The Next Step in Benefits Tech: Integrating Financial Wellness into Digital Platforms

The banking marketplace has experienced dramatic changes throughout the past decade, and more and more consumers are looking for digital tools so they can easily manage and access their funds. Keeping this in mind, employers are increasingly offering financial wellness benefits for workers, providing the stabilization employees need to be productive and stay within the company.

Currently, mobile banking is leading the way in accessing banking accounts, and continues to increase. Consumers are also using their smartphones more and more for payment, and some people, particularly Gen Zers, don’t even have a bank account, relying on modern payment tools outside of our traditional systems. With consumers consistently interested in tools that empower them to save more money, pay debts, and budget, many consumers are concerned about their credit rates and are looking to integrate digital functionality within their solutions.

Integrating all of these tools and combining them with employees’ pay will help consumers manage their paychecks and budget more wisely. With 67% of workers stressed out at least one time per week, and 60% of Gen Zers and millennials saying their work suffers due to stress, financial wellness benefits could mitigate some of the current stressors employees face. Financial well-being programs are great tools that provide education to help employees budget, manage taxes as well as debts, and save more for college and retirement.

With 79% of employees saying they want to work for a company that cares about their financial health, employers can help and in turn, retain and attract more talent. It’s now possible to personalize employees’ financial wellness opportunities. For example, if an employee has a baby, they could get digital information immediately after concerning increasing savings with their future child care goals in mind. For a worker that just turned 40, they might be sent guidance on personal retirement.

For more information contact Eric Allen Kauk, Esq., LL.M. at (813)-203-0208 for guidance.