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Employers need to look beyond the traditional benefits package and look for companies with innovative ideas in providing services that help employees with better managing their personal finances, solving their problems of today, and setting them on a ramp to success and savings.
The financial stress experienced by hourly workers isn’t relieved by standard HR financial wellness programs like retirement planning or health savings plans.
The average employee net promoter score amongst PayActiv users is 73, which means 8 out of 10 employees respond that they would recommend their place of work to others.
PayActiv has simply built a guardrail for employees via which they have resolved the problem of between paychecks financing.
71% of employees say they suffer from sever financial stress and 1 in 3 say that worrying about money matters effects their work. Employers can help employees break this cycle.
According to Fox News Health, a 2014 study by PriceWaterhouseCoopers found that nearly half of working adults feel financial stress.
When the financial markets imploded in 2008, I learned quickly that there was more to financial stress than I had once known on Wall Street.
Through innovation and by building strategic alliances, together with banks and large employers PayActiv is helping businesses achieve their objectives while bringing financial wellness to their employees.
A worker with the means to 1) access their income, 2) be prepared for unexpected financial obligations, and 3) save what they earn, will ultimately achieve financial dignity.
If a workplace is able to create an environment that leads to an increase in employee self-confidence and self-worth, it can potentially result in an inherent desire for the workforce to deliver it’s best.
Nearly 1 in 4 US adults admit they are unable to pay all of their bills on time. In fact 25% of millennials get help from their parents just to pay their phone bills.
Some programs that are packaged as financial wellness benefits can be detrimental to employee financial well-being. These products are often masked and positioned as benefits but in reality are incomplete offerings, create negligible value addition and encourage unnecessary expenditure.
But will these proposed reforms eliminate the need for payday loans? In some manner these regulations legitimize them. The right method should be to identify the crux of why payday loans are popular and then develop a solution.
Even after human resource managers invest heavily in planning and implementation, there is no guarantee that employee uptake and usage will be promising.
I scurried out of work that evening at 5pm to drive to the payday loan office, realizing that I took one expensive loan. It took me a day of earnings to only accumulate the fee associated with the loan I had a week to payback.
Felipe is 40-years-old, a machinist in New Jersey and the breadwinner of his household. He has very little in savings, no credit card, and struggles on a weekly basis to make ends meet and provide for his family.
I urge all individuals who see themselves as leaders, to use your powers for good. Make decisions that create environments of safety and security for everyone. Leaders, you are in a unique role to transform a culture.
Middle class was still struggling, I got that – but what I was ill prepared for was the raw manner in which these headlines translated into difficult and unimaginable choices for working families in the world’s most advanced economy.
No, it wasn’t identity fraud, which while truly a hassle, would relieve me of responsibility. It was pure user error. My son’s summer camp payment hit the wrong account.
Research shows that 24% of employees are distracted at work due to finances and 71% of employees identify money as a source of stress.