In one way or another, the coronavirus pandemic forced individuals to rethink their behaviors. From the way money was spent to the amount being saved, the disruption caused by COVID-19 demanded lifestyle and attitude adjustments.  It is not the strongest or the most intelligent who will survive but those who can best manage change.  -Charles Darwin Change is a good thing. Change can also be uncomfortable. If it were easy, everyone would do it. Continually improving your well-being requires...

Forbes states that “financial wellness is the ability to have a healthy financial life. It means your debts are payable and you have ample emergency, college and retirement funds. You’re well prepared to handle any financial crisis. [It’s] about feeling good about your financial health now and in the future.” The ‘now’ is a critical element when helping individuals regain and maintain financial stability. Financial wellness programs and services must help individuals tackle the financial...

An Ode to Creditworthiness It’s a challenging time Your finances may flail Improve your creditworthiness Don’t let the pandemic prevail. Free weekly credit reports Can keep you on track Take positive steps forward And don’t look back. Capacity, character and collateral Are key factors to consider Lenders hedge against risk Ensure your finances glitter. Now is a good time to utilize free weekly credit reports offered by Equifax, Experian, and TransUnion to ensure you’re keenly aware of the...

Due to the uncertainty brought on by COVID-19, many Americans are using far less credit than they were previously. According to MarketWatch, credit card debt fell $28.2 billion (30.9% annual rate) in March – the largest decline since January 1989. Even though Americans continue to shoulder the weight of this financial crisis, they are hesitant to take on more debt. 11% of employees have stopped paying down debt in an effort to support their immediate financial needs. Our data shows Americans...

Employees Fear Having to Postpone Retirement Prior to COVID-19, many employees were already struggling to successfully save for retirement, often prioritizing day-to-day expenses rather than saving for the future. 55% of employees expect to postpone their retirement due to their financial situation. Metlife’s Employee Benefit Trends Study reported that employees are significantly more likely to have poor financial health if they: Don’t have a defined retirement contribution plan (like a...

Circumstances we don’t have experience with can cause added stress, making it difficult to focus on the best way forward. The important thing is to keep moving forward. You don’t have to have all of the answers, but you can take small steps in the right direction. And you don’t have to do it on your own. It’s okay to ask for help. We’re all in this together. Don’t sit back and wait for life to happen to you. Have a plan and take the needed steps to create what you want Steve Maraboli ...

74% of employees are concerned about at least one aspect of their well-being as a result of COVID-19 (financial, social, mental, physical), and an overwhelming majority of them (52%) are most concerned with their financial health. How can you help your employees right now? Communicate. Inform your employees of current business objectives and forward-looking expectations. Make sure your employees are well-informed regarding the benefits available to them. This could include financial or...

Crises like this global COVID-19 pandemic we’re currently experiencing can cause individuals to experience immediate psychological and physical reactions to the situation. This is one of the reasons it is so important that the information we convey is accurate, relevant and timely. Misinformation can increase stress levels that are already heightened during the crisis. In the American Psychological Association’s Stress in America survey, 64% of adults identify work and 60% identify money as...

During this crisis, it’s encouraging to see companies, vendors, employers and employees coming together with the hope of mitigating as much financial hardship as possible. In addition to the government programs and funding assistance available, there are many other organizations offering assistance where they can. Depending on your current situation, here is a short list of resources you may find helpful: Mortgage forgiveness and forbearance options Auto insurance refund information Auto...

It’s going to take an entire organization supporting each other, both employers and employees, to ride out these tumultuous and unparalleled times. The past weeks have shown many positive examples of organizations and individuals rising to the occasion to selflessly help others in need during this pandemic. We’ve also been witness to the worst in human nature – the rise of opportunistic scammers quickly taking advantage of the chaos and uncertainty to prey on normally diligent,...