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...

The New American Workspace:Millenialsat the Gate By David Kilby Millennials are the new core workforce. Their concept of “work” is different than the traditional. They bring bold, new approaches of what work should be, how and where it should be performed, and what the rewards for work should be. Summary: Millennials are the new core workforce. Their concept of “work” is different than the traditional. They bring bold, new approaches of what work should be, how and where it should be performed,...

Financial Stress Affects All Employees, Regardless of Income This probably won’t surprise you: Four in 10 US consumers reported trouble paying at least one bill or expense in the past year. This might: 18% of those with a household income above $100k said they had trouble affording an expense. Financial stress affects all employees, regardless of income level. Although a company may compensate its employees well, the rising costs of living and tuition place a seemingly endless burden on families...

Early Wage Access Can Be Dangerous As A Stand-Alone Benefit No matter what the moniker – early wage access, earned wage access, on-demand pay, instant pay, work-today-get-paid-tomorrow – the concept is the same. Employees have control over their cash-flow by accessing the wages they’ve earned early, prior to payday. Back in January 2020, I wrote an article discussing the pros and cons of offering an early wage access service to employees. One critical element that continues to come to the forefront...

The Value of Financially Literate Employees Financial literacy is “the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing,” according to Investopedia. This statement insinuates that an individual must not only have the knowledge, but the ability to translate that knowledge into action. Problem One: Knowledge 65% of Americans believe schools should provide financial education, but only 21 states currently...

Creating a More Equitable Financial Future for All Financial Literacy Month, observed each April, takes on new meaning this year as millions of Americans struggle to cope with the financial impacts of the pandemic. In 2020, 40% of American consumers had trouble paying at least one bill or expense, underscoring the importance of having a solid financial education to navigate these challenging times. At FinFit, we are committed to creating a more equitable financial future for all. According to...

Tax Time: From E-File to X Factor As daylight lingers a little longer each day, it can only mean one thing. Spring is coming! That, and tax season is here. We’d like to take a little of the mystery (and misery?) away from the process of tax preparation by providing you with answers to some of the most frequently asked questions, options for preparing taxes (maybe there is one you haven’t considered before), and a link to a helpful checklist so when you sit down to file, you’ll have everything...

You’re making a list. Now check it twice. It’s time to consider what’s necessary or nice.  This incredibly challenging year has created an overabundance of anxiety and stress. During a season known for its joy (and often stress!), we could all do with a little extra serving of peace and happiness. A typical culprit of holiday stress relates to gift affordability. Consumers without a holiday spending stash make up for the lack of funds with credit. Last year, Americans ended up with an average...

By Sarah Senn Operations Manager The holiday season is quickly approaching. Holiday lights, music and shopping are just a few of the traditions that we look forward to. For many, the holidays are a time of cheer, for reflecting over the last 365 days, and for being with family and loved ones. For others, there is a looming dread of being able to afford holiday dinners and gifts. The average consumer spent $928.76 on Christmas gifts in 2019. 21.5% of those surveyed went into debt over Christmas,...

By Bill Hall Chief Compliance Officer “The World Turned Upside Down” is both a wonderful song from the musical Hamilton and an apt description of the immense impact of the COVID-19 pandemic on business operations. One area of a business where the impact may not be quite so apparent, but where a failure can lead to serious consequences, is the compliance function. Disruption of the activities of your compliance team can mean a potentially dangerous diminishment of oversight, assessments, monitoring,...