Financial Health

Financial Well-Being

Financial well-being has been defined as anything between financial security and financial freedom, including being debt free or having enough savings to handle unexpected expenses. Simply stated, financial well-being is not being stressed about money. 

Over the last few years, employers have increasingly recognized the need to address their employees’ financial wellbeing. The number of organizations offering financial wellness programs has risen by over 60% in the last two years, with 14% more planning to offer a program in the next two years. And with 62% of Americans reporting money-related stress, the investment is worth it.

Impact of Financial Stress

Financial stress has been connected to a variety of mental and physical health issues, including migraines, cardiovascular disease, insomnia, depression, and anxiety. The PwC 2018 Employee Financial Wellness Survey found nearly one in four employees were distracted at work by financial issues. Of this employee group:

44% spend three hours or more each week dealing with financial matters at work

15% are likely to miss work to handle financial matters

34% have cited health issues related to their financial stress

44% Spend Three Hours or More Each Week Dealing With Financial Matters at Work

Addressing Financial Well-Being

Employers have the opportunity to improve their employees’ financial well-being by addressing their main financial concerns. Half of employees are most concerned about having enough savings for unexpected expenses, according to the PwC survey. Millennials and Generation Xers worry about not meeting monthly expenses, and baby boomers are more concerned with retirement.

Thankfully, there’s good news. When employers offer financial well-being resources, employees use them. In the PwC survey, of the 35% of employees who said their employer offers personal finance benefits, nearly two-thirds said they’ve benefited from the services. With fewer financial worries, employees have more mental capacity to focus on their work.

YOUR SOLUTION

There are a variety of tools to improve employees’ financial well-being and drive high ROH. These benefits include:

Identity theft protection, to avoid the associated loss of finances and credit destruction

Credit inquiry activity alerts

Document replacement assistance when identification documents such as Social Security cards, birth certificates, passports and driver’s licenses are lost, stolen or destroyed

One bureau credit report, credit score and monitoring

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Disclosures:
Behavioral Health visits and Dermatology consultations are not available 24/7/365. Behavioral Health visits will be scheduled. Behavior Health visits are not available to minors. All Behavioral Health specialists may not be available in all states. For dermatology consultations, members must complete a Dermatology Intake Form and upload a minimum of three images through the secure message center before each initial consultation. Dermatology is not available in ID or ND.

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DISCLOSURES

This program is NOT insurance coverage, not intended to replace insurance, and does not meet the minimum creditable coverage requirements under the Affordable Care Act or Massachusetts M.G.L. c. 111M and 956 CRM 5.00. It contains a 30-day cancellation period, provides discounts only at the offices of contracted health care providers, and each member is obligated to pay the discounted medical charges in full at the point of service. For a complete list of disclosures, click here. Discount Plan Organization: New Benefits, Ltd., Attn: Compliance Department, PO Box 803475, Dallas, TX 75380-3475.

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Not available to UT, VT or WA residents.