Financial Wellness for Everyone

Given the current economic environment and a lack of financial literacy among most employees, financial stress has become a key health-related issue for employees and employers. Financial illiteracy, money problems and issues with debt are not issues unique to any one type of employee. It affects everyone – men and women, young and old, across all racial and socio-economic lines. For this reason, Symbius’ financial wellness solution is specifically designed to reach every employee, across multiple income profiles and across varying financial literacy levels.

The Financial Wellness Problem

While many important economic changes have occurred over the last couple of years, there has been one constant through the good times and bad – the average American lacks a very basic understanding of money and the tools they need to make smart spending decisions. It is important to realize that the U.S. economic downturn was not the cause of destructive financial behaviors, rather, it exposed them. What has changed is that a majority of U.S. employees now get most of their financial and health products from employers. As a result, employees are naturally turning to their employers for the understanding and guidance they require to attain financial security.

What's at Stake for Employers: 3 to 1 ROI

The issues of poor employee financial health and a lack of benefits understanding present material risks to organizational goals. Employers have focused on implementing programs that maximize productivity, retain talent and minimize the escalating cost of health care. The Personal Financial Employee Education Foundation (PFEEF) has done numerous studies on the impact of Financial Wellness initiatives. As a general rule, PFEEF estimates organizations can expect a minimum return of three dollars for every dollar invested.

The Solution: Symbius' FinancialGuard:

FinancialGuard is the industry’s first, comprehensive employee financial wellness solution that includes five key components:

1. Online Financial Health Assessment with Scoring

  • Approximately 30 questions across 6 key financial categories
  • Provides a detailed assessment of an employee’s financial health
  • Identifies areas of potential problems and guides a learning path for the employee
  • Dashboard enables HR to track financial health of employee base

2. On-Demand Financial Education/Money 101

  • An online web portal provides 50+ five-to-eight minute videos that provide independent financial guidance.  
  • Topics include: basic money concepts, understanding credit, debt and budgets, savings and retirement, personal protection (estate planning, insurance), life events (marriage, birth of child, etc), company benefits and company savings plans
  • Leverages the latest web technologies to provide employees a powerful combination of rich-learning experiences and interactive tools

3. DebtGoal - The "Weight Watchers for Debt"

  • For employees earning less than $100,000, reducing debt is their #1 financial goal
  • Do-it-yourself tools empower employees to pay off debt as quickly as possible without the extra fees
  • Better alternative than debt settlement, debt relief, credit counseling and debt consolidation
  • Employees build their own custom debt pay-down plan in minutes
  • Easy-to-use online tool optimizes payments to accelerate debt pay-down progress
  • Average member saves $35,000 and becomes debt-free 16 years sooner

4. PayEarly Program

  • 65% of employees that earn $50k or less rely on advances regularly
  • When a financial emergency strikes, employees can receive an advance
  • Maximum six advances per year allowed per employee
  • No liability/No risk for the employer
  • The advance solves their problem so they can get back to work
    • Cover a health care deductible
    • Pay for a car repair bill or late utility bill
  • Funds to employee within 1 business day
  • Financial education requirements are part of the process to curb use of advances

5. Identity Theft Protection

  • ID theft is the fastest growing crime in America (per FBI) – over 11 million Americans victimized in 2009
  • Proactive and predictive protection with patented SNAPD® Identity Monitoring technology
  • Certified Privacy Advocates® to personally assist individuals with any type of identity fraud
  • Dedicated call center available for employees 24/7
  • $25,000 identity fraud expense policy
  • Significantly reduces or eliminates financial damage and employee absenteeism, while increasing employee productivity and satisfaction


Contact Us Today to learn More! »

 

 

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