Articles Posted in financial wellness

stockfresh_1211123_upset-woman-glaring-at-her-many-credit-cards_sizeS-300x200If there was anything good that came out of the 2020 COVID-19 crisis, it was the reduced credit card debt. A study conducted by WalletHub showed that Americans reduced their credit card debt by $82.1 billion. It is a significant improvement, but the national credit card problem remains, and it could get worse.

The stimulus checks helped many bring down their credit card debt figures, but the money has now been spent. WalletHub predicted that there will be an increase in credit card debt of $60 billion. There is a distinct possibility that America will soon be experiencing a high rate of inflation. It could add fuel to an already lit fire. Continue reading

Emergency-300x200Everyone is breathing a sigh of relief these days. It seems the worst of COVID-19 has moved on, and business and public life are more open and more unrestrained. It is only natural to feel more relaxed, but we are not out of the woods. There are stories and rumors of new variants of COVID-19 surfacing, and they are disturbing. We all know the damage a pandemic quarantine can bring to a household.

No one wants to be taken by surprise. Planning, preparing for what could be the worst, is the best strategy. Employees must look at their finances and figure out ways to deal with possible restrictions a second pandemic might bring. Those who have significant credit card balances must reduce those balances, and other people must think about financing medical treatments. Wise employers are aware of the need for expert help. They also know that employees greatly appreciate the help. Countrywide Pre-Paid Legal Services has an excellent employee benefit that addresses financial wellness. Continue reading

stockfresh_548333_people-standing-around-of-money-isolated-3d-image_sizeS-300x225There is a sense of optimism once again in the workplace. People are getting back to the office and others are working from home. Productivity is going up and so, too, is morale. Employees are looking ahead to future purchases and vacations. The challenge is how to afford it all.

Saving Money Is Not Easy

People have become more sensitive to financial wellness issues. There are more cost-conscious and mindful of credit card balances. That is all good, but many got into debt during the pandemic and are having trouble paying down the balances. Wise employers know that if employees can save some money, that will boost morale. Advice that allows an individual to have surplus cash for savings is appreciated. Countrywide Pre-Paid Legal Services has a financial wellness benefit to promote fiscal responsibility. Continue reading

stockfresh_469655_road-to-recovery-words-on-pavement-up-arrow_sizeS-300x300People will make mistakes, and some are harmless and easy to correct. Unfortunately, others are not and can lead to terrible consequences. COVID-19 has generated situations that led to poor decisions that can threaten the well-being of a person.

Changes Made People Desperate

Household incomes went down despite the stimulus checks. Ordinary expenses became challenging to manage as employees struggled to make ends meet. Getting necessary cash forced hard-working folks to take actions they would usually not even think of doing. These included:  Continue reading

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It is the 800-pound gorilla in the living room. College debt has ballooned in the last few years, and it is a fact of life for many young employees. These tech-savvy workers paid for their education with loans that were in the figures and more. The repayment schedule will be a part of their lives for many years and will influence the timing of significant life decisions. Continue reading

stockfresh_636353_stethoscope-laying-on-stacks-of-money_sizeS-300x200Employees appreciate those benefits they can use. The services that help them solve problems mean a great deal. People coming back to work from COVID-19 may be encountering many challenges they never had before. Medical bills may be on top of the list.

Scary Invoices

High deductibles and copayments are now part of many group health plans. These obligations must be met before the insurance company pays anything. The amount owed can be frightening. Many employees come close to panicking. They are not sure how to deal with the figures. Healthcare providers will not hesitate to use collection agencies to get what is owed. Threats from bill collectors are frightening and do not go away. Continue reading

stockfresh_4170119_what-is-next-black-marker_sizeM-300x200We all were required to adjust during the pandemic. Furloughs and cuts in hours were all part of the sacrifices employees accepted, but there were still financial problems. Stimulus checks certainly helped but people still struggled.

The working world is now coming out of the COVID-19 restrictions. It is great to get back to work but many people are carrying some money burdens. Young employees must deal with college debt obligations and perhaps face decades of paying off the balances. Older employees might have medical bills that require payment, and these will cut drastically into disposable income. Continue reading

3-employerEmployees need service, which is the primary reason for employee benefits. Employers are good at providing traditional assistance such as group health and life insurances, but employees will need more in the coming months. We are returning to work from COVID-19, and people must have some help to get things back to normal. Organizations must step up and respond with the right services.

The 2021 PwC Employee Financial Wellness Survey paints a picture of significant financial stress caused by the pandemic. Increased economic anxiety has been mentioned by noticeable majorities of respondents from Millennials (72%), Gen Z (68%), and Gen X (62%). Continue reading

stockfresh_5802529_generation-z-y-x-boomers-millennials-3d-word-gears-demographics_sizeS-300x300The 2021 PwC Employee Financial Wellness Survey has sobering information for organizations as they begin adjusting to business after the pandemic. Financial stress has become a serious problem that employers cannot ignore. Approximately 63% of those surveyed reported that financial stress has increased since the start of the COVID-19 pandemic. More than 60% of the millennial, Gen X, and Gen Z respondents said that worry over money was a significant issue. The anxiety has led to decisions such as taking out payday loans, applying for a loan from a retirement account and postponing retirement decisions. The survey shows a significant impact on household expenses brought on by the pandemic. Continue reading

stockfresh_3266726_benefits-concept_sizeS_39f284-300x200Dealing with money became a severe issue at the height of the COVID-19 pandemic, and it has not gone away. People are frustrated and nervous about what to do with personal finances.  Research supports this observation. The 2021 PwC Employee Financial Wellness Survey discovered that approximately 63% of respondents reported their financial stress increased during the pandemic. They can use some help in addressing cash problems. Employers, fortunately, are doing their best to respond to this personal crisis. Continue reading