“Lots of companies don’t succeed over time. What do they fundamentally do wrong? They usually miss the future.”- Larry Page, Google Building a financially successful business is a good goal. Building a company that stands the test of time is a great goal. Building a company that leaves a positive legacy and is a company worth remembering for years to come is an even greater goal. A strong culture is the foundation for creating and leaving a legacy, as well as maintaining and growing the...

Financial wellness programs are becoming a staple in the employee benefit universe, and employers are seeking insight to offer the right program to their employees. But what should a successful financial wellness program encompass?  As a rapidly growing industry, we often lack a consistent definition of financial wellness. This leads to organizations believing they have implemented a comprehensive financial wellness solution when, in actuality, they may only be offering a few tools or services...

If you don’t have a pulse on the latest Fintech and employee benefit news, financial wellness is in every headline as companies rapidly roll programs into their benefit offerings.  If you aren’t familiar with financial wellness, it is generally used to describe the state of one’s personal financial situation. It includes an individual’s income, savings, retirement plan, debt, and other aspects of personal finances that create a holistic view of one’s overall financial health. Financial wellness...

Despite the fact that the United States is one of the richest countries, we also have the greatest wealth inequality.  Wealth is defined as the net worth of a family which includes things like income, savings, 401(k)s, and real estate. According to the Federal Reserve Bank of St. Louis, in 1989, the total household wealth in the U.S. was $32.87 trillion (2016 adjusted dollars). In 2016, the exact same measure amounted to $86.87 trillion. However, the wealth of the bottom 50% has decreased from...

Many employees are living with chronic financial anxiety and struggle. From rapid changes in the workplace due to automation to the increasing burden of student loan debt and the rise in everyday living costs, many American individuals and families feel suffocated by the financial system.  The growing cost of everyday living expenses is causing some Americans to question whether or not they will be able to retire comfortably, if at all. According to a 2019 study by GOBanking Rates, those that...

The biggest regret many people have is that they should have saved more and started saving earlier.  In your younger years, it seems you’ll never have enough money coming in to put some into a savings account. The hard truth: that rarely changes. You’ll always find somewhere the money can be spent.  The best way to start saving? Make it a habit. Start early and commit to a lifestyle of saving. If saving becomes part of your behavior, you’ll start there before you begin allocating money towards...

In our recent blog post, ‘What is Financial Wellness?’ we defined financial wellness as a term used to describe the state of one’s personal financial situation. One of the key phrases in that statement that we didn’t elaborate on is ‘personal financial situation.’  Financial wellness is personal. Financial wellness programs must be unique to each individual, tailored specifically to one’s current financial position. For a financial wellness program to benefit each employee utilizing the products...

According to the 2019 World Happiness Report, 34% of U.S. employees are without savings. Considering that 78% live paycheck to paycheck, this may not come as a surprise. What is surprising, however, is that one out of four of those without savings earn more than $160,000 per year. Financial stress is not just a “poor person’s problem.” Not only is it impacting society’s higher earners, but it is also having an impact on the companies where they work. Various reports cite businesses lose between...

When it comes to student loan debt, there are many options available to help you with student loan repayment. It’s imperative that you do your research and understand your options before you make a decision on the best student loan debt management plan. Federal vs. Private Loans You’ll first need to know if your student loan is a federal loan or a private loan in order to figure out your repayment options. You can easily determine if you have a federal loan by visiting the National Student Loan...

As we enter the fourth and final quarter of 2019, employee benefit trends for 2020 are emerging. Various media outlets and human resource analysts are forecasting the most desirable benefits that employers should add in 2020 if you want to keep your organization on the cutting edge of benefit offerings. It’s important to pay careful attention to these benefit trends if you want to attract and retain the brightest and the best talent. The front-runners for 2020 are pet perks, flexible work schedules,...