Financial Wellness

//Financial Wellness

Smart data can improve behavior, outcomes for retirement savers

We have all heard of big data, which the defined contribution industry has not leveraged sufficiently and has gotten a black eye for it. At a recent industry conference, I heard Tina Wilson, senior vice president at MassMutual, mention a new concept that may have far reaching implications for the 401(k) industry: smart data. Today,

Before splurging on gifts, gauge employee financial wellness

Are your employees fiscally fit? While you might recognize when an employee feels physically unwell, financial wellness can be much more difficult to comprehend. Many employers don’t realize how financially “unwell” employees today are. Financial wellness is a balance between living comfortably today and preparing wisely for the future. Employees should be able to meet

Better business: Calls to improve financial literacy

The industry might be working hard with the regulator to make financial services accessible to more people, but there is still a knowledge gap, which is putting adults at a disadvantage when it comes to understanding about how to save or invest. Tom McPhail, Hargeaves Lansdown head of policy, said the government needs to do

Financial literacy should begin with a paycheck

Does your new employee have a savings account? Does he or she know how to budget a paycheck? These are important questions since the whole reason companies offer a salary and benefits is to make employees feel compensated and valued. If employees don't know how to manage money or don't understand the benefits on offer,

Here’s why businesses should invest in their employees’ financial literacy

Speak to any entrepreneur, and they will tell you that investing in their team’s development is vital to the growth of their business. There is a war for top talent in Canada, and this is one way to attract them. In my experience, the most talented people choose the companies at which they believe they’ll

Your Financial Well-Being is in Your Control

This was the first study of its kind done by the Consumer Financial Protection Bureau (CFPB) to measure the overall financial well-being of adults in US. CFPB defines Financial Well-Being as follows: “Financial well-being is a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and

Employee financial well-being: aligning reward with people strategy

The 13th of November marks the start of Financial Capability Week, the purpose of which is to celebrate, showcase and amplify existing financial capability initiatives and ultimately improve financial well-being. To mark this, the CIPD has polled HR professionals to ask if employee financial well-being is part of their organisation’s people management strategy. Among the 313

5 Apps Perfect For Year-End Financial Planning

Year-end financial planning isn’t something to overlook until the very last minute. Staying on top of this matter could lead to tax relief and help ensure you meet your short- and long-term savings goals. Furthermore, being proactive about financial planning could also save you time and money if you choose to get help from a professional as the year

4 Tips for Promoting Financial Literacy within Nonprofit Organizations

When we think of nonprofit organizations, many of us first envision local or national charities. But don’t let the name fool you. Despite having “nonprofit” in the title, these organizations are just as centered around money as any for-profit business. The primary difference is what they do with their earnings. Instead of paying out profits to shareholders,

BE 360: Helping improve everyone’s financial future

Many of us tend to focus on today’s financial needs, and bury our heads in the sand when it comes to thinking about saving. Retirement, in particular, can seem such a long way off, while in the present there are so many pressing demands on our money: a new car, house maintenance and improvements, as well

The Solution To Income Protection Gaps Could Be An App

With its potential to profoundly reshape traditional industries, disruptive technology is justifiably popular among investors, but the reception is considerably more wary among the disrupted—workers who have traded greater flexibility for diminished security. The sharing economy is rich in opportunities, but for many employees the long-established safeguards enjoyed by previous generations are about as familiar

Overdraft Fees Prompt Low-Income Americans to Abandon Banks

Last year, after five years with no bank account, 40-year-old single-mother Stacey Downer took the advice of her financial coach and opened a new bank account – for the third time in her life. This time, she felt confident she was on the road to financial stability. A few weeks later, after paying her electricity

To Budget Better, The First Step Is To Admit What You Don’t Know

Today, Millennials are increasingly negotiating salaries, paying off student loans, and paying rent or a mortgage. Some are also beginning to save for their children’s college educations. All of this makes budgeting paramount, yet the overwhelming majority of Millennials fall short when it comes to financial literacy. In a study conducted by the National Endowment for Financial Education and

Laden With Student Debt

At year-end 2016, Americans held a record $1.3 trillion in outstanding federal student loans, according to a report from the Federal Reserve Bank of New York. These loans now represent the biggest chunk of consumer debt in the country outside of mortgages, and they carry the highest delinquency rate. Additionally, it seems that the skyrocketing

How Financially Literate Are You Really? Let’s Find Out – WSJ

There’s a financial-literacy crisis in the U.S. And it is probably even worse than it seems. Study after study shows how poorly Americans understand money and investing. Consider this common question posed by surveys: “Suppose you had $100 in a savings account and the interest rate was 2% a year. After five years, how much

Want More Productive Employees? Provide Financial Literacy Education

Could the key to improving employee productivity lie in providing the right kind of financial literacy education within your workplace? Studies and recent human resources trends suggest there is a compelling business case for providing financial literacy programs to your employees. However, today’s employees also require a different kind of financial literacy education. One that

Money Makes the World Go ‘Round: Are You Ready?

An October 5, 2017 headline from the business section of the New York Times gave Ajeya Shiva reason to celebrate: Payday Lending Faces Tough New Restrictions By Consumer Agency. Shiva, a senior at the Bronx High School of Science in New York City, is really interested in the industry that provides payday loans, which are small loans that allow

The Single Biggest Impediment to 401k Financial Success?

Have you ever thought about the single, biggest obstacle to the success of plan participants in meeting their financial and retirement goals? The best strategies take advantage of opportunities while overcoming obstacles.  You can have the best-laid retirement plan, but employees won’t be able to fully utilize it and become engaged unless you address the