Enhancing Your Team’s Well-Being with Comprehensive Financial Wellness
Employees are worried about their finances. And they don’t just worry about them in the evenings and on weekends. They do it during working hours too. Couple that reality with the increased stress caused by the pandemic, and it’s no wonder your workforce could use some real financial help.
Good news… we have a solution: GoalPath® Financial Wellness. It’s the marriage of cutting-edge financial wellness technology with the unrivaled effectiveness of unlimited coaching sessions with CFP® practitioners, and it’s available to be rolled out to your employees today!
More than meets the eye
Many employees struggle with the basics. In a recent 2020 study, 47% of respondents admitted having difficulty finding an extra $250 for emergencies and had to instead resort to using a credit card. [1] Just under 50% of American households carry a revolving balance on a credit card, with those living in the Western US having the highest average balance (~$7,000).
Beyond credit cards, there is the ever-growing snowball of US student loan debt that is just about to surpass the $1.6T mark. [2] Then there are members of the "sandwich generation" who are burdened with dividing their limited resources among themselves, their children and their parents, while still trying to prepare for their own retirement.
Each employee demographic is struggling with their own financial challenges, which is why a dynamic financial wellness program needs to span the generations and provide potential solutions for each situation.
How can employers help?
Not only do employees want help, but employers want to provide it. A recent study conducted by MassMutual found that 86% of employers felt responsible for their employees’ financial well-being. [3]
That said, the same study also found that 71% of employers felt that their employees are facing financial issues that are not being addressed by their current retirement/benefit offerings.
Enter GoalPath®, a comprehensive Financial Wellness solution that marries a cutting-edge technology platform with the unrivaled effectiveness of unlimited coaching from CFP® practitioners.
Here are the four key features of the GoalPath® solution:
Content Library. A host of tools, articles and videos curated by artificial intelligence to meet your employees’ specific goals and needs.
Goals Management. The ability to identify and manage short to long-term financial priorities and establish recurrent reminders to keep them top of mind.
Account Aggregation. The ability for employees to access live-time updates on accounts and assets, so that they can finally see “the whole picture.”
Financial Coaches. Tools are great. But without an accountability partner, they often don’t get used. GoalPath® CFP® coaches help employees to better utilize the technology as well as issue spot in the areas of budgeting, debt management, taxes, savings and asset protection.
Being an employer of choice
Joining the employers that offer a comprehensive Financial Wellness program, like GoalPath, can help you cultivate and maintain a happier, healthier and more productive workforce. And what’s good for your people is also good for your bottom line.
To learn more about how GoalPath can help you to attract, retain and inspire your team, give us a call or send an email to 401k@porticowealth.com.
[1] C. J. Marwitz. “Employee Financial Wellness: Looking Ahead to 2021.” BenefitsPro. December 4, 2020.