Should employers care when their workers are in financial distress?

Written by FinFit on February 15, 2019.

So, back to our question. What happens when an employee doesn’t have an emergency savings? In one such case, out of desperation, the employee stole from their employer. This very real scenario resulted in the formation of FinFit’s financial wellness solution. David Kilby, president of FinFit, knew there must be a better way to support employees.

Kilby, answers the question, “Should employers care when their workers are in financial distress?”, during a recent Data Drivers podcast with podcast host and CEO of PYMNTS, Karen Webster.

Scenario 1 – Candy Land: You and your child are making short strides forward. You’re beginning to accomplish something! All of a sudden, through the draw of just one lousy card, you’re back to where you started. Better you than a 3 year old, but no less deflating.

Scenario 2 – Real Life: An employee is utilizing the financial wellness program offered by their employer. They take the initial assessment to see where they can gain the greatest benefit and start the educational track recommended. They create their first real budget and start to follow it, getting a little better at saying no to impulse purchases and paying off as much of their debt as possible each week. One payday at a time, they make short strides forward. They’re beginning to accomplish something!

And then, Candy Land hits. They draw a lousy card. They’ve been hit with an unplanned financial emergency that their meager savings isn’t big enough to handle yet. Just like that, they’re staring down the starting line. Is it back to square one?

Listen to the podcast or read the full article here.

¹ DATA DRIVERS – The $300B Employee Financial Stress Tax On Employers

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 in this advertisement constitutes an offer or solicitation for loan products to residents of those states. Actual time it takes for loan approval dependent upon loan verification set up with your employer.

Funding time dependent upon funding method selected. Expedited funding may incur additional fees.

Student loan services are provided by unaffiliated third parties. FinFit loans issued by Celtic Bank do not include student loans.

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.

FinFit’s Financial Wellness Program, which includes educational content, a financial assessment and a financial dashboard, are free to registered members.
Services offered may incur fees and/or interest. All fees will be disclosed prior to entering into any agreements.
Products listed are a representation of FinFit offerings. Actual availability may vary. The products available to you and your organization will appear on your FinFit membership dashboard. Actual loan amounts and rates offered vary based on lender, credit worthiness and other factors.