EL SEGUNDO, CA--(Marketwired - February 15, 2017) - Financial Finesse, the nation's leading provider of unbiased financial coaching and guidance offered to employees as an employer-paid benefit, announced the release of its official guide defining workplace financial wellness and answering common questions for employers around how to implement programs that truly move the needle in employees' financial wellness.
Liz Davidson, CEO and founder of Financial Finesse, says the term "financial wellness" has grown in popularity with both employers and employees alike, citing Aon Hewitt's recent Hot Topics in Retirement and Financial Wellbeing study which finds that workplace financial wellness programs are rising to the top of the benefits priority list: 92 percent of employers plan to help their employees with financial issues in 2017, and 84 percent of employers believe that "it's the right thing to do".
But with this fast-paced growth, there has also been a lack of clarity around the term and how to vet credible providers among the myriad of companies marketing themselves as solutions for helping employees improve their financial security.
In a personal letter introducing her guide, Davidson writes about why now is a critical time to address the dangers of a growing list of firms that are selling financial products and services under the guise of financial wellness programs:
"To have the kind of national impact that we believe is necessary to reverse the trajectory of downward mobility and create future generations of financially healthy people who are able to weather any economic or political challenges, we must better define and protect financial wellness so other organizations can follow suit. We must ensure that all workforce financial wellness providers act in the best interest of employees by following an established set of standards, or we run the risk of this movement becoming a euphemism for financial services companies, payday lenders, high-interest rate purchasing programs, and others who want to rebrand themselves to gain back trust they have lost."
Davidson believes it's important for all industry providers to protect the term, financial wellness, since these programs have proven to be a powerful driver of improving employees' financial security. Per the firm's research, 89 percent of employees take at least one positive action step to improve their finances 30 days after participating in a program, with some of the most common changes being: reducing credit card debt; reviewing asset allocations in their retirement plans; and making changes to the way they are investing. The firm's recent ROI analysis also found that employees with higher financial wellness scores on the company's Financial Wellness Scale™ had lower levels of financial stress, better utilized their employer-sponsored benefits, and had higher retirement plan contribution rates.
To download the Guide, go to https://ffinesse.box.com/v/FinWellnessGuide. You can also download commonly asked questions and answers at https://ffinesse.box.com/v/FinWellnessFAQs and an infographic around how to determine if a program is a true financial wellness benefit at https://ffinesse.box.com/v/Fin-Wellness-Infographic.
About Financial Finesse
Financial Finesse is the leading provider of unbiased workplace financial wellness programs in the country, reaching over 2.4 million employees at 600 organizations with holistic financial coaching and guidance that helps employees improve their financial wellness. The firm's programs cover every area of financial planning -- from basic money management to advanced estate planning -- and cost employees nothing out of pocket, since they are fully paid for by their employers. Financial Finesse's programs are proven to change lives, provided through a variety of channels such as live workshops, webcasts, one-on-one financial counseling sessions and a financial helpline by CERTIFIED FINANCIAL PLANNER™ professionals who do not sell any financial products or manage assets. www.financialfinesse.com
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