27 Feb

Posted at 20:59h in Uncategorized

The racial retirement savings gap is shocking: 35% of Black families had retirement accounts in 2022 compared to 62% of white families according to the Federal Reserve. Research suggests employers who take steps to close the racial retirement savings gap boost savings overall. And that’s good for workers, profits, and impact.     Close the racial retirement savings gap. It’s a noble goal, worthy of reflection always, and especially during Black History Month: 35% of Black families had retirement accounts in 2022 including 401(k) and individual retirement accounts compared to 62% of white families. This mammoth disparity is bad for business and for Black workers who...

31 Jan

Posted at 21:05h in Emergency Savings, Financial Wellness

Research from Commonwealth and BlackRock’s Emergency Savings Initiative finds that adding emergency savings to retirement savings via an in-plan, after-tax account helps individuals save for emergencies and encourages participation in retirement savings.     Offering “in-plan” emergency savings accounts can boost retirement plan participation rates. Not to mention retirement savings nor profits, productivity, and impact, retention, recruiting, and wellness. Emergency savings is having a moment at workplaces nationwide. According to the seventh annual Employee Benefit Research Institute (EBRI) Financial Wellbeing Employer Survey: “While $1,000 penalty-free withdrawals from retirement accounts — allowed through recently passed legislation — was the emergency savings benefit offered the least (21 percent), it...

22 Jan

Posted at 21:05h in Taxes, Worker Financial Stress

New free tax filing options can save workers money and ease financial stress during tax season. Employers can boost productivity, profits, and impact by sharing information about resources including the IRS’ Free File, Direct File, and Volunteer Income Tax Assistance (VITA) program.     New free tax filing options can save workers money and ease financial stress during tax season, when it often spikes, affecting mental, physical, and financial wellness. Employers can ease this burden, boosting productivity, profits, and impact, by sharing information about free tax filing resources including the IRS’ Free File, Direct File, and Volunteer Income Tax Assistance (VITA) program. Notably, the Direct...

17 Jan

Posted at 21:10h in Worker Financial Stress

Federal student loan forgiveness purgatory trapped millions of workers. They now have a way out, following updated guidance last week from the U.S. Department of Education. The time to act is now, before forgiveness becomes history. Borrowers in SAVE should look into switching to another one of the Income-Driven Repayment plans and expect to make loan payments in 2025.     Federal student loan forgiveness alert for employers: Now is a good time to check-in with workers who have federal student loans. Millions of workers have been trapped in federal student loan forgiveness purgatory since August. Following updated guidance last week from the U.S. Department of...

07 Jan

Posted at 21:14h in Debt, Worker Financial Stress

Holiday debt drags on wellness, profits, and impact. January is the best time to address it, says TrustPlus Senior Financial Coach Elise Nussbaum, “because that is when we have the best idea of what the holidays look like, spending-wise.”   [vc_video link='https://www.youtube.com/watch?v=UNROn8Jy4cc']   Vanquish holiday debt among your workers to boost wellness, profits, and impact. 36% of shoppers took on holiday debt in 2024, averaging $1,181, reports CNBC. For over half of them it was a surprise! Only 44% expected to acquire those balances. Most likely to take on debt, unsurprisingly: parents of young children, 48% of whom dipped into debt this holiday season. So, if you’re an employer...

23 Dec

Posted at 21:15h in Employee Wellness Benefits, Financial Wellness

66% of U.S. workers prioritize financial wellness benefits, yet only 23% of employers prioritize financial wellness as an aspect of their well-being benefits. Looking to strengthen your financial wellness benefits in 2025 to align with workers’ priorities? Here are five things you and your workers should know going into the new year.     U.S. workers prioritize financial wellness benefits, according to the 2024 Global Benefits Attitudes Survey from Willis Towers Watson, 66% of them. Yet only 23% of employers prioritize financial wellness as an aspect of their well-being benefits. Financial wellness beats out all other well-being subcategories, from supportive company culture, and mental, emotional,...

13 Nov

Posted at 21:17h in Credit Card Debt

Credit card debt is rising while 45% of U.S. workers are already distracted by financial stress at work: Why smart employers are turning to financial coaching to boost profits and impact.     Credit card debt is a problem for 77% of U.S. workers, finds the 2024 Workplace Wellness Survey from Employee Benefit Research Institute and Greenwald Research (press release, report summary). “Credit card debt is cited as the biggest problem, like prior years — with a quarter having at least $10,000 in debt.”Increasingly, workers are using their credit cards to purchase necessities not luxuries. “About eight in 10 workers report keeping discretionary spending to a minimum...

23 Oct

Posted at 21:19h in Worker Financial Stress

Help your people minimize debt to boost profits, productivity, and impact. 58% of U.S. adults say that financial concerns cause them stress over the holidays, the top cited stressor. TrustPlus Senior Financial Coach Elise Nussbaum shares her go-to strategies to help people avoid and minimize debt over the holidays.     The holidays are a stressful time of year for 89% of U.S. adults according to the American Psychological Association. Nearly 60% report financial concerns as a source of stress during the holiday season, the top cited stressor overall. And every smart employer will tell you that employee stress is the death knell of health...