The problem with financial wellness is surprisingly large. Seventy-six percent of American workers live paycheck to paycheck. Over half of these workers have less than $1000 in savings. When emergencies hit, employees may have limited options because traditional banks do not offer unsecured loans to consumers. Employees generally turn to high-interest credit cards, loans against retirement plans, or payday lenders. None of those options provide good choices for employees and the financial stress that comes with them impacts both wellness and productivity.
Employers can offer low-cost, socially conscious solutions that solve a needed problem. Jameson provides several solutions that benefit advisors can package into their offerings for employers. There are three channels that advisors can explore when approaching the benefits of a financial wellness program. We dive into these simple, common sense solutions that advisors should definitely consider.
What You’ll Learn From this Episode:
- An overview of the financial problem that employees are facing that no one is talking about.
- How employees with low credit scores can be helped with financial wellness benefits.
- Why payday loan programs are the worst options for employees in a financial emergency.
- How financial wellness programs integrate with other employee benefits.
- The best way for advisors to position these benefits when approaching clients.
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