Why You Should Offer Holistic Financial Wellness & Not Single-Point Solutions

Written by FinFit on November 12, 2019.

Financial wellness programs are becoming a staple in the employee benefit universe, and employers are seeking insight to offer the right program to their employees. But what should a successful financial wellness program encompass?

As a rapidly growing industry, we often lack a consistent definition of financial wellness. This leads to organizations believing they have implemented a comprehensive financial wellness solution when, in actuality, they may only be offering a few tools or services like education, financial counseling, or a 401(k) program.

As standalone services, these elements can add value, but they aren’t effective at driving real behavioral change. In order to help employees improve their current financial situations and gain greater financial well-being, a financial wellness program must address the key elements that contribute to an individual’s overall financial health.

The holistic approach of financial management is new to some. There may be hesitation around offering it to your employees if you don’t fully understand the services and the value that a comprehensive financial wellness program provides.

The following are the key elements required for employees to improve their financial health and make behavioral changes:

Personal financial assessment to identify current financial health and develop a roadmap for personal improvement
Educational tools and resources tailored to each employee’s unique situation
Motivation to take action, modify habits, and create real behavioral change
Personal behavioral tracking and financial management tools to provide visibility on progress and existing opportunities
Financial solutions to help employees tackle current financial challenges, putting them in a position to plan for the future and make better financial decisions

A holistic financial wellness program must enable an individual to identify their financial goals, assess the specific areas where financial wellness assistance is needed, and provide tools and resources that allow the individual to address these key pillars.

Does your current benefit offering address these challenges, or are there gaps?

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.