How to Develop an Effective Financial Wellness Strategy

how to collect and use data to improve financial wellness

 

how to collect and use data to improve financial wellness

How to Develop an Effective Financial Wellness Strategy

59% of employees are more stressed about money than any other life stressor combined, as reported by the PwC 2019 Employee Wellness Survey. The reasons for this financial stress range from not having enough money in savings and being unable to meet monthly expenses, keep up with debt, or pay for college. One in four employees ranks a financial wellness benefit, including access to unbiased counselors, as the most desired employer benefit.

Your employees are stressed about the cost of living, student loan debt, the cost of supporting a family, and preparing for the future. Nevermind the stress of meeting the demands of their job responsibilities, balancing family obligations, striving for personal goals, and finding the time to enjoy this precious thing called life. 

As an employer, you can help. Fostering a work environment that supports your employees’ financial wellness goals will remove a huge burden from their shoulders. By offering financial tools and resources they wouldn’t otherwise have access to, you’ll be empowering them to lessen their personal financial challenges and refocus on work. In the same PwC survey, 35% of employees said that issues with their personal finances have been a distraction at work and 49% of them spend 3+ hours a week dealing with their personal issues at work. 

Personal finance curriculum is only required in twenty states. Once an adult enters the workforce, they are generally ill-equipped with the information they need to thrive financially, leaving many stressed and frustrated. This stress will affect your bottom line if you don’t step in and offer financial wellness benefits.

How can your organization improve workplace financial wellness? Here are some initial steps that will set your financial wellness program up for success and give you the opportunity to measure its effectiveness. 

Step #1: Conduct a financial wellness survey

This will help to determine your employees’ current financial needs and what services they most require. If your company already offers a financial wellness program, your employees may have access to a personal financial assessment for which you could obtain the results. If not, you could conduct an anonymous survey to gain insight into the services your employees need. 

Step #2: Decide how you are going to measure your ROI. 

83% of human resource professionals say financial stress negatively impacts employees’ work performance. Beyond the inability to focus, financial challenges contribute to absenteeism, strains on morale, declining physical and mental health, and can lead to turnover. 

According to EY’s “Understanding the ROI of employee financial wellness”, organizations expect the return on investment (ROI) to justify the expense. When it comes to financial wellness programs, calculating that figure isn’t always an exact science, but you can set metrics and goals to help validate the investment you’re making into the financial wellness program (see below). A good barometer, and one which indicates that employees value the benefit enough to use it, is employee engagement. 

Step #3: Keep your goals in mind. 

As you implement a financial wellness initiative and measure its effectiveness, keep in mind that the core purpose of this program to elevate the financial health and well-being of each employee. Companies lose over $450 billion a year due to employee financial stress. A healthier employee is a win for everyone – the individual, their family, the company and the community. 

Once you have identified your approach, it’s time to identify the right metrics for measuring success. Here are six ways you can determine if the workplace financial wellness is improving:

  1. Is there increased engagement with the financial wellness program products, services, tools, and resources?
  2. Are employees investing more into their HSAs or retirement plans? If you have access to data from an online money management tool, you’ll also be able to see if employees are increasing their personal savings. 
  3. Is there is a change in the frequency of wage garnishments?
  4. Are you seeing less requests for 401(k) loans and payroll advances? 
  5. Are there anecdotal success stories? Your HR team is usually the first place employees go if they are having trouble or wish to share a success. Consult with the team to get a pulse on how employees are doing and if their financial wellness is improving
  6. Work with your financial wellness benefit provider to gather case studies and data to see if the efforts are working. It’s rewarding for the employee and employer to see employees reach their personal financial goals, especially with the support of employer benefits. 

Real Behavioral Change

In one of our case studies, we took a deep dive into Monica’s financial situation. When Monica first enrolled in the FinFit program, she was in a financially vulnerable state. She was over the age of 35 and had less than $10,000 saved for retirement. After taking advantage of our educational courses, her confidence in her money management skills soared and her financial behaviors adjusted to match. Today, Monica invests 4-6% of her monthly earnings into her retirement account and saves 2% each month for emergencies. She retook our financial assessment and improved from a financially vulnerable state to financially healthy. Read more of our employee case studies

Comments are closed.

FinFit Scheduled Maintenance

The FinFit Member Dashboard is currently unavailable due to scheduled maintenance.

If you need immediate assistance, please email customer at ffcustomerservice@finfit.com or call 888.928.7248.

You will be able to log in as usual in the near future.
We apologize for the inconvenience!

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.

WageNow is fully funded and managed by an affiliate of FinFit.

A per-transaction fee of $5 is charged if and when an employee chooses to access their earned wages prior to payday. There are no other fees to your organization or your employees; WageNow is fully funded and managed by an affiliate of FinFit.

Residents of California, North Dakota, South Dakota, Tennessee and Vermont are not eligible for WageNow. This does not constitute an offer or solicitation for WageNow to residents of those states.

The FinFit Visa® Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A., Inc. FinFit Loans are not sponsored, endorsed, administered by, or associated with Central Bank of Kansas City, the issuer of the FinFit Visa® Prepaid Card, who has no liability in relation to FinFit Loans. Residents of Connecticut, New Hampshire, Rhode Island and Vermont are not eligible for the FinFit Visa® Prepaid Card. This does not constitute an offer or solicitation for the FinFit Visa® Prepaid Card to residents of those states.

The FinFit Visa® Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule. If you have any questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at (833) 519-3500 – 24 hours a day.

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

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.

FinFit Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Loans subject to credit approval.

Residents of Colorado, Connecticut, Iowa, Vermont, West Virginia, Nevada and Massachusetts are not eligible for loans.

Nothing on this website constitutes an offer or solicitation for loan products to residents of those states.