Financial Wellness Programs

Financial Wellness Programs

Employers have made strides to providing 401(K) plans for their employees and making it as simple and automatic as possible to help them save.

However, more can and needs to be done to help people reach financial security. Consider the fact that the United States is one of the richest countries in the world and yet, many Americans are living paycheck to paycheck, have low retirement account balances, nonexistent emergency savings, and are hindered in their performance by financial stress. 

Financial stress drains productivity and engagement and increases absenteeism which gives employers the unique opportunity to provide education, tools, and programs to help improve their employees’ financial literacy and financial well-being. But, in order to create a successful financial wellness program, employers must have an in-depth understanding of what financial wellness is and its impact in addition to a clear strategy that is aligned with business objectives to bring into the workplace. 

What is Financial Wellness?

Financial wellness is a person’s overall financial health as a result of effective expense management and the absence of money-related stressors. Financial wellness plays a big part in the employee’s overall wellbeing which includes mental, physical, and financial wellness.

Why employers should offer financial wellness programs

Financial stress has negative repercussions on the personal and professional lives of your employees and, by extension, on your organization. The following are just a few of the reasons that financial wellness is so important.
early wage access

Increased absenteeism and decreased productivity

Financial stress results in increased absenteeism, presenteeism, and tardiness, all of which can have serious financial consequences on an organization. A study conducted by Salary Finance of over 10,000 Americans showed that US companies lose $500 billion a year due to their employees’ personal financial stress affecting their productivity.

Healthier and happier employees

Stress and constantly worrying about finances can cause a wide range of serious health problems, ranging from depression and anxiety to severe heart conditions and ulcers. As an employer, helping to alleviate some of your employees’ financial woes puts you closer to a workforce that is happy and healthy, which can also lead to lower employee turnover. 

Why launch an employee financial wellness program

There’s a growing need among employees today – particularly with recent grads – to improve their overall financial wellness. Nearly half of all employees struggle to cover everyday expenses while nearly 90% of employees are open to receiving financial guidance.

So, what does this mean for you the employer? It means that if you don’t already offer a financial wellness program for your employees, you should implement one as soon as possible. Relieving your employees’ #1 stressor makes them happier and more focused which means increased productivity, higher employee retention, and more recruiting leverage. 

When working with employers to establish a financial wellness program for their workforce, we recommend they think about these three factors: 

  1. Financial goals
  2. Needs
  3. Budget

Before you can create a successful financial wellness benefit, you must understand the specific problems your employees are facing with their finances. Understanding this will help us work with you to decide whether a robust, interactive tool that offers a host of financial benefits is necessary over something more simplified. Here is what our financial wellness programs commonly include:

  • Student debt repayment and/or refinancing: Chances are that the majority of your employees are carrying student debt. With a student loan repayment option, your company would contribute a certain amount to their student loan balance each month while a refinancing program helps get them a better interest rate on their loan. Either way, you’re helping your employees pay down their balance faster and save a lot on interest in the process.
  • Early wage access: FinFit gives employees access to their earned but unpaid income without paying any interest. This benefit is particularly helpful for employees who tend to live paycheck-to-paycheck. 
  • Improved budgeting practices: Through our one-on-one financial coaching and other financial education tools, your employees can learn how to better manage their money so that they spend less and save more. 
  • Budget calculators: FinFit offers 20 comprehensive and easy-to-use financial calculators that cover topics that range from saving for retirement to buying a car or house and paying for their children’s college. 

Putting all the pieces together

Creating a financial wellness program

Employee financial wellness programs help employees to better manage their finances and help to alleviate their financial stress, contributing to an improved overall financial wellbeing for employees. A financial wellness program aims to educate employees in various ways which may include counseling and coaching on specific finance-related topics, providing extensive educational resources, offering interactive games to increase financial literacy, and giving loan services. 

Financial wellness programs are usually an addition to standard employee benefits but go beyond retirement planning. A well-balanced financial wellness program promotes an accurate understanding and proper application of money and how to use it to empower the employee to develop a healthy relationship with his or her money. This establishes a healthy, stable, and fulfilled personal finance situation both at work and at home, presently and into the future.

An effective financial wellness program takes a different approach for every organization. That’s why, here at FinFit, we help you to customize your financial wellness strategy to fit the needs of you and your employees. We will discuss and help you to implement a plan customized to your goals no matter what that looks like. 

The benefits of FinFit’s employee financial wellness program

FinFit offers personal finance tools that are easy to use and customized to your unique workforce. Our financial wellness programs offer information, training, counseling, and loan services to support employees’ day-to-day financial needs. What strengthens our financial wellness program offering further is that we offer online, telephone, and, where possible, live counseling, coaching, and workshops that tackle the following aspects of financial wellness: 

  • Financial goal setting
  • Student loan repayment
  • Financial crisis management
  • Emergency and short-term savings
  • Consumer debt reduction
  • Consumer credit building
  • Personal and household budgeting
  • Consumer spending behaviors

Our financial wellness programs focus on the individual employee, assessing their current financial situation, and establishing personal financial goals with a recommended roadmap of resources and tools to achieve those goals. 

FinFit Products and Services

WageNow

Employees Can Get Paid Today. Pay cycles can be challenging for employees if their bills don’t align with payday. FinFit’s WageNow gives employees access to the wages they’ve earned - when they need it.

Access to loans through Celtic Bank, Member FDIC

Sensible financing options do exist, but it isn’t always intuitive. FinFit helps employees understand their options and ensure they don’t spiral out of control when unexpected financial challenges arises.

Student Loan Services

Because college graduates are starting their careers off with mounds of debt, employer student loan repayment benefits are creating a lot of buzz.

Financial Assessment

FinFit’s mission is to improve the financial health of employees by offering a 24/7 financial wellness platform that provides personalized recommendations based on an individual’s unique financial needs.

FinFit IQ – Live Trivia

Learning about finances may not be exciting – but a little friendly competition can motivate employees to build their knowledge. FinFit’s weekly live trivia, FinFit IQ, encourages employees to log in to their FinFit dashboard and join in.

Financial Coaching

Whether employees are looking for one-on-one budget coaching, help with specific debt concerns, guidance with mortgage, vehicle or student loan decisions, they will receive unbiased, courteous care from our team.

Budget Calculators

It’s easy for employees to become overwhelmed or confused when it comes to big financial decisions. Significant financial investments are stressful without the right resources to provide insight.

Financial Dashboard

FinFit’s MoneyView Financial Dashboard is a powerful tool to help employees manage personal finances. Make financial goals a reality with the FinFit financial dashboard.

Educational Tools & Resources

FinFit’s educational portal, Ready University, features short, engaging lessons focused on key elements of financial well-being that guide employees down the path to financial stability.

Providing a financial wellness program that minimizes employee financial challenges and maximizes financial opportunities helps to reduce employee stress. The employee’s job satisfaction is increased because a) he or she is better able to concentrate on the tasks at hand rather than their personal financial problems and, b) he or she appreciates that their employer is providing a benefit that is difficult to find in many workplaces.

Consequently, the employer benefits through lowered employee turnover rates, increased employee productivity, reduced absenteeism and presenteeism, higher 401(K) program contributions, and reduced potential theft by employees.

What you can expect from FinFit’s financial wellness programs

FinFit will work with you to develop a financial wellness program designed specifically for your workforce. In other words, what exactly is it that your employees need to improve their overall financial wellness? Here are some additional features your employees can utilize when you choose FinFit as your financial wellness program provider:

  • Employee mobile access: FinFit is accessible on any device on which your employees may want to access their benefits portal for easy, on-the-go admission.
  • Financial coaching: FinFit offers access to licensed financial coaches to provide one-on-one financial guidance to your employees. This includes anything from financial education to personalized budgeting assistance to savings plan recommendations and much more. 
  • Link to bank accounts: Employees can gain a holistic view of their finances by allowing FinFit to connect to their existing bank accounts exclusively from their benefits portal. This ensures that only the employee has access to the accounts but allows them to receive personalized recommendations regarding their accounts.
  • Financial education: In addition to our financial coaching services, your FinFit financial wellness program will include literature, presentations, and workshops that all aim at increasing your employees’ financial literacy and confidence in their financial wellness.
  • Employee accountability: We have designed our platform to keep employees engaged which will then help you to measure ROI.

Implementing your new financial wellness program

Implementing your new FinFit financial wellness program is low-tech, meaning you won’t have to jump through hoops or enlist the entire organization to get it up and running. FinFit will extensively review the implementation process with you when you sign on with us, that way you will know exactly what is required to get the program ready for your employees.

 

In addition to getting the program set up, evangelize with your employees before the benefit even launches. If you show all the benefits that a financial wellness program can bring to your employees, they will be more inclined to use it once it’s fully implemented. You can do this by sending out an initial survey to gauge their specific financial needs, making all-staff announcements about the program that you are creating, selecting employees to do a demo, establishing office hours to engage with the platform, etc. 

Once you’ve successfully launched the financial wellness program, meet with your employees to go over the benefits platform and answer any questions. 

Benefits and ROI of your new financial wellness program​

Offering a financial wellness program will help to grow your company exponentially. It is a benefit that will set your company apart from many of your competitors, will increase your employees’ productivity, will help retain employees, and therefore help your company to reach its goals faster. Here are a few specific benefits you could reap from a financial wellness program:

  • Increased employee retention and engagement: Your employees want to feel like their employer has their best interests at heart. After all, they dedicate a lot of their time to working for your company. When you offer a benefit that directly targets and reduces their #1 stressor, you set them on a path toward financial wellness and that can go a long way for them and your organization as a whole. Not only will they feel more supported by you, their employer, they will also want to stay loyal to your company.
  • Recruiting: If you’re looking for a competitive edge when it comes to hiring, implementing a financial wellness program is a benefit that will set your company apart. Imagine how many more top candidates you can attract to your job openings when they see you offer a financial wellness benefit especially one geared toward mitigating student loan debt. 
  • Improved productivity and bottom line: When your employees are dealing with financial stress, they tend to underperform and take more days off. As a result, their productivity suffers, they leave goals unmet, and the company performance suffers as well. Working to alleviate stressors that keep them distracted and unengaged normally will help to increase their productivity, boost team morale, and improve the overall performance of the company. 

How to bring a financial wellness program to your workplace

Interested in learning more about the benefits of offering a workplace financial wellness program?

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.

Wage Now is fully funded and managed by an affiliate of FinFit. If any fees apply, those fees will be disclosed prior to entering into any agreements.

Residents of California, New York, 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.

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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.

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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.

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).

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.