Are You Harming Your Business by Ignoring Your Employees’ Financial Wellness?

How well do Americans manage money?

A recent Prudential report stated that 63% of Americans do not have a “rainy day fund” large enough to cover an unexpected expense of $500. And, 78% of people who participated in the Prudential survey said they don’t feel financially secure.  

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Benefits of Direct Deposit for Employers and Employees

Keeping direct deposit enrollment rates up has positive implications for both an employee and employer. Time, money and frustration can all be spared if employers offer direct deposit, and if employees utilize the benefit. Even more is the fact that your employees have a unique opportunity to kick-start their financial wellness by using direct deposit as a financial strategy — which in turn creates increased engagement and productivity for an employer.

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Give the Gift of Financial Wellness This Holiday Season

The holidays are a time for family, friends… and increased spending. In fact, national spending will be at a historic high. The National Retail Federation expects holiday retail sales in November and December – excluding automobiles, gasoline and restaurants – to increase between 3.6 and 4 percent for a total of $678.75 billion to $682 billion, up from $655.8 billion last year. This will be the highest it’s been since 2002.

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Do Financial Wellness Programs Work to Benefit Employees?

Financial wellness programs at the workplace have gained popularity over years. In a recent Bank of America survey, nearly three-quarters of 1,020 plan sponsors surveyed believe that financial wellness solutions will be standard elements of benefits packages in the future. It is also suggested that large companies will lead the way in implementing programs.

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