Financial Wellness

//Financial Wellness

Pay yourself first in 2018

A key principle to building wealth is saving money. Studies show that people who develop a habit of saving regularly, even small amounts are successful. Setting aside money helps to form a savings habit. This is called "Paying Yourself First". Paying yourself first simply means setting aside money before there is a temptation to spend

4 trends in financial education

Employees’ financial well-being is a hot topic these days. Right now, it’s top-of-mind with most employees. And it’s becoming more so with employers, not only because they are realizing the effect employee financial stress has on their bottom line, but also because industry surveys are revealing that employees want their employers to help by providing

China’s Impressive Trajectory Toward Universal Financial Inclusion

China has achieved remarkable success in financial inclusion over the last 15 years. Traditional financial service providers have dramatically increased the reach of the formal financial sector, including through the world’s largest agent banking network. China has also been a leader in the fintech revolution, with new technology-driven providers transforming how Chinese consumers make payments,

The Value of Family-Related Benefits in Financial Literacy Programs

There’s one family-related employee benefit that, although it does not get as much attention as paid parental leave, can have a huge impact on employees’ children’s lives: financial literacy education.  With job candidates no longer focusing solely on salary but also on the benefits accompanying a job offer, employers are seeking new benefits to attract and

Financial literacy is an essential link in the chain of student success

When the modern-day U.S. Department of Education (ED) was established in 1979, personal computers were in their infancy, cell phones were science fiction and almost all financial transactions were face-to-face. While much has changed, the core functions underlying how America manages its $1.3 trillion federal student aid (FSA) program covering 42 million student loan borrowers are remarkably similar to

45% have not made financial calculations to understand their retirement needs

More than two-fifths (45%) of UK-based employee respondents have not made any financial calculations to understand their retirement needs, according to research by Mercer. Its Healthy, wealthy and work-wise report, which surveyed 7,000 adults and 600 senior decision makers from private and public sector organisations based across 12 countries in seven regions, also found that 79% of global employee respondents

Women’s Guide to Financial Literacy

There has been a lot of discussion around women’s rights in the past year. One issue that hasn’t received much attention is financial literacy and a woman’s ability to make her own financial decisions. While the other issues are important, this one could be the most important of all.  The ability to make wise financial

Dan Schulman on Shifting From Financial Inclusion to Financial Health

In a time when technology has transformed people’s lives in so many ways, financial services is one area where the potential of the internet era remains largely unrealized. We’ve been hearing for decades about the demise of cash and the dawn of the digital economy. So far, though, the traditional financial order is still standing

Why Personal Finance Education Is Important

When the question of who needs personal financial education comes up, the people that come to mind are those who probably deal who business or those seeking to invest. Most people would not be bothered with any financial education, and they are always under the false illusion that they are in touch with their finances.

Why this could be one of the best ways to invest in America’s future

Millennials, the generation born between the early 1980s and the mid-to-late 1990s, make up about one-third of today’s U.S. workforce. They are better educated than previous generations, with a greater proportion of them possessing a college degree. Because they have lived through the Great Recession, they are more risk averse. They are also more likely

4 Financial Paths To Enhance Employee Mental Wellbeing

Last year, 2017, was the year of employee wellness, with more company leaders embracing the concept in pursuit of higher levels of productivity, staff retention and increased profits. However, while physical and mental wellbeing are becoming a key business focus, financial wellness should also be a priority. Recent CIPD research revealed one in four workers believe money

Financial New Year’s resolutions that will pay off

It’s time for New Year’s resolutions, and what better one could Americans choose than to become financially literate in the coming year. Want to get out of that credit card debt you rang up over the holidays? How about paying off your mortgage? Setting up an IRA for retirement? It’s not surprising that Americans fail

Here’s how long it will take Americans to pay off their Christmas debt

In the days after Christmas, Americans can be found taking down the tree, cleaning up wrapping paper, and perhaps surveying the financial wreckage of another holiday season. Shoppers in the U.S. racked up an average of $1,054 of debt this Christmas season — an increase of 5% over last year, according to a survey from MagnifyMoney,

Grading U.S. states on teaching financial literacy: Some earn A’s, while others flunk

The third report card of the Center for Financial Literacy at Champlain College highlights the mixed record around the country — including in the D.C. region, where the District earned an F, while Virginia aced it and Maryland received a B.  (See all grades below.) The grades are only a slight improvement from those given in 2015,

How Paycards Are Helping Consumers Improve Their Financial Wellness During Tax Season

Technology advances in financial services continue to soar to new heights. They are a social utility and are creating new frontiers that impact sending, receiving and managing monetary transactions of all types. The user experience in payment transactions has greatly improved in functionality, design, and number of services. One of the things driving these advances

Can Firms Help Employees Make Better Retirement Choices?

Retirement savings plans have been in the news lately as Republicans eyed limits on the maximum pretax 401(k) contributions as a way to fund the cuts outlined in their tax proposal. The 401(k) plan has over the last two decades become the dominant way that Americans save for retirement, replacing the traditional pension. But employers

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Is it time to offer financial education as a benefit?

Whether employers realize it or not, they have employees who are distracted at work due to stress about their personal finances. According to a recent report from the Personal Finance Employee Education Foundation, one in four workers suffer from serious financial distress. Of those 30 million workers, 30 to 80% of them spend time at work worrying

Employees’ sense of financial well-being on the decline

The markets might be casting a rosy glow over the economy, but employees aren’t feeling the love. In fact, after several years of steady improvement, according to a new survey by Willis Towers Watson, their feelings have taken a sharp turn south. Findings from the biennial 2017 Global Benefits Attitudes Survey indicate that just a bit more