Financial Wellness Benefits For 2018 - Other News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Financial Wellness Benefits For 2018

Financial Wellness Benefits For 2018

Financial Wellness Benefits For 2018

While the New Year’s holiday has come and gone, financial resolutions are still on the minds of many. January is slated as Financial Wellness Month, and Purchasing Power, a benefits company, has made some predictions about financial wellness benefits that may hit during the coming year.

These benefits include everything from better financial education and more employer-assisted student loan repayment benefits to employee purchase programs and low-interest installment loans and credit.

They predict that financial wellness benefits may be more of a priority this year because employees report feeling more stressed out financially. And this kind of stress can take a very real toll on a company’s overall output, and yes, their bottom line.

With that in mind, Purchasing Power believes that having an emphasis on financial wellness and benefits can help take the pressure off employees, and reduce its drag on their productivity. “Employees’ financial stress and how it affects an organization’s productivity and bottom line are certainly on the radar for most employers today,” Purchasing Power’s COO Elizabeth Halkos said.

“It’s a significant concern because half (52%) of America’s hard-working employees are stressed out about dealing with their financial situation, according to the 2017 PwC Employee Financial Wellness Survey. Accordingly, 77% of stressed employees say their stress levels have increased over the past 12 months. So employers are going to have to take a deeper dive into providing financial wellness benefits in 2018,” she added.

Education and student loans

What kind of financial wellness benefits are coming in 2018? Let’s start with education. They point to surveys by SHRM and IFEBP finding that last year 48% of employers based in the U.S. offered their employee’s access to money related counseling. And they expect that number to increase this year because financial stress undermines productivity and revenue.

They suggest that part of an education initiative should be focused on educating families, whether it takes place at work or in the community, in order to help employees teach their kids or grandkids good financial skills and habits. In keeping with this trend, they believe that businesses will start working with youth in their communities so that they will have a better grasp of real-life financial events and needs.

Student loans can be a source of stress for people, and in keeping with this reality, they expect to see more student loan repayment benefits to emerge, including ones in which employers offer employees ways to refinance their loans and make contributions toward loan balances.

Paycheck to paycheck and beyond

Short-term financial issues are also part of their predictions because some employees are living paycheck to paycheck, so much so they do not have an emergency fund on hand. Education may well help people make a budget and stick with it and reduce their level of debt. But they also believe that employers will start adding additional benefits into the mix to address this issue, including launching employee purchase programs and low-interest installment loans and credit.

These benefits can help employees forgo payday loans or taking cash advances from their credit cards when an issue emerges, whether it’s a broken stove or unexpected medical expenses.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Personal Loans Lend a Helpful Hand
Personal Loans Lend a Helpful Hand

Posted: October 17, 2017

People take out personal loans for many reasons, and according to a new study by Discover, 68% said that taking out a loan made it possible for them to achieve their goals, whether they wanted to pay down debt, deal with medical bills or... Continue reading
Greenhouse by Wells Fargo is coming
Greenhouse by Wells Fargo is coming

Posted: November 13, 2017

Greenhouse by Wells Fargo is a new app the bank is gearing up to launch next year, designed to boost a user’s level of financial health. The app is a combination of personal finance management tools and Wells Fargo banking capabilities.... Continue reading
Possible Recession Concerns Yet Optimism is Up
Possible Recession Concerns Yet Optimism is Up

Posted: December 29, 2017

If you think that economic indicators may be pointing toward a recession coming, you are not alone, according to a new study by Allianz Life showing that one in three Americans has the same belief. Yet even with that on their minds, they... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants,, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit