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The move from “wellness” to “wellbeing” requires a more holistic approach which includes helping employees become financially well. Understanding the need and bringing the right technology to employers can help advisors expand their offerings and differentiate themselves.

Chris Whitlow of Edu(k)ate joins us to talk about the need, the approaches and how technology and unbiased financial advice are helping companies support all of their employees with these essential skills regardless of financial status.

Technology, data collection, and actionable information enable companies to provide scalable solutions for helping their employees feel more confident with their money. Encouraging financial wellness and literacy in the workplace allows employees to take care of their finances out of the office and feel confident when making impactful financial decisions. 

In this interview, we begin by defining financial wellness and identifying some of the common obstacles that prevent employees from achieving it. We also discuss why this holistic approach to employee engagement is essential for productivity, and why your clients should foster a corporate culture that makes it safe to ask questions about something as integral to daily life as money.

What You’ll Learn From this Episode:

  • The new definition of financial wellness clients are adopting.
  • Why the scale and need for financial guidance demands new approaches.
  • Why traditional resources for financial advice are no longer enough to help employees make good financial decisions.
  • The challenges employees and employers face due to a lack of individualized financial guidance. 
  • How technology is changing to help meet the need for unbiased financial advice.
  • How employers can drive engagement.

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As “wellness” evolves to “wellbeing” many savvy advisors are adding a financial component. The problem is pervasive and expensive for employees and employers, but new advisor-driven solutions are coming to market.
Jameson Fauver, Director of Business Development at Kashable, joins the ShiftShapers podcast this week to discuss why financial health is the big problem that nobody is talking about. We will learn how a seemingly simple issue faced by millions of employees can be helped by new services coming to the employee benefits space.

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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