The plight of the caregiver and how a financial wellness program can help

The plight of the caregiver and how a financial wellness program can help

The plight of the caregiver and how a financial wellness program can help

Jean, a longtime employee with a track record of dependability has recently started to miss work, is distracted and always seems tired. Jean’s manager has noticed these changes but isn’t aware of Jean’s growing role as caregiver. Jean’s aging mother is now requiring increased daily care and her adult son, struggling to afford his student loan debt, has recently moved back in with Jean and her husband. Jean is a member of a growing population of American workers who are supporting adult children, caring for an aging adult or, as in Jean’s case, supporting both at the same time. About one in seven middle-aged adults, known as the Sandwich generation, provide financial support to both children and aging adults.1

Forty-two percent of U.S. workers have cared for an aging adult in the past five years. This number is expected to increase up to forty-nine percent in the next five years.2

Almost thirty percent of adult children ages twenty-five to thirty-four live with their parents.2 An alarming number of parents, at least fifty percent, say they’ve gone into their retirement savings to financially assist their adult children.3

Impact on the Caregiving Employee

Providing financial support for her son, caring for her mother, spending time with her husband and working full-time is taking a toll on Jean. Caregivers spend an average of twenty four hours per week providing care.4 She is stretched thin and both she and her husband are feeling increasingly strapped financially. Jean is dealing with burnout. The daily demands of trying to be a good spouse, parent, daughter, and employee are too much and Jean’s own health is starting to suffer. Caregivers often face a sense of isolation and loneliness, emotional states that can lead to heart disease and stroke.5

Impact on the Caregiver’s Employer

While managers may notice the change in an employee’s work performance and increased absenteeism, they may not know the reason why. Like mental health, there is a stigma associated with caregiving. Twenty-three percent of caregivers surveyed experienced a workplace stigma in being a caregiver.6 Employees fear this label could negatively impact their careers. Only a little more than half (fifty-six percent) of caregivers report their work supervisor is aware of their caregiving responsibilities.7

Employers of caregivers are impacted by absenteeism and tardiness. Forty-nine percent of caregiver employees are either absent, tardy or leave work early based on caregiving responsibilities.8

Healthcare costs are impacted. Caregivers cost employers an estimated eight percent more—or $13.4 billion per year—in healthcare costs than non-caregivers.9

Add these factors to lost productivity and the expense of recruiting and training new hires to replace caregivers who leave their employers, and the cost to organizations becomes nearly $38 billion annually.10

How can employers support caregiving employees?

Employers can help their caregiving employees by first recognizing the signs such as a sudden increase in absenteeism, or the appearance of being frequently distracted or tired at work. Remember, due to the stigma of being a caregiver, many of these employees aren’t going to be forthcoming about the challenges they are facing. Next, review all of your employee resources and put together an overall solution to help support these employees.

How can offering a financial wellness program help caregiving employees like Jean?

A financial wellness program can help support caregiving employees where they are more uniquely affected in the four financial pillars of spend, save, plan and borrow.

An account aggregating tool that links all of the employee’s financial accounts in one place will help the employee quickly see where their money is being spent and what is being saved. Because accounts are linked, time isn’t spent monitoring multiple accounts (or worse, having no visibility), and employees are in a better position to set spending limits on their children. By setting up account alerts and automated bill payments, they’re able to save time and reduce the risk of late payments.

A prepaid card could help the caregiver with providing their adult children set amounts for spending, reducing the need to visit an ATM.

Educational courses can help them plan for the growing needs of the adult they care for. Caregivers often need to understand what it means to be a financial caregiver, with responsibility for legal matters such as updating wills, durable power of attorney, healthcare power of attorney and healthcare directives. They also need to be aware of potential elder fraud.

For caregivers with adult children, education regarding student loans as well as student loan services may lessen the family financial burden. For caregivers who also have younger children, courses about saving for college and 529 plans could be helpful.

It’s also important to provide education and budgeting calculators pertaining to 401(k) plans. Help your employees protect their retirement savings by arming them with the tools to make informed decisions. If your financial wellness program includes financial solutions such as early wage access or short-term emergency loans, make sure your caregiving employee knows of these options before a 401(k) is raided.

Caregiving employees need the support of their employers. Being able to understand the challenges placed on these individuals can help to identify which of your employee benefits they could utilize. No benefit offering will solve all the employee’s challenges, but financial wellness solutions can very well reduce the burden while showing you care.

We invite you to check out FinFit.
Contact us to learn more.

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Kristen Stringer

Vice President of Banking & Credit Services

Kristen Stringer came to FinFit in 2010 and has been instrumental in the development of the proprietary FinFit systems and processes. Kristen served as FinFit’s Director of Operations for 7 years before being promoted to Vice President of Banking and Credit Services. She is responsible for managing strategic partners including the Celtic Bank and Ares credit relationships, in addition to establishing new relationships in the sponsor bank market. Kristen also oversees the underwriting and credit areas and is involved with development of underwriting models and new credit products, expansion of credit offerings, auditing and compliance, and the overall performance of credit products.

Kristen holds a bachelor’s degree in business with a concentration in finance, and is currently pursuing her MBA at Old Dominion University. She began her career at HSBC Bank in the customer service and collections departments and later was responsible for process improvement and project management. She was selected to lead numerous special projects including a foreclosure avoidance project that liquidated over $2 million dollars in less than three months. In her spare time, Kristen enjoys photography and is an avid sports fan.

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David Kilby

President/CEO

David Kilby has been President/CEO of FinFit since its founding in 2008. He has grown the company from a single idea into the nation’s largest, most comprehensive Financial Wellness Benefit platform. Chosen as one of the top 100 companies to work for three years in a row (2014-16), FinFit pursues a mission of changing employees lives one employee at a time. Prior to FinFit, David led a multi-million-dollar financial institution holding company, where he was inspired to find a way to help employees get more financially fit. At KPMG Peat Marwick, Norfolk, Virginia, he worked with a variety of public and private organizations in a variety of industries including automotive, chemical manufacturing, consumer finance, managed health care, retail, real estate and wholesale organizations.

David received his CPA designation in the Commonwealth of Virginia in 1991 and graduated from Old Dominion University. Today he serves as the President of the Ability Center of Virginia, a charity devoted to helping children and adults with disabilities serve productive lives. He is also an active member with the Young Presidents Organization, an active Board Member of Old Dominion University Business School, a member of the American Institute of Certified Public Accountants and Virginia Society of Certified Public Accountants.

Jennifer Creech

Senior Vice President of Strategic Partnerships

Jennifer Creech brings more than 20 years of sales and marketing experience to FinFit. Jennifer is accountable for the overall sales initiatives, client acquisition and strategic relationships. She is also responsible for client retention strategies and the development and management of sales agents.

Jennifer previously served as VP/Director of Marketing at Bank of Hampton Roads/Hampton Roads Bankshares, Inc. As an officer of the bank, she was responsible for the development and implementation of the bank’s sales and marketing programs and was a member of the Retail Leadership Committee to expand the retail banking division.

Jennifer is currently the President of It’s A Surprise and offers support to various community charities.

Kristen Gaskins

Director of Client Engagement and Awareness

Kristen Gaskins brings more than 20 years of sales and marketing experience to her role as Director of Client Engagement and Awareness. She leads a dynamic team of onboarding specialists whose focus is ensuring employers understand the benefits of FinFit and are ready to roll it out to their employees. She works closely with the FinFit marketing department to craft and measure the omnichannel onboarding experience, working to retain and engage existing partners, clients and employees.

She’s a Virginia Beach native who enjoys travel and cooking, just not at the same time.

Cliff Kiel

Senior Vice President, Sales

Cliff Kiel brings almost thirty years of industry experience to the sales team. He joined the company in 2017 to oversee new revenue channels for the business. Cliff is based in Atlanta, Georgia, overseeing sales and business-to-business prospect marketing. Cliff leads the broker and employer growth strategies for the company.

Prior to his tenure with FinFit, Cliff served four years with Purchasing Power as Vice President, and General Sales Manager. He was instrumental in onboarding many Fortune 100 clients. Under his tenure leading the sales team, the company's revenue doubled and he recorded record sales years for the organization. Prior to Purchasing Power, Cliff worked for leading health and welfare companies such as MetLife, United HealthCare, CVS Caremark, Cigna, Value Options, and Alere.

He earned his BA degree from the State University of New York at Oneonta, and his Certificate in Healthcare Management from the State University California, Irvine.

Cliff has been a featured speaker at the annual Voluntary Benefits Conference and many other leading conferences.

Paul Grosch

Chief Technology Officer

Paul Grosch is a seasoned technology executive with over 20 years of experience growing business through software development, infrastructure management, data analytics and customer support. He brings a wealth of experience with strengths in areas such as technology process standardization, measurement and disciplined innovation. Paul has worked across a broad spectrum of industries including construction, retail, hospitality, financial services and Department of Defense.

Paul joined the FinFit team in Q3 2018. Prior to joining FinFit, Paul served as the Vice President of Information Technology for Gold Key Hotels and Resorts, the largest and most demanding hospitality developer, owner and operator in the Mid-Atlantic. Paul led the technology team through a series of rapid growth, innovation and exit cycles. This included the $168MM sale of Gold Key Resorts in and recent sale of oceanfront Hilton properties valued over $87MM. Paul has also led state of the art development projects within Lockheed Martin and the Department of Defense.

Paul Grosch obtained his Bachelor and Master of Science in Computer Science from Old Dominion University. He holds an MBA from University of Virginia Darden School of Business. He is a Certified Project Management Professional (PMP) and Certified IT Service Management Expert (ITIL).

Pete Ostberg

Chief Operating Officer

Pete Ostberg joined FinFit in 2017 after spending 20 years in the payroll industry. Pete is responsible for overseeing all business operations, ensuring FinFit has effective operational procedures in place. He also conducts market research and analyses to strengthen FinFit’s product portfolio by adding new and exciting offerings to help employees become more financially stable. Pete is focused on growing the number of valued partners and ensuring the successful implementation of FinFit with each one.

Prior to FinFit, Pete worked at Paychex in a variety of roles. He has in-depth knowledge of tax payments, payroll, insurance, operations, business analysis, and product management. During his tenure there, he helped to strategically position new products as they were brought to the market. Pete has a degree in Political Science from SUNY Geneseo and in his spare time, he enjoys spending time with family and traveling.

David Hockstad

Senior Data & Financial Analyst

David Hockstad came to FinFit in 2015 and has led the development of FinFit’s custom underwriting algorithms and employee assessment questionnaire. As Senior Data and Financial Analyst, David is responsible for identifying portfolio trends and KPIs, implementing business intelligence tools, creating visual ad hoc reports, and enhancing predictive modeling capabilities. David also assists various departments in finding actionable insights in their data, be it understanding successful company demographics, employee contact methods, or customer propensity to borrow.

David obtained his Bachelor’s from Lee University. After graduating in 2012, he began his career at PNC Bank as a commercial underwriter where he was responsible for optimizing business cashflow and underwriting loans.

Kim Miller

Director of Marketing

Kim Miller joined FinFit in early 2018 to build their marketing department, re-energize the brand and establish FinFit as the industry expert. She is an experienced marketing director with a demonstrated history of developing brand identities, increasing brand awareness and creating optimal customer experiences. Skilled in strategic product development, content creation, user experience, cross-channel marketing and customer engagement, she is passionate about moving the business forward and establishing FinFit as the industry leader.

She started her career at Brunner, a national advertising agency, helping to create a digital footprint in the emerging space. She supported a variety of brands including Consol Energy, Cub Cadet, Longhorn, Aquafresh, WesBanco and Huffy, and worked in every discipline from project and account management to copywriting to site architecture.

She moved to Virginia in 2010 and joined Dominion Enterprises, working in the marine, automotive and powersports divisions during her tenure. She helped build and grow their marketing departments, create brand identities, develop sales processes and tracking capabilities, and drive the product development for both B2B and B2C audiences.

Bill Hall

Chief Compliance Officer

Bill Hall serves as Compliance Officer for FinFit and is responsible for identifying, assessing, mitigating and monitoring all legal, regulatory, operational and reputational risks for the company.

Bill brings extensive legal and regulatory compliance experience to FinFit, primarily in the financial services industry. After beginning his legal career as an Associate Attorney with Womble, Carlyle, Sandridge and Rice in Winston-Salem, NC, Bill had a 19-year career in the Law Department at United Guaranty Corporation in Greensboro, NC. At United Guaranty, Bill served as Vice President and Associate General Counsel, as well as International Group General Counsel.

Bill earned a B.A. degree, cum laude, from Davidson College and a J.D. degree, with honors, from the University of North Carolina School of Law. Bill is licensed as an attorney in the state of North Carolina.

Brooke Saunders

Director of Human Resources

Brooke joined FinFit in early 2013 and focuses on key areas such as Talent Management, Employee Development and Training, Benefits, Payroll and Compensation, Business Strategy, Employee Relations and developing programs to increase employee engagement.

Brooke is a graduate of Old Dominion University and started her Human Resources Career at Robert Half International as a Staffing Manager in 2002. She worked there for 3 years and recruited, hired, interviewed, and placed administrative workers into office positions for her clients.

Brooke has years of experience in the hospitality field, where she served as both Human Resources Director and Resort Marketing Recruiter for large organizations such as Gold Key Resorts and LTD Limited. Her skills included the development of effective recruiting programs, handling all associate relations and counseling, tracking all worker’s compensation claims and other various HR functions to support the HR Manager.

Matt Fahy

Chief Financial Officer

Matthew Fahy serves as Chief Financial Officer for FinFit, with responsibility for the overall financial management of the company, including accounting, financial planning and analysis, credit and treasury functions and tax.

Matt brings extensive financial and operations management experience to FinFit, primarily in the technology industry. Before joining FinFit, Matt served as CFO and Executive Vice President of Global Services for AgilQuest Corporation, a Workplace Management Enterprise SaaS company. Prior to that, he served as CFO for Public Access Technologies, Inc. and QualityClick.com Inc. and oversaw the rapid growth of these Internet companies. Matt was also a Senior Manager for KPMG in the Information, Communications and Entertainment practice serving public and private media, entertainment and technology clients. Matt began his accounting career with Paul Scherer & Company, a boutique CPA firm in New York City serving Advanced Publications and Newhouse Broadcasting Corp., the largest privately held media company in the world.

Matt is a graduate of The Ohio State University with a Bachelor of Science in Business Administration, specializing in Accounting & MIS. Matt received his CPA designation from the state of Ohio in 1993.

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