Are Half of Your Employees Participating in Your Financial Wellness Program?
Data Supports Trend in Financial Wellness: The longer a company has utilized a financial wellness platform, the higher the employee engagement.
VIRGINIA BEACH, Va.–(BUSINESS WIRE)– FinFit, a FinTech company that provides over 150,000 employers with a unique financial wellness benefit platform, today revealed data that shows continued engagement in financial wellness programs yields overwhelmingly positive results. The data supports a trend across the financial wellness industry – the longer a company has utilized a financial wellness platform, the higher the employee engagement.
In an assessment of FinFit employers:
- Employee participation reaches 13% in year one
- Memberships rates double after the second year of utilization
- Mature employers see more than 50% employee engagement
Employees are asking for employers to offer financial wellness programs, leading to an impressive initial participation rate upon program launch. 85% of FinFit members say they appreciate their employer more for offering FinFit’s financial wellness program. As an employer, you’ll see a 3:11 return on your investment. Imagine that ROI tripling by year four. Now is the time to get onboard.
As FinFit becomes more engrained in a company’s culture, awareness and word-of-mouth increase when employees realize the benefits and personal improvements they achieve through utilization of our platform. When companies ensure their workforce is aware of and utilizing this benefit, everybody wins. Employees find new confidence with their finances and in return, bring their best selves to work, which impacts a company’s bottom line through increased productivity, engagement and retention.
The behavioral change within FinFit members is remarkable:
- 81% are now paying their bills on time with the help of FinFit
- 80% report decreased financial stress since utilizing FinFit
- 70% have increased their monthly savings with the help of FinFit
- 61% have not used a high cost credit provider since joining FinFit
FinFit is a comprehensive financial wellness program that improves productivity at companies by helping employees become more financially stable. Unlike programs that offer financial wellness consulting or education only, FinFit provides a holistic solution that starts with a proprietary personalized financial assessment and includes educational tools, resources and real-world financial solutions. FinFit’s training platform treats each employee like the unique individual they are. After a quick financial assessment, they are directed to a roadmap tailored to their individual goals, encouraging them to take the necessary steps to create behavioral change by modifying spending, saving, borrowing and planning habits.
EVMS has been utilizing FinFit for over eight years and can attest to the level of dedication needed to inspire employees to take control of their finances and, ultimately, see tangible business results.
“Our goal is to provide a comprehensive employee benefit program; FinFit has been instrumental in providing our employees access to holistic wellness within FinFit’s platform and capabilities,” said Aimee Bader, Assistant Director of Benefits, Wellness and Data Management at EVMS. “We are impressed by the engagement we’ve seen year over year and are pleased to be a part of helping our employees on their way to becoming financially healthy.”
FinFit is designed to be easy-to-use, making the road to financial wellness fun and transparent. Real-time solutions enable employees to deal with financial emergencies that exist today, so they can focus on tomorrow.
Founded in 2008, FinFit has grown to be one of the nation’s largest financial wellness benefits servicing over 150,000 clients. FinFit provides a self-directed online experience that lets employees measure their financial well-being and provides fun, education resources and tools to increase their financial knowledge and drive results. FinFit helps to eliminate stress in the workplace by providing real-time solutions that offer real-world help when it is needed most. FinFit is a powerful way for employers to attract and retain talent by helping employees get focused, get healthy and become more productive.
1 Membership data source: 2017 Financial Survey Commissioned by FinFit.