quitting their current position for a job that focused more on employee mental health.

Flexible Schedules Build Resiliency and Better Health Outcomes

Nearly 90 percent of employees agreed having more flexibility in their work schedule would positively impact their health, 49 percent said health care benefits that include therapy and counseling would make a difference, 43 percent would like thoughtful one on one check-ins from their employer and 37 percent thought virtual workshops about health and wellness or yoga and meditation classes would make them feel like their mental health is being prioritized.

Prioritizing Employee Health and Wellness is a Win-Win

Prioritizing employee health and wellness is mutually beneficial. Through health and wellness programs employees have the opportunity to improve their physical, mental and financial health, lower their stress levels and learn how to better manage the various struggles they may face in the future. This absolutely carries over to their performance at work. The result is a company culture that is healthier, more supportive and more resilient to challenges on all fronts.

Employee Financial Wellness During the COVID-19 Pandemic

by daniel@bestmoneymoves.com | Sep 22, 2020 | Blog

Financial wellness during the COVID-19 pandemic. How COVID-19 is impacting financial stress, and how financial wellness programs can help.

The vast majority of U.S. employees – 84% – expect the COVID-19 pandemic to impact their long-term financial wellness, according to a new study from Northwestern Mutual. The annual Planning and Progress study also found that while the pandemic is financially distressing, it actually inspires resiliency and some positive behavioral change.

Higher levels of employee financial stress are linked with lower productivity and poor financial decisions, creating a negative feedback loop. This new study showed that some employees are taking a different approach. “People appear to be cautiously optimistic about the future and a growing number are taking responsibility and action, which are key ingredients for financial planning,” said Christian Mitchell, executive vice president and chief customer officer at Northwestern Mutual.

Financial Stress Statistics During COVID-19

The most substantial result of the study is an increase in financial stress. A hefty 38 percent of participants took undesirable steps to make ends meet in the short-run. Some of those steps included:

26 percent of participants took advantage of payment deferral options
19 percent of participants pulled from their personal savings or emergency funds
13 percent of participants borrowed from a family member or friend

As a result of the tangible damages of the COVID-19 pandemic, workers expressed a declining sense of financial wellness. Nearly 60 percent of employees believe the financial impact of COVID-19 will be moderate or high. Just 35 percent of participants rated themselves as financially secure. That is a drop of 10 percentage points from the pre-pandemic statistic. On the other side of the spectrum, 19 percent of participants rated themselves as not financially secure, a seven percentage point jump from the 12 percent statistic prior to COVID-19.

Increased Demand for Financial Wellness Due to COVID-19

For many employees, COVID-19 has illuminated areas of financial stress that they would like to alleviate. More so than before the pandemic, workers are trying to meet the challenges of this economic downturn and striving for financial wellness. Fifteen percent of participants said they did not have a financial plan before the pandemic, but now created plans and 20 percent of participants said they made significant adjustments to the plans they had before the pandemic.

The pandemic also inspired a significant uptick in the number of Americans looking for financial guidance: 19 percent of Gen X, 22 percent of Millenials and 22 percent of Gen Z said they did not previously have financial advisors but are now in the market for them. As these younger generations continue to enter the workforce, their demand for financial health benefits continues to increase. It is an opportune time for employers to supply financial wellness programs.

While 84 percent of Americans COVID-19 to have a negative impact on their financial wellness, a similarly large 83 percent of Americans believe they’ll achieve long term financial security.

How Financial Wellness Programs Can Help

Now more than ever, the importance and desire for financial wellness is evident. Platforms like Best Money Moves have the support system employees are seeking.

Best Money Moves is more than a calculator and a budgeting tool. It is a user experience. We leverage user analytics to create individualized employee content and gamify the platform to encourage consistent engagement. When employees need a helping hand, our team of money coaches is always at the ready. And, of course, employee information is always private.

If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

HR Trends 2021: Which Benefits Do Employees Value Most?

by LizStevens | Sep 1, 2020 | Blog

HR trends 2021: which benefits do employees value most? Employees want benefits that better support their health and wellness after the COVID-19 pandemic.

Benefits priorities are shifting considerably due to the COVID-19 pandemic.

Only 55 percent of employees believe their company is making the best decisions about their benefits, according to new research by The Hartford. Just 44 percent think their benefits package is above average compared to what other employers are offering.

“The pandemic has put pressure on the American workforce in ways few could have predicted and employees need support more than ever,” said Jonathan Bennett, head of Group Benefits at The Hartford. “Now is the perfect time for employers to address employees’ changing attitudes about benefits.”

HR Trends 2021: Which Benefits Do Employees Value Most?

These are the benefits and services that employers are adding to bring their benefits plans closer to their employees’ values:

Employee Assistance Programs (EAP) (56 percent)
Paid Time Off (52 percent)
Wellness Benefits (51 percent)
Behavioral/Mental Health Services (51 percent)
Critical Illness Insurance (50 percent)
Hospital Indemnity Insurance (48 percent)
Paid Time Off for Volunteering (42 percent)
Student Loan Repayment Plans (38 percent)
Paid Sabbatical (38 percent)
Pet Insurance (29 Percent)

Many of the most highly sought after benefits are centered around employee health, including their physical, mental, financial health as well as the health of their loved ones and their communities. Health and wellness has been an HR trend for quite some time but the COVID-19 pandemic has shown that the employee demand for these types of benefits is as strong as ever.

The Importance of Benefits Communication

More employers are recognizing how important communication is to the success of any benefits program. Up from 63 percent at the start of the pandemic, 69 percent of employers told The Hartford they’re mostly or fully responsible for making sure employees understand the benefits offered.

In other surveys, employees have admitted that they don’t understand all the benefits their organization offers or that the programs available don’t meet their needs or are too difficult to understand.

Employers can improve benefits communication in three steps:

Send shorter, bite-sized benefits communications over a longer period of time rather than the traditional method of dumping it in an employee handbook or an annual employee benefits email.
Test different methods of communication, like text messaging, phone calls and instant messenger in addition to emails or meetings.
Track participation, open and click rates to see which method is the best way to reach your employees.

It’s not enough to follow the latest HR trends and make changes accordingly, employers need to work with their employees to determine what benefits are most valuable to them, which programs fit their needs and how they can make it easier for them to access their benefits.

Improving Employee Financial Wellness in 2021

Improving Employee Financial Wellness in 2021

Understanding Financial Goals for 2021

How Financial Wellness Programs Can Help

More on Topics Related to Improving Employee Financial Wellness in 2021

Why Financial Wellness Is Important to Employees in 2021

Why Financial Wellness Is Important to Employees in 2021

How Best Money Moves Can Help

More on Topics Related to Why Financial Wellness Is Important to Employees in 2021

How Employee Health and Wellness Programs Help Build Resiliency

How Employee Health and Wellness Programs Build Resiliency

Flexible Schedules Build Resiliency and Better Health Outcomes

Prioritizing Employee Health and Wellness is a Win-Win

More on Topics Related to Health and Wellness Programs at Work

Employee Financial Wellness During the COVID-19 Pandemic

Financial Stress Statistics During COVID-19

Increased Demand for Financial Wellness Due to COVID-19

How Financial Wellness Programs Can Help

More on Topics Related to Employee Financial Wellness During COVID-19

HR Trends 2021: Which Benefits Do Employees Value Most?

HR Trends 2021: Which Benefits Do Employees Value Most?

The Importance of Benefits Communication

More on Topics Related to HR Trends: What Benefits Do Employees Value Most?

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