Financial wellness programs

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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

Study: 94% of US and UK workers report high work-related stress

Dive Brief: All but 6% of 1,600 U.S. and U.K. workers said they suffer from stress, and at least a third of them said they’ve experienced “high” or “unsustainably high” stress, according to a new study by Wrike, “The Stress Epidemic: Employees Are Looking for a Way Out.” The study found that respondents are refusing to tolerate high levels of stress.

How to raise the bar for financial wellness

HR professionals are always on the lookout for the best in employee benefits – more specifically, a robust well-being program for companies who truly want to help their teams get in better shape financially. It’s no longer possible to ignore the ongoing personal finance crisis that’s affecting the lives of millions of American workers. Many employers already have a financial wellness

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

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

How to help millennials tackle 2 major financial pain points

Stress. Shame. Confusion. Embarrassment. That’s what comes to mind for millennial employees when they think about their personal finances. It’s draining employees’ ability to stay focused on the work at hand and maximize their creativity and productivity. According to a 2017 PWC Employee Financial Wellness Survey, 65 percent of millennials reported being stressed about their finances. Additionally, approximately one-third

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

Financial wellness popularity on the rise

The number of financial wellness programs offered by employers is skyrocketing, as workers clamor for help in increasing financial literacy and improving their financial wellness. The percentage of employers offering financial wellness programs rose to 83%, up from 20% two years earlier, according to Prudential’s 10th Benefits and Beyond: Employer Perspectives on Financial Wellness study. And

Financial Wellness Programs: How Employees Benefit

Every employee in America has, at one time or another, felt stressed about the same thing: money. Changes in the healthcare system, tax reform and employer plans are impacting us all. As a result, more and more employees, regardless of age, career or income are turning to their employers for help with their own pP.

Employees might lack more financial skills than plan sponsors suspect

Financial wellness programs and efforts to educate employees on retirement plan ins and outs notwithstanding, employers may not be giving employees what they need to navigate the intricacies of finance. What they really need are skills they should have gotten years ago. That’s the conclusion of “The financial skills of adults across the world,” a

Guess What’s Taking a Toll on Financial Wellness?

Employers are taking steps to improve the financial well-being of their workforces – but there’s evidence that some of their efforts could actually be creating more financial stress for workers. A new report from the nonpartisan Employee Benefit Research Institute (EBRI) notes that move toward consumer-driven health plans (CDHPs) and high-deductible health plans (HDHPs) may be

Companies Pay Workers to Get Savvier With Money

A growing number of companies are paying employees to get their financial lives in order, reflecting concern over the impact money problems are having on employees’ stress and productivity levels. Aetna Inc., AET -1.27% Pitt Ohio LLC, SunTrust Banks Inc. STI -0.10% and others are handing out cash and other inducements to workers who take steps to shore up their finances by reducing debt,

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

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

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%

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