Financial Wellness

//Financial Wellness

Why Retirement Is Broken And Needs To Be Reinvented

Retirement is the #1 financial worry with 65% of Americans worried about it and a majority thinking about it 4 times per week. The core problem is uncertainty - people have no idea how much they need, because we have created a system around building assets instead of income. We spend our lives saving up a big pile

Communication, tools, safety net all key to improving retirement outcomes

Reforms should be better communicated to workers in efforts to combat behavioral biases and inadequate financial knowledge that undermines participants’ retirement decisions, the Organization for Economic Cooperation said in its latest pensions outlook report. The OECD called on combining funded and pay-as-you-go retirement plans, automatic mechanisms and a strong safety net for pensioners to boost retirement

Can Utilizing Behavioral Change Theory Boost Financial Wellness?

Even though individuals know what they should do about money, decisions can be deeply emotional and many times they have trouble overcoming resistance to act on those decisions. But a new white paper suggests that the latest psychological insights combined with technology can help inspire employees to take action to improve their overall financial wellness.

Reported Lack of Knowledge Indicates Need for More Financial Wellness Programs

Financial wellness programs are popular and sought after but are rarely offered as an employer-sponsored benefit, according to Corporate Insight’s 2018 Employee Financial Wellness Survey. Of the 1,544 employees surveyed, a mere 221 (or 14%) indicated that their employer offers programs or resources to help improve financial well-being; 63% indicate that they use them when

Credit Card Debt After The Holidays: Survey Finds $998 Average Balance – LendEDU

In January, LendEDU conducted a survey of 1,000 Americans who went into credit card debt as a result of holiday spending.mIn short, we found that our average respondent accumulated $998.36 of debt after splurging for the festivities.  Respondents were asked a series of questions about their credit card spending during the holidays, debt payoff plans, and post-holiday financial stress.

Financial wellness: ‘Tis the season to help your employees

Christmas is not just about decking the halls with boughs of holly, it can also be a time of financial worry. When it comes to buying presents, copious amounts of food and of course, a new outfit for the work party, the pressure to splash the cash at Christmas has never been greater. But increased

Financial Literacy Awareness Needed by Employees

Financial literacy awareness, if done right, can help change the wealth trajectory of America’s workers and set them on a course for a comfortable retirement. Whether it is inside or outside of the 401k financial literacy awareness programs help employees’ comprehension of basic financial concepts, so they can manage their money better. It appears debt

Partially Privatizing Social Security Sounds Great, but Offers 2 Big Drawbacks

Few social programs bear as much importance to the financial well-being of older Americans as Social Security. Despite the average retired worker payout being only $1,417.22 a month in September 2018, the program is responsible for keeping 15.3 million retirees out of poverty. Furthermore, more than three out of five of today's aged beneficiaries lean

These 9 bad habits and traits will keep you from your financial goals

While people start out with good intentions and set their sights on meeting various financial goals, many never achieve them and instead fail miserably. Here are nine bad habits that will hinder investors from reaching their financial success. 1. Failing to plan. Lacking a financial plan means you have no focus and you can easily be

Financial wellness programs can boost cost savings

Companies can significantly decrease the cost of delayed employee retirements by boosting the retirement readiness of their employees, a new report from Financial Finesse, a financial wellness program provider, stated. Companies with 50,000 employees can save between $33 million to $49 million annually if they increase the average workforce financial wellness score to 5 from

People who use mobile fintech apps tend to make worse financial decisions

One of the wonders of the modern life is all of the whizzy technology available to help us manage our money. But does it mean we make better financial decisions? Maybe not. A study of mobile-payment using millennials (ages 18-34) in the US found they were less likely to be financially literate than others of the

Six Steps To Implementing Financial Education In The Workplace

It is well known among employers that a lot of employees struggle with stress -- including financial stress -- at work. According to a recent survey from PwC, nearly one-third of employees report being distracted due to challenges with their personal finances. Persistent debts, outstanding bills, sudden large costs and overwhelming medical bills contribute to employees being

Are You Smarter About Personal Finance Than Your Fellow Americans?

There's a lot to know about your money. Unfortunately, many Americans don't know some of the basics that are important to making sound financial decisions. In fact, the Federal Reserve reported recently on how well Americans did when answering four basic financial literacy questions -- and there were a surprising number of incorrect answers. Can you correctly

Why We Need to Nurture Entrepreneurship in Young Girls

Last month, women on college campuses around the world gathered for Women Entrepreneurship Week, an annual event that brings budding female entrepreneurs together with female startup founders through workshops and panel discussions. Last year, it attracted participants from 76 universities in 15 countries. Programs like these promote and support women’s entrepreneurship—and we need more of them

America’s Growing Financial Literacy Problem

Making major personal finance decisions can be daunting for anyone. Whether the decision is related to paying back student debt or how to invest for the first time, the outcomes of these decisions have a long-term impact on the quality of our lives. Smart decisions can lead to achieving financial independence, while bad decisions can lead

What bank clients need to know about cybersecurity

While October is singled out as Cybersecurity Awareness Month, the reality is cyber theft is an everyday threat to banking account security. In fact, according to a recent study by Javelin Strategy and Research, in 2017 nearly 7 percent of consumers became victims of identity fraud—with the amount stolen rising to a record $16.8 billion.

Health Care Costs Affecting Retirement Savings and Financial Wellness

Workers’ dissatisfaction with health insurance is focused primarily on cost: Just 22% are extremely or very satisfied with the cost of their health insurance plan, and only 21% are satisfied with the costs of health care services not covered by insurance, according to the EBRI/Greenwald & Associates Health and Workplace Benefits Survey. Approximately one-half of

Fintech savvy no substitute for financial literacy, finds study

Millennials’ usage of smartphones can’t fill gaps in their financial literacy, according to a new report. The study, titled Millennial Financial Literacy and Fin-Tech Use: Who Knows What in the Digital Era, comes from the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business. It assessed individuals’

Brushing up on financial literacy

Money is the greatest and the most ill-used factor in life. People don’t know how to tend it, how to manure it, how to water it, how to make it grow, and when to pluck its flowers and when to pluck its fruits.  These were the words spoken by Margayya, the people’s banker in the