Financial wellness

/Tag:Financial wellness

45% have not made financial calculations to understand their retirement needs

More than two-fifths (45%) of UK-based employee respondents have not made any financial calculations to understand their retirement needs, according to research by Mercer. Its Healthy, wealthy and work-wise report, which surveyed 7,000 adults and 600 senior decision makers from private and public sector organisations based across 12 countries in seven regions, also found that 79% of global employee respondents

4 Financial Paths To Enhance Employee Mental Wellbeing

Last year, 2017, was the year of employee wellness, with more company leaders embracing the concept in pursuit of higher levels of productivity, staff retention and increased profits. However, while physical and mental wellbeing are becoming a key business focus, financial wellness should also be a priority. Recent CIPD research revealed one in four workers believe money

How Paycards Are Helping Consumers Improve Their Financial Wellness During Tax Season

Technology advances in financial services continue to soar to new heights. They are a social utility and are creating new frontiers that impact sending, receiving and managing monetary transactions of all types. The user experience in payment transactions has greatly improved in functionality, design, and number of services. One of the things driving these advances

Can Firms Help Employees Make Better Retirement Choices?

Retirement savings plans have been in the news lately as Republicans eyed limits on the maximum pretax 401(k) contributions as a way to fund the cuts outlined in their tax proposal. The 401(k) plan has over the last two decades become the dominant way that Americans save for retirement, replacing the traditional pension. But employers

2017-12-03T16:48:35+00:00 Tags: |

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

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

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

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

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

Latinos Seeking Retirement Planning Assistance from Employers

More than half (71%) of middle-income Hispanics feel they are behind on preparing for retirement as opposed to 63% of the general population, according to a recent study commissioned by Massachusetts Mutual Life Insurance Company. However, the survey also found that 63% of Latinos wish their employers would provide a greater degree of education on saving

This New App Gives The Working Poor An Easy Way To Seamlessly Start Saving

For someone working at a minimum wage job, an unexpected expense–like a repair bill when the car they need to use to get to work breaks down–can be a crisis: only a small fraction of low-wage workers have at least $500 in savings. In the event of unforeseen expenses, many people turn to payday loans that

2017-10-08T15:47:22+00:00 Tags: , |

Financial stress of employees costs US $250 billion in lost time

A yearly estimate of around $250 billion in losses can be attributed to the effects of financial stress, according to new research. Employees spend an average of 13 hours per month worrying about fiscal security, and while employers are keen to focus on financial wellness programmes, earlier studies highlight that low wages are the key

Credit (Reality) Check: Employee Wellness Extends To Financial Health

Unexpected expenses are a fact of life. Whether it’s the washing machine suddenly breaking down or the car needing new tires, surprise bills hit us all. For those who are financially fragile – living from paycheck to paycheck and with little or no savings and credit – these expenses can be difficult to cover. All this uncertainty about paying the bills is adding up to stress.

Trending: Financial well-being in the workplace

Undue stress has a negative effect on health and a net-negative effect on the workplace. Certified Employee Benefits Specialist Stephen Miller cited a number of studies around the effects of financial stress on the workplace in his 2016 SHRM report “Employees’ Financial Issues Affect Their Job Performance.” When employees are stressed, they are more likely

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

​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