Articles Posted in financial wellness

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

stockfresh_215939_questions-and-answers-signpost_sizeS-300x200Financial advisers will tell their clients that planning is critical for security. Such suggestions became very sound advice when COVID-19 hit the economy. Many people were not ready for the emergencies that cropped up, and the pandemic placed their financial wellness in serious jeopardy. A good resolution is never to be caught by such surprises again!

Financial planning is essential, and it requires information that comes from paychecks and bank accounts, among other sources. A serious problem is people often have no idea about their finances. It sounds incredible that highly paid employees live from paycheck to paycheck, but it is true. Employers have an opportunity to help their subordinates get a better understanding of their individual value by offering some assistance. Countrywide Pre-Paid Legal Services can provide meaningful support. Continue reading

stockfresh_6378534_financial-freedom-concept_sizeS-300x192Employees need help putting their finances in order. The economy has endured a rollercoaster ride on an epic scale for more than a year. People were furloughed, struggled to make ends meet, and found their bank accounts slowly diminishing. Stimulus checks helped, but there still is a lot of work to be done.

The new normal is going to include new ways of doing personal business. Household financial wellness took a hit, and the recovery is not easy. Employees have an idea of what to do, but issues such as medical bills are causing them to make poor decisions. Employers who offer professional help with finances will win respect and loyalty of their hardworking staff. Continue reading

Westockfresh_1211123_upset-woman-glaring-at-her-many-credit-cards_sizeS-300x200 must accept credit cards as a financial fact of life. The plastic does not pose a problem except when credit card management gets out of control. People may think they know what they are doing. However, one mistake is sufficient to show them that they do not.

It Rarely Is Easy

Managing credit is not easy. People who think they have everything under control are not always aware of the danger. It is okay to pay just the monthly minimum. But if the minimum amount is slowly rising, things are quietly getting out of control. Continue reading

stockfresh_7102501_college-debt_sizeS-300x300Commencement ceremonies are going on all over America. While COVID-19 has disrupted many college experiences, the graduation festivities are there to remind young people that all their hard work finally paid off. While the lucky have landed some good-paying jobs, many graduates face the real world with a sizable amount of debt on their young shoulders.

 

The College Debt Monster

 

It is no joke at all. College graduates can be looking at a debt of thousands of dollars that will take many years to pay off finally. Graduation speakers tell their audience to take a few months and explore the world, but that is not feasible. The payments will start in about six months after receiving the diploma. Graduates may be tempted into declaring forbearance, but that will only delay the inevitable at an even higher price. Continue reading

stockfresh_709412_problems-and-solutions_sizeS-300x272COVID-19 placed many homes in financial jeopardy. Extended furloughs required people to rely on savings and 401(k) plans to ride out the storm. The stimulus checks were able to prevent many people from falling into economic ruin. Sadly, the situation was already so desperate for some that no amount of assistance would turn things around. These are facing bankruptcy.

The emotional stress of bankruptcy is mind-numbing. People are ashamed of the situation, but they are also terrified of what happens next. Hasty decisions can lead to even more problems. Young employees are especially vulnerable to making the wrong choices and reaping harsh consequences.

Compassionate employers do not want to see their loyal employees suffer under these circumstances. They want to help their subordinates get out of a major mess, and many times good advice from experts will help. Countrywide Pre-Paid Legal Services has a financial wellness program that will offer expert assistance to those in dire straits. Continue reading