Financial Wellness

//Financial Wellness

Retirement ABCs: How employers can help baby boomers prepare

Seventy-four million: That’s the estimated number of baby boomers, according to the U.S. Census Bureau. And 66% of baby boomers are working past traditional retirement ages for a variety of reasons. Some feel they can’t afford to retire, particularly with the looming high costs of healthcare; others may choose to work longer to keep their

What Is ‘Financial Literacy,’ And Why Does It Matter?

Americans aren’t saving enough for retirement. That’s a trite statement. Precisely how great the shortfall is, is in dispute, of course, as is the question of what remedies, if any, should be undertaken. But what’s the reason for this savings shortfall?  Discarding specifics like “no more traditional pension plans,” there are three potential reasons, each

3 Things Employers Should Know About Financial Wellness Services

The job market is booming and employers are competing to attract and retain the best workers. This charge gets even trickier when looking at millennials. A recent study showed that nearly half of millennial employees said they would like their employer to provide additional help with financial matters, proving that there is a need for holistic benefits

How to improve your financial wellness strategy

You could consider financial wellness to be the most important employee benefit around. However, whilst helping your employees understand and improve upon their personal financial situation is an honourable diversion, if employers don’t approach the situation with tact they could miss the mark entirely. And, despite the fact that financial woes weigh heavy on the

Where’s the ROI on Financial Literacy Programs?

It’s doubtful many banking professionals view financial education programs as a serious marketing tool. Such initiatives often feel like little more than an obligatory community service, and thus receive perfunctory attention from the senior leadership team. And that’s typically where it ends. However, data suggests that financial literacy is much more than just a feel-good

Debt Needs to Be Addressed in Financial Wellness Programs

Health, money, work and life all play a critical role in an employee’s total well-being, according to a study from Fidelity Investments, based on responses from more than 9,000 workers and conducted in collaboration with researchers from the Stanford Center on Longevity and Cornell University. The survey and behavioral analysis focused on the four domains

Video: Former U.S. Education Secretary on How Financial Literacy Solves Poverty

Former U.S. Education Secretary Arne Duncan said poverty can't be eliminated without proper financial literacy. "If we're serious about breaking cycles of poverty, if young people get a good education, get a good job and still can't manage their money and they're spending more than they are bringing in, we're not actually breaking those cycles of

Why Many Employees Abstain From Financial Wellness Programs

Something is lacking in employer financial wellness programs. Even though an increasing number of employers are offering these programs and employees express a desire for them, employee participation rates are low. A recent survey of roughly 667 employers who offered 401(k) plans and 657 employees who contributed to a 401(k) plan from Bank of America

Why Workplace Financial Wellness Programs Aren’t Well

Doctor! We have a situation at America’s employers. Some of them are offering financial wellness programs to employees, which is great. But, according to a new Bank of America Merrill Lynch report, there’s a huge disconnect between the kind of financial information and advice they’re offering and what employees really want. Help is needed. Stat! The

Taking aim at employee stress, employers expand financial education benefits

From credit card debt to saving for retirement and paying for children’s education expenses, stress over finances is taking a major toll on employees — and it’s also taking a major toll on the workplace as a result. That’s among the takeaways from new research from the International Foundation of Employee Benefit Plans, which found

Financial wellness in the age of anxiety

One of the hottest topics in corporate boardrooms and among HR professionals these days is financial wellness. There is now a wealth of evidence that employees who feel financially secure are more engaged and productive. The opposite is also true – financially stressed workers are much more likely to take days off and be distracted and unproductive

Older Americans Can’t Pass a Retirement Financial Literacy Quiz

Even if you plan well for retirement and have a reasonable amount saved, you can still end up in financial trouble during your golden years. There are lots of money traps that even reasonably prepared seniors can fall into if they're not well-versed in the unique details of retirement-stage personal finance -- and the new RICP Retirement Income

The Transformational Power of Economic Empathy

Imagine it’s Monday morning. You have your coffee and you’re all ready to go to work, when your car won’t start. The tow truck takes your car to the mechanic who quotes you $600 for the work you need. Today, 63% of American adults (nearly two out of three) do not have $500 in savings to deal

Take a financial wellness day off

While employee physical wellness has become a priority, with many companies offering programmes to encourage a healthier lifestyle in a bid to reduce absenteeism – said to cost the economy between R12bn to R16bn every year – not all companies have caught on to the impact of financial stress on their employees, according to Lettie

Your financial wellbeing is more than just the money in your bank account

How healthy are you? The answer might make you cringe, but chances are you’ve probably got an answer. “Relatively fit” or “could do with losing a few pounds” will probably sound familiar. But what if you were asked how financially well you are instead? You might be earning a good salary, but still find yourself

How financial literacy can assist offender rehabilitation

A few weeks ago I received a prepaid debit card in the mail. This was different from the usual credit card offers I receive almost daily. This was not a credit card, but a card the company wanted me to direct deposit my paycheck to. As I know it is common for offenders to use

Financial literacy, not information simplicity, fuels good decision making

This is one time where KISS (keep it simple, stupid) isn’t the answer, according to a new study from Texas Tech University. The study used a hypothetical employer-sponsored 401(k) plan and looked at how the presentation of financial planning information impacts retirement-savings behavior. Researchers did not expect to find that simplifying the information did not increase plan

Financial Literacy Is The Greatest Gift Of All

It’s been a generation since Whitney Houston's "Greatest Love of All" was burning up the charts,  but the lyrics have resonated for me as a parent and equally as a financial advisor over the years. "I believe the children are our future/ Teach them well and let them lead the way." As Mother’s Day and