Employees in America are struggling with their money, and they need real help. They’re being taken advantage of by predatory lenders. And they’re drowning in student loans and credit card debt.
These money problems don’t stay at home either—they follow your employees to work! That means your company is stuck dealing with the costs of distracted workers, higher turnover and higher health care costs. These are symptoms of a larger problem: Your employees’ financial lives are a mess.
This is what they’re dealing with:
of Americans live
paycheck to paycheck.¹
of Americans can’t even
cover a $400 emergency.²
of Americans have less than
$10,000 saved for retirement.³
With 60% of Americans stressed about money,⁴ the future feels bleak. But there is HOPE.
American workers want help, and they want it from their employers.
What Is Financial Wellness?
Financial wellness is taking control of your money so it doesn’t take control of you.
True financial wellness is when your employees:
Have control over their day-to-day finances.
Have enough cushion to handle most financial emergencies.
Are out of debt and able to manage their expenses without using a credit card.
Are on track to meet retirement and savings goals.
You experience true financial wellness when you’re sticking to a budget, have saved a fully funded emergency fund, have eliminated all debts, and have planned for and are saving for retirement.
But that’s not all. Practicing financial wellness is a lot like exercise. You have to continue to work those money muscles to keep yourself financially well. Financial wellness is a process—and the habits you create will help get you there. And we believe that anyone at any point in their lives can achieve financial wellness. It just takes the right tools, commitment and some encouragement along the way.
What real financial wellness is not:
A short-term fix
or pay advance
Easy access to
more debt or loans
and payroll deductions
True financial wellness happens through hard work and dedication.
There’s no quick fix. It's more than just a budgeting tool or financial seminar. Unfortunately, some “benefits” companies will tell you otherwise. They talk about financial flexibility like it is financial wellness. They push dangerous debt products designed to make your employees comfortable with bad money habits.
What many of these so-called solutions really want is for you to just check the financial wellness benefit box and give them your money. Meanwhile, their models of measuring return on investment (ROI) fail to focus on the right results—if they even have any results! Stay away from these predatory companies for the sake of you and your employees.
The right financial wellness benefit can bring real life-change to your employees. That means they’re happier and healthier—and that also benefits your bottom line.
Companies who invest in their employees’ financial wellness see:
and lower turnover
More participation in
the retirement plan
You need a financial wellness program that actually works.
SmartDollar is the only financial wellness solution that helps employees change the way they handle their money for a lifetime!
1. CareerBuilder, 2017
2. Federal Reserve, 2019
3. Ramsey Solutions, 2019
4. American Psychological Association, 2019