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Celebrating Financial Awareness Day during Unprecedented Times

Ariana Alisjahbana

2020 is a generation-defining year. As of the end of July, more than 12 million jobs have been lost and not yet fully regained. Many lucky enough to keep their jobs saw pay cuts as their employers navigate the pandemic. In response to the uncertainty, Americans' personal savings rate hit an all-time high of 33%, more than five times pre-pandemic levels. 

Last Friday, August 14th, was National Financial Awareness Day. Current events have put financial concerns front and center as millions of Americans deal with job loss and uncertainty, amid a public health emergency. However, those fortunate enough to keep their jobs can better prepare to weather future crises not only by increasing their financial awareness, but also focusing on their overall financial wellness.  

What is financial wellness and why is it important for employers?

Even before the COVID-19 pandemic, financial issues have been the top concern of employees. A report by PwC found that 54% of employees cite financial matters as the number one cause of stress in the workplace. We can expect this number to increase further during the pandemic. Financial worries translate into reduced productivity and lower engagement in the workplace.

Employers have the unique ability to support their employees’ financial well-being. People trust their employers and have most of their financial life directly tied to their jobs. Programs offered at work have a significant impact on personal finances. In fact, of the companies that provide financial wellness benefits, 71% of employees use them.

Traditionally, financial wellness benefits have focused on retirement. It's time now for employers to offer financial wellness benefits for every step of an employee’s financial journey.

Total Financial Wellness 

Imagine if your employees had someone to guide them during significant life events: Getting married, buying a house, starting a family, and saving for retirement. The advisor would help them translate their goals into milestones and suggest step-by-step guidance on how to achieve them. 

Imagine if that guide was easy to use, a blend of digital and human, and offered to your employees as a benefit? 

That is BrightPlan in a nutshell. 

We offer Total Financial Wellness, the trusted solution built to lead all employees to financial success on their own terms at every stage of life. 

The BrightPlan Total Financial Wellness solution has two key components:

  • A digital platform that provides self-service access to the services, information, and coaching employees need to achieve their financial success
  • Face-to-face consultation with experienced financial advisors to review plans, answer questions, and provide guidance

BrightPlan's Total Financial Wellness solution has four pillars: 

Learn facilitates employee education on financial topics through the BrightPlan academy and delivers content customized for each employer. 

Plan assists employees in building a personal financial roadmap. Powered by the BrightPlan Financial Wellness Coach™, the plan adapts as individuals continue their journey to financial wellness. 

Invest automates saving and investing. The capabilities in the Invest component of BrightPlan drive wealth creation in a 401k and other company retirement programs. BrightPlan links to outside investment accounts, so all of an employee's finances are visible in a single location. 

Manage brings it all together. The BrightPlan Employee Wellness Score™ charts an employee's progress toward financial well-being. Smart Budgeting and Spending Analysis maintain the discipline necessary to control expenses and accumulate wealth. The BrightPlan dashboard displays a personal balance sheet that highlights each employee's net worth.

Supporting all four pillars of BrightPlan's solution is our emphasis on fiduciary responsibility. BrightPlan's digital platform and its team of experienced financial advisors deliver advice through a certified fiduciary process. BrightPlan is the first digital advisor certified by the Centre for Fiduciary Excellence, which requires an annual audit to retain ongoing certification.

Contact BrightPlan to give your employees the gift of financial wellness today.