Financial Wellness

//Financial Wellness

It’s Not All About Money: Financial Wisdom for Young Adults

At 21, you’re a financial adult. But chances are you still don’t know what you don’t know. We asked personal finance experts and financial planners what newly minted adults need to know about money. Their bottom line: Be sure your balance sheet includes some joy, too. How to think about money A job you love

Financial literacy test finds the world is not ready for retirement

Most online quizzes are relatively mindless, promising to reveal what vegetable, sandwich or rock band best represents your personality. That was not the case for a short online test given to more than 14,000 people in 15 countries this year. It revealed just how unprepared a good chunk of the world is for retirement. The

Taking the Battle for Financial Literacy to Where the Eyeballs Are

How to make a brief video that can meaningfully boost Americans’ financial literacy: Present a focused message, but don’t just discuss good ideas — show how to take specific action. Inform, but don’t be too clever or preachy. And beware: misleading online advertising could dilute your message. That’s the gist of a paper forthcoming in Management Science by UCLA

5 ways millennial employees can secure their financial wellness and get back to work

Financial stress is a major concern for today’s millennials who are facing unprecedented financial challenges. According to a 2017 PWC Employee Financial Wellness Survey, 65% of millennials reported being stressed about their finances. Additionally, approximately one-third of employees reported being distracted by personal finance issues while at work, with almost half of them spending three hours or

The Best Employee Benefit You May Not Have Heard Of

Would you like to be on track for retirement, invest with confidence, pay down debt or student loans and reduce your financial stress by half? Of course, you would! You’re probably thinking it takes a fairy godmother, a unexpected inheritance, or a lottery win to make it happen – but you’d be wrong. The secret

Financial apps have their good sides and bad sides

Last summer, my youngest daughter and her friends were chatting about how they had all decided to save money using various financial apps, each designed to painlessly keep the change on purchases and to put the proceeds into an investment account. I recently had the same group of young women back in my home, and

Video: Financial challenges for older women

Older women face some tough financial inequalities, that paint a grim future as they continue to age. “The lower wages faced by so many women magnify over time. So, if you are earning lower wages in your 20s and 30s, imagine the lower wages you are still going to be earning in your 40s and

5 Things The Best 401(k)s Do To Boost Retirement Savings

Like most things in financial life, there's an art to a great 401(k). Most are average or poor. But a handful stand out. The companies doing right by their employees have a few things in common. The first guiding principle is to help employees save as much as possible. The second is to make this

Financial wellness programs pay off for repeat users

More workers are making good use of their employer’s financial wellness program, returning again and again and reaping more benefits as a result, according to Financial Finesse’s Financial Wellness Think Tank’s 2017 Year in Review. Among employers that have offered a financial wellness program for at least three years, repeat users made up 58 percent of the

What is Money Silence and Why Should You Care?

Some topics are just not discussed in polite company. Sex, politics, religion, and money are usually deemed inappropriate subjects at the office water cooler or around the dinner table. Though these conversational taboos have their place, silence isn’t always golden. According to Kathleen Burns Kingsbury, founder of KBK Wealth Connection and author of Breaking Money Silence®,

Mobile Payments: A Cautionary Tale

Within seconds, the Venmo receipt arrived by email. Transfer date and amount: May 15, 2018 — $80.00. And with a mere tap of her cell phone, high school student Julia Smith had used the Venmo app to transfer cash from her bank account directly to her classmate’s Venmo account to help pay for a group prom house in the

Why we hate making financial decisions – and what to do about it

The advice to use your head, not your heart, might not be helpful after all. We all make tough decisions, but choices relating to money send many of us running in the other direction. Unfortunately, ample evidence indicates that aversion toward financial decisions leads many of us to put off things like funding a 401(k), saving at

Financially stressed workers likely to draw on retirement plans

Financial stress is taking its toll on employees, causing them to partake in rather risky money behavior: tapping into their 401(k) or other retirement savings in an attempt to get back on track. More than half of workers (54%) who identify as being financially stressed say they will likely use their retirement funds for expenses

Employees Have Other Financial Issues That Get in the Way of Retirement Readiness

Not having enough emergency savings for unexpected expenses is the most frequently cited financial concern for Millennial (48%) and Generation X (51%) employees, while not being able to retire when they want to is the most frequently cited concern among Baby Boomers (46%), according to the 2018 edition of PwC’s Employee Financial Wellness Survey. Among

8 in 10 Employees Live Paycheck to Paycheck — How You Can Help Them Break the Cycle

Counting down to payday is a stressful, but all too common practice. Unfortunately, an August 2017 CareerBuilder survey found that the vast majority (78 percent) of the 3,462 full-time U.S. workers polled said they live paycheck to paycheck. This isn’t just the employees’ problem. Financial stress hurts everything from productivity and performance to morale and satisfaction at

Gains in Financial Inclusion, Gains for a Sustainable World

Mary Banda in Zambia runs a small restaurant in one of Lusaka’s oldest markets. Before she learned that financial services could make the way she did business easier, her profits were low. But today, her profits have increased, both because she banks her money and because she uses mobile money transfer services. Using financial services has

Fewer Americans Delaying Major Life Events Because of Money Worries

The recent recession caused Americans to face some hard economic realities. As the economy continues to recover, more Americans are taking their lives off hold as fewer are being forced to delay going to college, getting married or having kids because of financial concerns. A new survey found that the number of American adults that

Is There a Gender Gap in Saving for Retirement?

To end up on somewhat equal footing with men and to achieve financial wellness, women need to start planning and saving for retirement earlier and work longer to maximize Social Security and pension benefits. A new study conducted by Merrill Lynch in partnership with Age Wave reveals the unique financial challenges that women continue to

Don’t Let a ‘Wealth Shock’ Destroy Your Health

Financial experts like to draw parallels between financial health and physical health. A well-planned budget is like a well-balanced diet, they say. Impulsive spending is like binge eating. Meeting with your financial advisor is like getting a regular physical. Sometimes, however, the relationship between financial health and physical wellness extends beyond the metaphors. In fact, a lack of financial