We’ve come a long way in addressing financial education. Gone are the days where we read articles and take courses in basic money management. Over the past several years, technology has been developed to assist consumers in learning about financial wellness and making more informed decisions.
However, the stigma associated with money management can be rather stressful by itself and let’s face it – not as much fun as we’d like to it to be.
However addressing the issue of financial wellness is a priority that many need to face in today’s economy and technology is now making the concept of money management more fun and engaging. Online tools are now regularly available to help employees understand the fundamentals of managing their finances, while at the same time encouraging improved fiscal behaviors.
According to PwC’s 2016 Financial Wellness Survey, financial stress is on the rise with 52% of employees sharing how difficult it is to manage their finances. This is a 4% increase from 49% in 2015, where the major financial concern was not having enough funds in case of an emergency.
Job security and lower healthcare costs topped the list of topics that would most help employees achieve their future financial goals. Well over half of those surveyed believe that the next generation will be in a worse position financially than the current generation.
To address the issue of financial stress, many employers are instituting financial wellness programs. Their challenge is ensuring that these programs are engaging their employees in a way that best benefits their specific financial situation. In short, employees need more than just basic ‘Financial Education’… they need a personalized digital program that encourages appropriate fiscal behavior.
Providing an individualized financial program to each employee can be a rather daunting task for an employer, so they look to the professionals with years of experience in financial wellness technology to provide solutions for the company.
By making financial wellness fun and informative, people of all ages learn more quickly about managing their finances, and making more qualified decisions regarding their specific financial situation. This, in turn, leads to reduced stress and higher productivity at work.