For most of your workers, money is the #1 stressor in their lives. As they try to focus on work, financial woes nag at them and reduce their ability to be productive. This anxiety translates to 13 hours of lost productivity per employee.
Why are they so stressed out? Here are some staggering statistics that bring it into focus:
- Their average credit card debt is $16,000
- Their average student loan debt is $37,000
- 52% of them would be unable to handle a $400 emergency
Workers are struggling to get by, knowing that they’re always on the edge of financial chaos. They fear little things that would rock their financial world: a car that needs tires, a broken leg, a leaky roof.
Plus, they worry about the really big stuff. U.S. workers’ top 3 financial fears are never being able to retire, always living paycheck to paycheck, and being in debt forever. The majority of them would agree that their financial situation could be described as “hopeless.”
Hurt vs. Help
Employers contribute to the problem by adding financial stress, without necessarily meaning to. While cutting costs, employers often increase the length of pay periods to semi-monthly or monthly. They might reclassify an employee based on new regulations, which affects pay or hours.
These events are management issues for the company, but can be financial catastrophes for individual families. A worker who always relied on receiving weekly paychecks could be unable to cope with monthly pay.
Making matters worse, company HR professionals aren’t typically equipped to help stressed-out employees solve financial problems. In these situations, a financial wellness company can provide more helpful solutions.
Best Money Moves
Let’s look at one popular solution: Best Money Moves offered by Integrity Data. Designed to be a sleek, intuitive, mobile-first solution, employers cover the cost for their employees in the spirit of providing a financially-helpful benefit to workers.
The tool helps employees measure and understand their existing cash flow situation, regardless of their level of financial skill. Using a unique content-mapping and rewards system, Best Money Moves encourages people to make healthy financial choices.
For example, workers can rate their current status by using the Stressometer, which measures stress in 14 categories. From there, they can begin to dial down their level of stress through financial problem-solving and organization.
The Stressometer is just one of many features in the program. People can also play contests, use quick checklists, win points toward prizes, and much more. If it sounds kind of fun, that’s because it is. Employees have very positive reactions to the program.
Case Study: Kenneth Young Center
At the Kenneth Young Center, which manages community mental health and senior services, Best Money Moves was a good move for their employees. Here’s how Cathy-Ann Romero, their human resources director, described it:
“Best Money Moves is an innovative, interactive and fun program that will engage your workforce in financial education. The majority of our employee population are young and experiencing first-hand living on their own, struggling to save while juggling living expenses. Best Money Moves helps our employees navigate these financial challenges.”
Taking a Deep Breath
With a financial wellness program like this in place, workers can finally take a break from feeling stressed for the first time in years. Through the program, they begin to see the light at the end of the tunnel. They may gain a deeper understanding of financial concepts like:
Years to retirement. Many workers don’t have a firm grasp on their number of years to retirement and what that means for them. But the reality is that even with a limited number of years left, they still have time to make positive financial changes.
Cutting and adding. Many people struggle to see opportunities to cut costs or add to their household income. A financial tool can guide them to reasonable solutions, like trimming entertainment expenses, scaling back short-term goals, and making extra money from hobbies.
Financial safety net. Although most Americans have less than $1,000 in their savings accounts, a financial wellness tool
can help them understand how to expand that safety net and find more long-term stability.
Could your employees benefit from a program like Best Money Moves? Contact Integrity Data to learn more.