*This article was last updated April 1, 2020.
Mortgages, rent, student loan repayment, utility bills, childcare and trips to the grocery store — the list goes on. These are only a few of the expenses your employees encounter on a weekly and monthly basis.
It’s no wonder 78 percent of Americans are living paycheck to paycheck External Site.
Even if your company is offering competitive salaries and benefit packages, the expenses continue to pile high.
According to BenefitsPro External Site, 60 percent of employees in the U.S. say they are financially stressed — more than all other life stressors combined. Studies show when employees are financially stressed, they are less productive, more distracted, produce lower-quality work and have poorer relationships with their coworkers.
U.S. businesses are losing $500 billion a year due to employees’ personal financial stress.Source: Salary Finance External Site
Not only should employers (like you) be concerned about this problem, you should be finding ways to solve for your employees — especially since they are spending more time at work than anywhere else.
A financial app completely free to you and your employees
We realize not all companies have the luxury of affording a comprehensive financial well-being solution. That’s why we’ve done the hard work for you and found reliable, cost-effective solutions to meet your business (and employees) wherever they may be.
The free financial app your employees can use now: EveryDollar External Site
By encouraging your employees to sign up for EveryDollar — for free — they can begin creating a monthly budget that helps them achieve their financial well-being goals. Employees can copy one month’s budget to the next and adjust whenever they need to. So, for example, if your employees are planning a team outing or happy hour, they can move money around to make room for it. Your employees will experience less physical and emotional stress.
The best part(s)? Not only is it free, your employees can create their first budget in less than 10 minutes!
Want more free content to share with your employees to bring them on their way to financial health and well-being?
- Everything you need to know about budgeting External Site
- How to stick to your budget External Site
- How to Save Money: 20 Simple Tips External Site
If your workplace is ready for the next step in financial well-being
Did you know Wellmark Blue Cross and Blue Shield have partnered with SmartDollar®? Watch their latest (and free) webinar, "Bringing Financial Wellness to Your Employees," External Site to learn about the impact a real financial well-being solution can have on your employees, and the free resources available to you (client or not) during COVID-19.
Most financial well-being programs out there only focus on treating the symptoms of inadequate financial health. But with SmartDollar® External Site, your employees will receive a holistic step-by-step plan proven to get to the root of financial insecurity. Over the past 25 years, SmartDollar has helped millions of people change the way they handle money. Not to mention, they have a proven track record of success with numerous well-known companies around the world.
Here’s how SmartDollar works:
- Actual results. After more than one year in the program, an average SmartDollar user reports an average of $16,200 in debt paid and dollars saved.
- Simple steps to financial security and well-being. SmartDollar believes personal finance is 80 percent behavior and 20 percent knowledge. Their plan offers seven “Baby Steps” to help your employees make smart choices with their money by focusing on one goal at a time.
The best part of SmartDollar is that it can help every employee within your business. From the C-Suite (yes, they struggle with money, too), to your front-line employees, everyone can receive the education and support needed to create a healthy financial future. Psst..SmartDollar is fully digital, so it’s easy for both your employees and business to thrive.
Want more information about adding SmartDollar to your suite of workplace well-being programs? Search and download form M-2020306 by visiting the Wellmark Marketing Toolkit Secure Site, or email us at firstname.lastname@example.org Send Email.