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SmartDollar è un programma di benessere finanziario progettato per aiutare i dipendenti a prendere il controllo delle loro finanze, ridurre lo stress finanziario e raggiungere un successo finanziario
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Tapcheck è un beneficio di benessere finanziario che consente ai dipendenti di accedere ai loro guadagni prima del giorno di paga. Disponibile senza costi per i datori di lavoro, Tapcheck utilizza un'
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FinFit was established in 2008 and currently services over 200,000 organizations across the United States. The company’s SaaS-based model provides holistic financial wellness services that include a p
Financial wellness software helps employers optimize financial wellness programs. These solutions provide employees with financial education and assistance to improve their financial wellness, resulting in improved employee engagement and productivity.
Key Benefits of Financial Wellness Software
From student loan debt to the cost of caring for aging parents, all employees experience high levels of stress related to financial burdens. As such, employees need financial planning benefits beyond the 401(k) or other retirement fund. In fact, many employees are so debt-logged now, they cannot focus on saving for the future. More and more employees are dipping into their retirement savings to help pay down student loan debt on top of the high costs of raising a family, buying a home, and so on.
According to the Consumer Financial Protection Bureau, 71% of employees claim that uncertainty about their financial situation contributes the most to stress, and 10% of employees have skipped work in the past year to address financial stress. Meanwhile, 66% of HR professionals claim that corporate wellness programs are the most important benefit they can provide to their employees to increase engagement and boost productivity.
Employers are increasingly implementing or enhancing their financial wellness initiatives, and as a result are experiencing higher employee satisfaction with benefits packages. Financial wellness programs help companies enhance employee engagement, improve productivity, and increase benefits participation.
Every employee at companies of every size in every industry can benefit from using financial wellness software. Financial wellness initiatives educate employees to increase their financial wellness. This occurs via a financial wellness platform that provides education, money management, financial counseling, and more.
Financial wellness solutions are an essential part of corporate wellness. These solutions help employees assess and address any financial issues they may be dealing with, including credit card debt, student loans, retirement savings, and so on. Beyond providing employees with insights into their financial situation, these solutions often offer education, access to financial coaches, budgeting solutions, and even access to loans if necessary.
Personalized dashboard — Employees can gain a real-time comprehensive view of their financial health from spending habits to debt payment. These dashboards can provide a view into all accounts, including 401(k), savings and checking account balances, HSA/FSA, and so on. This holistic view can help employees set goals and track their progress.
Personalized financial assessment — Private self-assessments help employees determine their financial wellness needs and identify areas that need improvement.
Financial education — Financial educational courses will help employees understand important financial concepts most relevant to their needs.
Budgeting platform — Budgeting tools help employees effectively manage their financial situation.These tools might include budget alerts or payment scheduling tools.
Financial analytics — Analytics can provide HR personnel and management with insights into how stressed their employees are and can also provide insight into program usage.
Financial coaching — On-demand financial coaching can guide employees through stressful financial situations.
Loans — Some solutions might provide employees with guidance on and access to loans for immediate financial relief.
Many financial wellness tools will also offer earned wage access capabilities.
Financial arrangements with financial wellness companies — Some wellness providers are owned or affiliated with companies, like insurance, that sell financial products, such as annuities, mutual funds, and so on. These products or services might come in the form of financial coaching sessions or personal financial wellness assessments. Employers need to verify that any financial wellness solutions provided to their employees are in their best interest and are not additional products being pushed onto their employees in the name of financial wellness.
Financial wellness companies’ main focus — If financial wellness vendors focus on a variety of solutions beyond financial wellness, such as corporate wellness or benefits administration, the quality of their financial wellness solutions might not be as holistic as employees are hoping for. Some companies include financial wellness solutions as an add-on to larger corporate wellness or benefits admin solutions and might not provide the personalized and in-depth solutions that can really help employees make the most meaningful financial changes and improvements.
Lack of certification — Some financial coaches are actually salespeople pushing financial products. When looking for a financial wellness vendor, businesses and HR personnel should look for vendors that employ certified financial planners or licensed coaches.