FSA Company, Clarity Benefit Solutions, Shares Six Ways of Improving Employee Financial Wellness and Literacy

NEW YORK, Oct. 10, 2018 /PRNewswire/ -- FSA company, Clarity Benefit Solutions, shares six benefits of improving employee financial wellness and literacy.

Despite being successful in their chosen careers, many Americans are challenged when tasked with managing their finances. After all, life is busy, and managing money often falls by the wayside. Meeting monthly expenses can be overwhelming, never mind planning retirement. Employers should recognize this and do their part to educate their employees in financial matters. Here are six ways of improving employee financial wellness and literacy.

Provide them with a financial assessment. Giving employees a quick financial assessment is an effective means to provide them with a guide to their strengths and weaknesses, as well as a baseline to assist them with setting financial goals.

Offer classes and workshops. Allowing employees to attend classes and workshops about basic financial concepts is a way to help them get a handle on money matters. Choose topics such as budgeting and retirement plans. Once those topics are understood, expand the classes to include specific information about financial management and planning.

Inform them about free financial resources. Thanks to technology such as online articles, webinars, and specialized websites and podcasts, employees have a wealth of financial information at their fingertips. That said, employees will still need guidance regarding which resources to tap into. Help them pinpoint their area of focus.

Offer free credit monitoring. Forward-thinking employers offer credit monitoring as an employee benefit. Find a reputable credit bureau to work with that will allow employees access to their credit scores as well as their credit reports.

Automatically enroll them in retirement plans. Employers should be proactive rather than reactive when it comes to employees' retirement benefits. Automating the enrollment process will encourage them to save for retirement without them having to think about it.

Extend additional support. If some employees still struggle with financial issues, provide them with individual coaching from a financial coach who can guide them through the aforementioned processes. At the same time, a coach can boost employees' confidence as they gain more knowledge and improve their financial wellness and literacy.

About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

SOURCE Clarity Benefit Solutions

Related Links

https://claritybenefitsolutions.com/