Financial wellness

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In a roaring economy, financial wellness is still needed

Low unemployment and the stock market’s record breaking run have yet to translate to higher pay for American employees. And with employers still reluctant to raise wages, the old saying “it’s not what you earn, but what you save” is becoming ever more prevalent. But saving money for most people is a challenge. One in

Millions of Americans Enduring Financial Nightmares in Secret

Americans are leading double lives when it comes to money — seemingly flush with cash and confidence on the outside, but shivering with financial fears on the inside. This is the sobering conclusion from Nonfiction Research in its report, “The Secret Financial Lives of Americans and the Future of Financial Services.” More than 2,200 consumers

Examining the Root Causes of Financial Stress

In addition to evaluating participant financial stress levels, a new OneAmerica survey also looks at the specific factors causing participants to experience financial stress. Two in three retirement plan participants indicate they have moderate to very high levels of financial stress, according to recent client polling conducted by OneAmerica. The firm finds one in five

5 Awesome Budgeting Apps For 2018 And Beyond

If you feel like your finances are out of control, it’s likely that you’re not using a budgeting tool, and today’s best budgeting tools are apps. It’s no surprise that so many who feel helpless with money aren’t using the tools available to them. Let’s solve that. Below are five apps that will get you

The biggest obstacle to America’s retirement security

Despite what we hear from uninformed politicians, conflicted lobbyists, the pandering mass media and most of the 401(k) industry, the biggest obstacle to solving the retirement crisis is the lack of engagement among the senior management at companies that sponsor retirement plans. To understand better, let’s review the philosophy behind and the history of the

Middle Class Workers May Struggle to Stay Afloat in Retirement

The Schwartz Center for Economic Policy Analysis at the New School estimates that roughly 40 percent of Americans, or two out of every five who are currently considered middle-class based on their income, will fall into poverty or near poverty by the time they reach 65. The authors of the study defined middle class as an individual

Retirement ABCs: How employers can help baby boomers prepare

Seventy-four million: That’s the estimated number of baby boomers, according to the U.S. Census Bureau. And 66% of baby boomers are working past traditional retirement ages for a variety of reasons. Some feel they can’t afford to retire, particularly with the looming high costs of healthcare; others may choose to work longer to keep their

How to improve your financial wellness strategy

You could consider financial wellness to be the most important employee benefit around. However, whilst helping your employees understand and improve upon their personal financial situation is an honourable diversion, if employers don’t approach the situation with tact they could miss the mark entirely. And, despite the fact that financial woes weigh heavy on the

Financial wellness in the age of anxiety

One of the hottest topics in corporate boardrooms and among HR professionals these days is financial wellness. There is now a wealth of evidence that employees who feel financially secure are more engaged and productive. The opposite is also true – financially stressed workers are much more likely to take days off and be distracted and unproductive

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

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

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

Delivering meaningful financial wellness to employees

Employees want to improve their financial literacy and reduce the stress that they experience due to personal financial issues. Employers know that they have the ability to offer financial wellness programs and that these programs will provide multiple benefits to workers and the corporation alike. Agreeing on these facts could lead to the conclusion that

More Buzz Than Action With Financial Wellness?

When I talk to employers about financial wellness, heads nod in unison and there is agreement on the fundamental concepts. Employees with less financial stress are healthier, more productive, stay longer and cost the company less money. So where does the conversation break down between we all agree this is a great idea and getting a

New report details experiences of graduates with student loan debt during the Great Recession

 A new report prepared by RTI International for the National Center for Education Statistics provides important insights about rising student debt and its consequences for students who graduated from college during the Great Recession. The study details a variety of post-college outcomes for students who graduated with a bachelor’s degree in 2007-08, reflecting graduates’ perceptions

2018-05-02T16:57:06+00:00 Tags: |

5 ways employers can help improve employees’ financial literacy and wellness

How do interest rates work? What is the best way to get a handle on paying off debt? What are the basic principles of long-term investing in stocks and bonds? If your employees are unsure of how best to answer questions like these, they’re not alone, according to a study by the FINRA Foundation. In fact, the

The Stubborn Wealth Gap Between Men and Women

The #MeToo movement has shed light on the gender gaps that exist in wages and representation in executive suites across industries. But there’s another, even larger gender gap that doesn’t get as much attention: the wealth gap, according to a new report by Bank of America Merrill Lynch and Age Wave, a consulting firm focused

Moving from the idea of financial wellness into a plan of action

Financial wellness is a hot topic but employers and plan sponsors need do more than have a conversation. They have to realize that a worker with serious financial problems is not as productive as they should be and may not retire on time. Plus, moving from just talking about employees’ financial worries and creating a