Financial Wellness

//Financial Wellness

Measuring Financial Wellness Program ROI Is Difficult

Organizations expect the return on investment (ROI) to justify the expense of offering financial wellness programs, but calculating that figure is not an exact science. A better barometer, according to Ernst & Young, and one which indicates employees value the benefit enough to use it, is employee engagement. Among the 200 HR professionals the firm

Reason No. 1,468 For 401k Financial Wellness

Sad, but not surprising. Only six percent of Americans could pass a quiz about a broad range of financial decisions they’ll most likely need to make. This despite the fact that nearly half of Americans feel more financially secure today than five years ago, according to a new survey from Financial Engines, the robo advisor founded by

How Employers Are Helping Their Employees Retire

With millions of Americans being underfunded for retirement, many employers are increasingly taking an active role to help their employees get on track to reach their long-term financial goals. Employers are becoming increasingly concerned about the financial well-being of their employees, and they are expanding how they demonstrate their loyalty. Employers large and small are

The Top Five Employee Perks Your Company Needs To Attract Talent

Job openings in the U.S. reached a record high in June. While this is good news for employees searching for new jobs, it’s bad news for companies. Hiring has been difficult and more competitive for companies in recent months. The current unemployment rate is 3.7%, and for decades wages have been nearly flat for middle-wage workers, only growing 0.2%

FinTech Can Help Increase Financial Literacy

Technology continues to revolutionize the financial services landscape. From mobile payments, app based investing platforms, to online banking solutions, financial technology (FinTech) has revolutionized not only how consumers receive financial services but also how they expect to receive such services. In some cases, innovations including mobile wallets and no fee investment platforms have helped to

Older Workers Not Saving Enough for a Secure Retirement

One-third of working Americans between the ages of 55 and 65 have no retirement savings, and they are at risk of declining living standards and even poverty within the next decade, according to a study published by the Schwartz Center for Economic Policy Analysis. The outlook for workers saving in defined contribution plans, defined benefit

​How to help employees plan for retirement and achieve financial wellness

For many, finances can be the most stressful part of their lives. Having a plan and being prepared for the future, including the unexpected, is key to both financial and overall wellness. A 2017 Employee Benefits Research Institute study found that 30 percent of workers worry about their personal finances at work. The same study

Benefits Programs Integrating Health and Financial Wellness

Financial wellness is a hot topic in the employee benefits world, but it’s often hard to define and even harder to implement. Tom Woods, SVP of sales at Fidelity Investments, tells PLANADVISER that it is one component of a holistic benefits program that ultimately aims to improve the well-being of employees. He says providers are

Reader Poll: The Case for Financial Literacy

Calls for improved financial literacy remain a constant refrain as a means to help assure the nation’s financial security – what do NAPA Net readers think? Let’s start with how early should we start teaching kids about finance. More than 4 in 10 (41%) said between fourth grade and high school, but nearly as many

Push Your Clients to Seed an Emergency Fund

The biggest financial mistake most Americans are making is not maintaining an emergency fund. “I’ve written and spoken about this issue before, but it bears repeating because this truly is a national crisis,” said Carla Dearing, chief executive officer of SUM180, an online financial wellness service located in Lexington, Ky. “The single worst money mistake

The Workplace Is a New Frontier for Financial Wellness. Will It Pan Out?

Traditional notions of the “employee benefits package” are changing as the field experiences a rapid expansion in both the number and diversity of financial wellness programs (FWP) marketed for the workplace. It is no secret that even as the economy continues to improve after the Great Recession, American workers still face significant financial insecurity and stress. It is estimated

Focus on Financial Wellness Aids With Retention

Most financial executives believe that employee benefits packages stressing financial wellness are key drivers of success for their companies, according to a recent survey by CFO Research and Prudential. The study found that 82% of executives believe their company will benefit from having a financially secure work force. Only 5% said they do not believe

Student loan debt: Why employers may want to help pay off college loans

Employers eager to recruit and retain skilled workers in a tight labor market have about 1.34 trillion reasons to expand their benefits package to include assistance in helping employees repay their student loans. That's the mountain of student loan debt being carried on the financial shoulders of 44 million Americans. And no surprise, the bulk

Financial Wellness is About Boosting Confidence

Workers throughout the United States are struggling with managing their finances, and that stress could spill into their company’s bottom lines. According to a recent survey by Mercer, employers could lose up to $250 billion in lost wages due to employees worrying about money. The firm finds that employees on average spend about 150 work

The Solution to Negative Effects of Financially Stressed Workers

Employees distracted by financial pressures cost companies in several ways, and the impact on business revenue is quite severe. Heightened levels of anxiety hurt morale and prevent workers from producing at maximum efficiency. Medical expenses and time off for injuries or illnesses due to financial stress are another major drain on a business’ bottom line,

Steal this 4-step blueprint for a successful financial wellness program

All employees are affected by financial wellness to some degree, and this area is a huge opportunity for employers everywhere. That’s what MetLife VP Jeffrey P. Tulloch told a jam-packed room of attendees at the 2017 SHRM Conference & Exposition in New Orleans. Tulloch urged attendees to take advantage of that opportunity through outside-the-box solutions to complex challenge

Financial and legal stress impacts employee wellness

Across businesses of all sizes, trends such as yoga lunch hours, active commute groups, onsite dieticians, fitness classes and healthy snack options are emerging. Research has shown that employee engagement is clearly linked to an employee's well-being, so it makes sense that companies are focusing on wellness initiatives. But a person's well-being is impacted by much

Missed Opportunities: Four Ways Employers Can Promote Retirement Security

Sixty-nine percent of employers believe that most of their employees could work to age 65 and still not save enough to meet their retirement needs, a disturbing finding given the vital societal role that employers play in helping workers save, plan, and prepare for retirement, according to a study released today by nonprofit Transamerica Center for