Financial wellness

for every employee.

Bad financial advice is hurting workers and businesses

The lack of financial literacy, coupled with many not knowing where to turn for help, has resulted in some serious consequences. Nearly 8 out of 10 respondents have received bad financial advice. While workers say they can lean on their financial advisor and financial apps for advice, many report receiving bad advice from friends (52%), family members (51%), coworkers (43%) social media influencers (41%), and other sources. The advice people are getting is not helping their financial cause. Over half (55%) of all respondents have made financial mistakes due to bad advice. One quarter (25%) report they have made serious financial mistakes.

Employee Wellness – a Force to Reckon With

‘The 2023 Fortune 100 Best Companies to Work For’ enlisted Employee well-being as one of the biggest differentiators for companies. Having a psychologically and emotionally healthy workplace translated to offering a robust and holistic employee experience, which correlates directly with an organization’s ability to thrive in a recession.

Employee Financial Literacy- Crucial in building Financial Resilience

Financial literacy helps employees navigate uncertainty, plan for the future, and reduce financial stress. For employers, investing in financial literacy supports employee well-being while also building a more productive and engaged workforce. AI and machine learning can strengthen these efforts by offering timely alerts, identifying spending patterns, and recommending more personalized financial goals. Used well, these technologies help make financial guidance more practical and actionable.

Enhancing financial literacy is not just an educational goal, but an investment in social and economic stability. Financially literate individuals are better equipped to manage money, make informed decisions, avoid unnecessary debt, and build long-term wealth. That is why educators, policymakers, businesses, and technology providers all have a role to play in helping people thrive in a complex financial world.

Employee Experience – a Boardroom Priority

The Employee Experience concept has come a long way. A decade ago, organizations were concerned with only the bottom line. Today, especially post- Covid, priorities have shifted. Starting with the hiring process right up to the exit interview, the company values an employee’s feelings and perception. Organizations are keen on retaining top talents, especially in a competitive world. After all, a happily engaged person at work is also more productive, innovative and looks forward to staying in the organization longer.