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FinFit’s Solution for Employee Financial Health

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By Gabrielle Karol
#mysbc
Published March 18, 2014
FOXBusiness

Small Business Spotlight: FinFit

Who: David Kilby, President

What: A benefits provider focusing on employee financial wellness

When: 2010

Where: Virginia Beach, VA

How: FinFit bills itself as a financial wellness benefits provider. The company helps businesses provide short-term loans to staffers. Employees pay back the loans over a period of time through automatic payroll deductions.

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FINFIT SURVEY REVEALS TOP 3 EMPLOYEE WANTS IN FINANCIAL WELLNESS PROGRAMS

March 12, 2014 admin

A recent survey revealed that ease of use, quick loan approval and availability of funds, and simple online tools landed at the top of the list.

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Financial Education of 401K Plans are a Top Priority

Financial education of 401kTraditional pensions have mostly faded from the retirement landscape. American workers have been challenged to take on more responsibility for their financial future. Employer sponsored 401(K) plans with a company match have replaced pension plans as the primary retirement benefit.

A study by Pew Health Initiatives indicates that workers bear more investment risk and make more of their own decisions about their retirement savings. Some workers have thrived under this more individualized approach, amassing sizable balances in 401(K) plans. For others the 401(K) revolution has fallen short of its potential. Work, family and the immediate challenge of living paycheck to paycheck has distracted them from the need to save and invest in the future.

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Survey Reveals Top 3 Employee Wants in Financial Wellness Programs

Financial Wellness ProgramsA recent survey revealed that ease of use, quick loan approval and availability of funds, and simple online educational tools are important components of an employee financial wellness tool.

In an effort to improve overall customer experience and satisfaction, FinFit surveyed online visitors enrolled in its program, inquiring about which aspects were most important.

The results showed that a program aimed at improving financial literacy and increasing fiscal stability must include the following key factors.

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