The Leaders Championing the Financial Wellness at Work Movement

Why is it that the leading cause of stress at work is money, yet we don't learn how to make or manage money growing up? I've always wondered why taking science and history classes is a mandatory part of the school curriculum, yet personal finance isn't. And, it's not just making money either, it's holding onto it and investing it for higher returns. We've heard countless stories about random people winning millions in the lottery, yet losing it all several years later. Nearly three out of every four lottery winners end up bankrupt because they didn't have the financial education to help them make smart decisions about where to invest their winnings. A study by the FINRA Investor Education Foundation discovered that these financial literacy skills have declined since the Great Recession, especially for 18 to 34-year-olds. Not to mention, just last year North Carolina became the 20th state to require financial literacy class for high school students. Harry Brown, the majority leader in the Senate said, "It is evident from the student-loan crisis our nation now faces that too many students leave high school without a clear understanding of the true cost of credit." Brown is right that it's more important than ever before that students get a financial education even in high school because the outstanding student loan debt has now moved past $1.6 trillion, up from 830 billion in 2010. Student loan debt is one of the main reasons why my generation is set to become the first one in U.S. history to do worse than our parents financially. That's why the number of student loan repayment programs doubled from 4 percent in 2018 to 8 percent in 2019. For example, both Fidelity and Aetna offer $2,000 a year towards student loans, capped at $10,000 over five years. These companies realize that recent graduates are struggling with loans and so they are trying to help in order to recruit better talent.

In numerous studies that I led over the past several years, we asked what motivates people when applying for jobs and what would make them want to stay with a company longer. The answer, by far and away, is ALWAYS money. Pay dictates both the quality and longevity of an organization's talent. Underpaid employees are unhealthy, unhappy are more likely to jump at the next job offer that comes their way. When you're worried about how you're going to pay your bills, or you feel like you aren't compensated fairly, it can damage your mental health. Money concerns distract people from doing their best quality work. While we are all responsible for our bank accounts, our companies have the opportunity and responsibility to support our financial literacy. PwC investigated the biggest causes for stress at work and found that more employees cite financial matters than any other life stressor combined including their job, relationships and health concerns (money affects all three!) They also found that nearly half of employees spend more than three hours each week distracted by their personal finances.

Aside from financial stress impacting focus and productivity, it also increases absenteeism and leads to poor health. Academics from the University of Virginia and Columbia University concluded that people who aren't optimistic about their financial future experience more physical pain than those who feel secure. Financial stress leads to higher healthcare costs, while simultaneously making it too expensive to get proper treatment. The American Psychological Association found that one-fifth of people put off or consider skipping health care visits due to costs. Over the next decade, health issues caused by financial pain will become an even greater issue since the fastest-growing population at work are those aged 65 years and older. With more employees working past retirement age, declining pensions, a lack of savings and financial insecurities, companies are investing in new ways to alleviate their stress so that they can maximize their value.

That's why financial wellness has become a growing workplace movement supported by many of the top financial companies in the world. Your financial wellness is your overall financial health, which could include being able to afford your rent, having money for basic goods and services, feeling secure about your job, having control over your financial situation and enough retirement savings. Aside from offering student loan repayment programs, companies are offering resources, training, mobile apps, workshops and access to financial planners as part of their financial wellness programs. And, these programs are getting a lot of traction with more than twice as many companies offering them today compared to five years ago (53 percent versus 24 percent). One of the most popular offerings is financial education classes since many employees lack critical knowledge to make better decisions about how they spend and save. A study by Prudential found that nearly one-third of workers desire these classes, as well as the other offerings I mentioned. Additionally, financial wellness programs influence employment decisions. Morgan Stanley found that almost three-fourths of employees say that financial wellness programs are important for an employer to offer and 60 percent said they'd be more likely to stay with a company that offers them.

The business case for financial wellness programs is that it saves companies money on healthcare costs. Employees who benefit from these programs save their company an average of $271.50. On the other hand, employees who are regularly engaged in these programs improve their overall financial health and increase their retirement plan contribution rates. Financial wellness is a win-win for both employers and employees because healthy, happy and productive workers produce higher quality work, better corporate cultures, and more revenue.

Over the past several months, I've highlighted both the mental health and gender pay equality movements. Today, I'm focused on the financial wellness movement because your bank account has a major impact on every aspect of your life. While people promote "loving what you do" and say "happiness is more important than money", the reality is that money plays a vital role in having the stability that promotes our health, happiness, and success. That's why I've selected some thoughtful leaders from some of the world's most admired companies that have been vocal about financial wellness and have taken some major steps to ensure their workforces are financially healthy. I spoke to five leaders in order to hear their perspectives around the topic. These leaders include Brian Nelson Ford (Financial Well-Being Executive at Truist Financial Corporation), Brian McDonald (Managing Director and Head of Morgan Stanley at Work), Andrew Lendnal (Senior Vice President, Strategy and Financial Wellness, KeyBank), Farzin Karim (Head of Financial Wellness, SVP at Fidelity Investments) and Vishal Jain (Head of Financial Wellness Strategy and Development for Prudential Financial).

Dan Schawbel: It’s 2020 and personal finance is still not a requirement in our education system with only one-sixth of high school students required to take a class in order to graduate. If personal finance is so important to our lives, why isn’t it a mandatory part of the high school and college curriculums?

• Brian Nelson Ford (Truist): More states are requiring personal finance to graduate than ever before, so we are moving in the right direction. I look forward to the day when every state requires personal finance in high school and it’s more frequently taught at the university level. 
• Brian McDonald (Morgan Stanley): Traditionally, the expectation has been that once an individual enters the workforce, they would have learned the skills they needed to manage their finances either at home or through experiences. Unfortunately, we know that this is not the case for many people. According to our Morgan Stanley at Work employee financial wellness study conducted by Financial Health Network, of the 1,000 employees surveyed, half said they spend more than they earn each month and another 41% say they did not have enough savings to cover three months of living expenses. It is evident that people need help. One way to change this dynamic is by starting early, working with parents to make sure they understand the best way to communicate basic money lessons to their children and partnering with organizations that can do the same. Further, by implementing a workplace solution, hopefully, this will create a “trickle-down” effect to help fill some of the gaps and help employees get a firmer footing.
• Andrew Lendnal (KeyBank): As people become more aware of the far-reaching consequences of financial illiteracy, one question becomes obvious. Why isn’t personal finance taught in school? This is a fair question. As one considers the repercussions of financial ignorance and the advantages of knowing about personal finance, this question becomes increasingly important. Perhaps it is less important to point fingers and blame schools for missing this obvious necessity of knowledge and to focus on moving forward so that schools do begin to teach personal finance. Instead of asking, “Why isn’t personal finance taught in school”, let’s ask, “How do we get schools to teach personal finance.” Schools fail by not teaching personal finance. In light of the growing list of the benefits of personal finance education, some are left wondering, “Why isn’t personal finance taught in school?” The answer is a general failure of the education system to identify the most relevant skills students should possess. While some point to underfunding as a response to the question of why personal finance isn’t taught in school, the education manages to fund STEM programs with expensive computers and lab equipment, but cannot find room in the budget for a personal finance 101 course.
• Farzin Karim (Fidelity Investments): Fidelity recognizes that financial literacy is gained through life-long instruction, and there is compelling research that details the benefits of learning personal financial concepts in schools. For this reason, Fidelity’s financial literacy efforts targets school-aged children, customers, and even Fidelity employees. Just last year, our Teacher Personal Financial Training program has helped us reach more than 250,000 students and we are on track to reach another 170,000 students through financial literacy education programs this year. However, recent research indicates that when implementing financial literacy curricula or requirements that no “one size fits all” and a mandate is a complex issue that has potentially unintended consequences. Educators and leaders at the local, district and state levels should consider the needs and demographics of the students they serve when determining if or how to implement a financial literacy program.
• Vishal Jain (Prudential Financial): It's surprising to me that personal finance hasn’t been a requirement in our education system, but it’s likely the result of our traditional views on discussing money. Finances are viewed as private, personal matters. It’s why even in the workplace, employees have shied away from personal finance discussions. But as society changes and we become increasingly more open about money management, we should see more schools adopt a personal finance curriculum. We’re seeing it already in New Jersey, for example, as schools are required to incorporate financial literacy instruction in each grade, covering topics such as budgeting, saving, credit, debt, insurance and more. Plus, there’s a great thing about infusing personal finance in schools: It can be connected to so many subjects like math and history to reinforce the lessons for students.

Dan: Employees say that financial matters contribute the most stress in their lives over health concerns and their relationships. What are the biggest financial challenges people face and what role do companies have in helping them solve those challenges?

• Brian (Truist): Some of the biggest financial challenges people face are inadequate emergency savings and not living within their means, which leads to unwanted consumer debt. In addition, people worry if they are investing enough for retirement. Companies are beginning to see that helping their employees with money is not only the right thing to do but it is paying off with bottom-line results in the form of retention and employee satisfaction/engagement. In addition, we are seeing an up-swell of interest in Employer-Sponsored Emergency Savings Accounts.
• Brian (Morgan Stanley): There are many factors that are causing employees financial stress from student debt levels at historic highs coupled with high housing and health care expenses. Our Morgan Stanley at Work employee financial wellness study conducted by Financial Health Network also showed many employees are struggling with many aspects of their financial health and need help with short-term goals like budgeting, debt management and building emergency savings, in addition to long –term goals like retirement planning. More and more employers are realizing offering financial wellness programs is a win-win for them; they can increase the overall well-being of their employees while receiving a number of benefits to their organization such as a boost in employee productivity, employee happiness, and employee retention.  
• Andrew (KeyBank): When we talk about financial wellness, we’re talking about trading worry for security. It’s about knowing where you stand and having a plan to get where you’re going. Less about skipping lattes, more about taking small steps that keep you moving in the right direction. Our lives include celebrations and bills to pay. According to the results of KeyBank’s 2020 Financial Wellness Survey, the top 10 financial faux pas among Americans are impulse buying, not sticking to a budget, didn’t save for an emergency, spending beyond my means, spending my tax return, instead of saving them money, missing a credit card payment or carrying a balance on my credit card, not investing my money, paying for subscription services I don’t use, not contributing to retirement vehicles (e.g., IRA, 401(k), HSA, etc.) and being afraid to check my account balance. When employees are financially well, they know that minor emergencies or expenses won’t cause financial hardship. A better understanding of their budgeting options helps them build better financial habits, and keep making progress. Employees who are stressed about their finances are both less productive and in worse financial shape than other employees. Twice as likely to spend three hours or more at work dealing with financial matters. Five times more likely to let their finances distract them at work. Therefore, the role that companies have in solving these financial challenges include helping employees learn to better manage their money: (1) Have less stress about their everyday finances (2) Are happier and more productive at work (3) Know they’re protected against financial risks (4) Are able to make more informed and confident financial decisions and (5) Cultivate healthier financial habits. Workplace wellbeing is more than health and retirement benefits. Eighty-nine percent of employers plan to make employee financial wellness a priority, primarily because they feel it’s the right thing to do.
• Farzin (Fidelity Investments): Financial worries are, in fact, a leading cause of stress in our customers’ lives – 57% have told us they can’t be happy unless they’re financially secure; 23% said money is a source of frequent arguments, and 24% said they think about how to make ends meet majority of the time. Considering we have a multi-generational workforce, each customer faces a unique set of challenges ranging from paying down debt, credit card or student loans, saving for college or a new home. As our customers approach retirement, there are even more needs to address in terms of determining when to take social security, how to plan for healthcare costs in retirement, determining withdrawal and income strategies. To address this range of needs, financial wellness programs should be comprehensive with a diverse set of services, resources, and tools to ensure the needs of the full workforce are met. Programs also need to be easy, personalized and relevant, providing the right help at the right time in the moments that matter for the employee. Helping employees address all their needs with a holistic Financial Wellness program can enable them to become more financially confident but also can help employers provide competitive benefits that can help attract and retain talent in a very competitive workforce. Employers can also consider how establishing the right plan design can help their employees with their financial goals. We consult with many companies to identify their benefits goals and help them determine how a robust plan design can help achieve those objectives- from structuring an investment line-up, designing a company match, establishing plan defaults and auto-enrollment settings, offering employees access to advice and discretionary services- employers now have many options they can choose to offer their employees to give them the best opportunity to achieve their financial goals.  
• Vishal (Prudential Financial): When we look across the U.S. and the kinds of financial issues people report, the most prevalent is day-to-day money management. Between paying bills, the general cost of living, crippling student loans and other forms of debt, people struggle to balance basic priorities in their life. It becomes even more complex when you insert key life events: paying for a child’s college, caregiving for an aging parent, managing a divorce. These are significant personal and financial stressors that people must work through, and they often distract from long-term needs like retiring on time, comfortably and with enough income to last throughout retirement. As an industry, the most important thing for us to address is how these things are all connected. Basic needs, life events, and retirement are not isolated goals. We need to provide holistic solutions that can be available both through the workplace and in the retail market to give individuals the tools and solutions to successfully navigate the myriad financial challenges they may someday face.

Dan: What types of financial wellness programs are you currently offering, how have you measured the ROI of those programs and what have you learned from leading those programs?

• Brian (Truist): At SunTrust (now Truist), we offer a comprehensive workplace financial wellness program called Momentum onUp designed to inspire, educate and equip. Employees can engage as they see fit: online, in-person (or virtual classes) or with a hard copy workbook. We recently conducted an academic analysis of our program to better understand it’s efficacy. The data represents an anonymous survey of nearly 500 employees across 14 companies using Momentum onUp. We worked with a PhD to perform an independent analysis and write a white paper on the findings (attached). I think you will find the white paper informative, however here are a few highlights: Those who completed Momentum onUp are 72% more likely to feel like they could handle a major unexpected expense than those who haven’t started. They are 28% more likely to feel like their company cares about their financial well-being. They are 54% more likely to feel like they can enjoy life because of the way they are managing their money. They are 87% more likely to feel like they are securing their financial future. One of the most important questions we get from the leadership of our clients is: Does Momentum onUp reduce turnover? The survey found that 91% of those who completed the program see themselves working at their employer 3 years from now (compared to 74% not participating in the program). The results are conclusive and impressive.
• Brian (Morgan Stanley): Our Morgan Stanley at Work Financial Wellness platform consists of the following three key areas: (1) Financial Education - Through an online portal employees and their families can measure and improve their financial well-being while being matched with educational materials that can help address their needs. This digital portal experience includes a new, more robust assessment tool/questionnaire and personalized journeys with engaging content and calculators to help measure an employees’ financial fitness. (2) Financial Advice - We analyze the data submitted through the assessment and provide clients with recommendations on the type of channel they could engage with whether through a Financial Advisor, a Virtual Advisor or through Access Investing. This allows executives to your most junior analyst the ability to receive advice that is relevant and consumable for them, wherever they are in their wealth journey. (3) Financial Solutions - If employees choose to, they can access Morgan Stanley’s wide breadth of products and solutions that may help them meet their short- and long-term financial goals, including investment management, cash management, and lending products and services, brokerage accounts, insurance, philanthropy management services and trust and estate planning strategies. Tax planning and preparation services are available through a third-party vendor. We recently added two key partnerships: (1) Credible, an independent marketplace for student loan refinancing, to help employees better manage educational loans; as well as educational material and call center support. This benefit is provided as part of the Financial Wellness program and does not require additional set up by employers. (2) My Secure Advantage, an independent, new phone-based financial coaching service, where employees and their families can obtain information on budgeting, debt management, and credit issues. The success of our Morgan Stanley Financial Wellness program is based on how well employees are able to improve upon their financial situation and what steps they take in order to better their financial future. On a quarterly basis, we monitor how they are engaging and interacting with the digital portal as well as if their Financial Wellness Assessment scores are improving over the course of the program. In addition, we track engagement across other channels such as seminars/webinars and financial planning and evaluate trends and common topics that arise, in addition to general program satisfaction and feedback received from surveys and word-of-mouth. What we have learned through our programs is that employees are stressed about their finances with over three-quarters of our participants being somewhat to very stressed about their finances. In addition, we have identified that over half of the employees engaged in our program do not have a financial plan in place or have enough savings set aside for an unexpected expense. As a result of these financial needs, employers can differentiate themselves by offering a holistic financial wellness program that helps employees understand where they are today, and what they need to do to reach their goals for tomorrow.
• Andrew (KeyBank): KeyBank is transforming our clients' banking experience by embedding financial wellness into every interaction, whether digitally, at the branch, or via telephone. We are committed to keeping our clients' financial wellness at the core of our relationship with them. Additionally, KeyBank has a workplace financial wellness program called Key@Work. Key@Work makes doing the right thing easy. We provide educational sessions – right at their workplace. Employees can choose from a wide range of financial topics for these sessions. Employees also have exclusive access to (1) Special banking discounts (2) One-on-one and group meetings with Key bankers to provide in-depth Key Financial Wellness Reviews and (3) Advice to help them get started on the path to financial wellness, and alerts and insights to stay on track. We know it’s an ongoing journey, and we’ll be with them every step of the way. The initial data from the new KeyBank Consumer Financial Wellness Review shows just how many clients are seeking financial guidance, particularly when it comes to emergency savings and planning for retirement. While some respondents feel they are prepared to deal with a financial emergency, many people feel that they could be better financially equipped. In the event of a financial emergency, more than half (54 percent) of respondents say they would have to borrow money, don't know what they would do or have some, but not enough, savings. While saving for retirement dominates financial-wellness interests, there's room for growth when it comes to dollars saved. When clients are asked how they feel about their retirement savings, one-third (33 percent) say they are not saving at all. Another 29 percent say they don't have enough or aren't sure if it's enough. Planning for the long term happens in the short term for our clients, most of whom are doing a good job at spending within their budgets. Nearly 72 percent of respondents who say they have budgets are staying within them. Among those, 46 percent say they are saving extra, and 26 percent say they'd like to save more. A major step for millions of people towards financial wellness is paying off their credit card debt. Among respondents who have a credit card, 51 percent say they currently carry no credit card debt, and just 8 percent say they are adding credit card debt. In simple terms, the ROI of our program is purely based on engagement and helping our clients make financial progress.
• Farzin (Fidelity Investments): Fidelity has offered financial wellness type programs for many years. What has changed in the last 5 years is the deliberate expansion of that support to focus on both retirement and non-retirement related goals. Our programs focus on providing education and solutions to help customers create a plan that addresses short-term and long-term financial needs. The approach involves helping employees assess their financial wellness needs, identify their top financial challenges and then access solutions to take the steps to improve their financial health, so they can ultimately live the lives they envision for themselves. We measure the success of the program based on engagement, as well as on the outcomes related to that engagement, such as increased financial confidence, increased savings, and achievement of their financial goals. Since financial stress is likely to take up a significant amount of people’s mindshare both in and out of work, addressing these financial matters can decrease stress and distraction at work and increase employee productivity. We’ve learned that increasing financial confidence can be done when someone engages and takes that first step, whether it be starting emergency savings, paying down high-interest debt or meeting their company match.  
• Vishal (Prudential Financial): Prudential takes a multichannel approach to financial wellness, offering on-site, mobile and digital resources and solutions to empower employees to take control of their financial well-being. We work with employers to determine the best way to engage their unique workforces and motivate them to leverage various tools. Our broad suite of financial wellness solutions includes emergency savings, student loan assistance, and debt management. Prudential’s emergency savings feature can be built into a 401(k) plan, which helps employees build a safety net through the convenience of payroll deductions. Our student loan assistance platform helps employees explore student loan consolidation and repayment options. We are also rolling out new capabilities this year to help employees manage debt. When we consider ROI, we think about three stages: levels of engagement, actions taken and value creation. First and foremost, you need employees engaging with and using the solutions. Then, evaluate what employees are actually doing with these tools, including building budgets, saving for retirement or paying off loans. These actions help both the employee and the employer, so it’s finally important to link financial wellness actions to business priorities such as improved productivity, higher employee engagement and/or lower healthcare costs.   

Dan: While financial wellness programs can aid in helping people take control of their financial future, they are still responsible for managing their money. What advice can you share with people who might not have a strong financial education but have the motivation to learn and improve?

• Brian (Truist): For those who have the motivation to learn and improve, I would say they have the most important ingredient to succeed and now it’s time to execute on that motivation. Begin to read, ask questions and attend classes on personal finance and then set goals to improve their money happiness. Open an emergency account. Save first and automatic. Calculate their net worth and set a goal to grow it. You can only grow net worth two ways, save more or pay down debt and those who really excel do both. 
• Brian (Morgan Stanley): We encourage employees who want to learn more about personal finances to start with their HR department. More companies are offering a financial wellness program to their employees, which would provide them with access to digital tools like online calculators, seminar/webinars and the ability to consult with a financial professional. Alternatively, if a financial wellness program is not available to them, they should reach out to their HR contacts to request that their company look into providing one in the near future. In the meantime, they can find informative articles and educational content on various public financial websites (such as morganstanley.com), as well as access to free tools and calculators.
• Andrew (KeyBank): Depending on a person’s specific situation, it may make more sense to start small and then look for ways to have fun so that your financial savvy is an ongoing quest, not a time-siphoning burden. Mapping out your net worth is one of the easiest ways to kick start your financial IQ. Whether you're facing down student loans or other debt, or you have modest savings in the bank, your net worth is a powerful bit of knowledge to help you craft a financial plan. Tracking your assets and liabilities will help you track your overall net worth. It will also help you see how your other financial habits impact your net worth over time. Bankrate has a handy calculator to help. You might think that you don't have enough assets to need a will, much less an estate plan, and you're not alone. A 2017 study by Caring.com found that six in 10 Americans don't have critical estate planning documents like a will or living trust. You might not want to think about death but making an estate plan, so matter how simple, can help bring peace of mind to your family and your finances. There are plenty of low-cost and free online resources — such as Willing, JoinCake, and FreeWill — that make creating a basic, state-specific estate plan a breeze. Several sites include additional documents like a Living Will to designate a person to make medical decisions if you're unable, and Durable Power of Attorney to name a person to make financial decisions. While these sites don't replace the advice of an estate planning professional, they can help you take the first step to create a simple estate plan at low- to no cost. If curling up with a book on your lunch break or in the evening is your brand of enjoyment, your financial joy could be at your local library. Check out the top personal finance books recommended by New York Magazine. From general knowledge to specific advice geared toward millennials and women, you can fine-tune your money-related reading based on the areas you want to explore the most. Why the library? You'll save money by checking out books for free, and you'll have to read the books you check out on a deadline. Nothing like a deadline to get you turning the pages. If your commute time is more conducive to tuning in than turning pages, maybe a podcast is the key to broadening your financial knowledge. Here is a list of 16 personal finance podcasts to help get you started. Both lists are broken down by subject area so you can easily choose what sounds most interesting. Format, hosts, and personalities differ so give a few different podcasts a try to find your must-listen shows. From budgeting to expense tracking and investing, the right app could be just the thing to help you gain a clear picture of your finances on hand. Check out this list of apps for the financially curious who find their fun in technology. Many financial apps connect directly to your online banking and credit card accounts to help track your spending. You won't be entering manual data, but you will have to trust the apps you choose to access your personal finances. Don't forget to read the app reviews to help you find the ideal app. If you thrive on personal connection and conversation, consider setting up a time to meet with an advisor to help power your financial education. Whether it's a CPA or a financial advisor, a sit-down meeting or even a phone consultation, determine which would be best to help grow your knowledge. These professionals can help you learn about investment tools and planning strategies to help bring your financial dreams into focus. With market fluctuations, job changes, trips to the emergency room, and life's other surprises, one sure-fire way to up your financial IQ is to remember that you can't control everything. The tools above put powerful financial resources within arm's reach, and the key to any sound financial strategy is to begin somewhere. With your net worth in hand, you can decide where to take the next step.
• Farzin (Fidelity Investments): We understand that most Americans are not financial experts and may not have a lot of experience managing money - but if you have the desire to learn more and improve – there is no better starting point than now! First, you don’t have to do it alone! Fidelity can help with a range of financial needs – and we have a deep set of robust resources to help employees learn and make more informed decisions, and broad experience helping average, everyday Americans manage their savings. Each year, millions of customers reach out to us for financial help. It can be overwhelming at first and many people may not know where to begin. Fidelity has a simple, easy-to-understand financial wellness assessment that will provide a snapshot of your financial situation and help you zero in on the areas that require attention. Having a picture of your financial situation is the best place to start. From there, taking the steps you need to become more financially confident will become clearer and you can focus on those areas where you may need more support – such as determining how to save for an emergency, prioritizing credit card debt paydown or consolidating and paying down student loans. We see success when people focus on their next best step. And small steps can add up to making a big difference! As your financial needs become more complex, balancing your goals becomes increasingly important, so it’s key to have a plan. Whether you work with an individual to create a plan or create something with our online tools and resources, just having a plan and knowing where you stand is imperative. 
• Vishal (Prudential Financial): First, don’t try to tackle it all at once. Instead, start by choosing 1-3 topics that are most important for your current goals and challenges. For example, if you have a child approaching the age for college, start with understanding student loans. Second, make sure you are making good use of your employer’s benefits, such as participating in any matching programs for contributing to a retirement plan. Finally, explore the financial wellness programs that your employer may offer. These programs can be a convenient way to start building more knowledge about your finances, while also providing access to tools and solutions that can help you today.    

Dan: Looking out into the future, how do you think investing in financial wellness programs will improve people’s lives and how long will it take for the masses to be financially confident and healthy?

• Brian (Truist): If fights over money is a major contributor to couples breaking up and financial worries are one of the largest causes to workplace stress, then we just uncovered a wonderful opportunity to save marriages and improve company cultures. As we become financially strong our confidence, health and relationships improve. Financial illiteracy is not a new problem and financial education is not a new solution however Workplace Financial Wellness is relatively new and the early returns are promising.
• Brian (Morgan Stanley): Financial wellness programs are proving to be a value add to employers and employees. Companies that invest in financial wellness are saying to their employees that they care about you, they are thinking outside of the box, and they want to help you accomplish and achieve your financial goals. Offering such a valuable solution will help employees stay on top of their finances and reduce their overall stress levels, which will allow companies to benefit from more financially confident and productive employees. We believe financial wellness programs will continue to grow in popularity and demand as employees continue to face financial challenges. Employees’ financial needs will likely change in the future and that means that these workplace solutions will also need to adapt over time. We will continue to invest in our Morgan Stanley Financial Wellness program to further provide employers with personalized financial education, advice, and solutions to help their employees reach their specific financial goals, now and in the future.
• Andrew (KeyBank): The road to financial wellness is rarely linear. Inevitably, there will be setbacks, which often present new opportunities to course correct. KeyBank designed the Financial Wellness Survey to understand the mindset of consumers as they reflect on their financial journey over this past year. Specifically, the survey explores the financial faux pas – or money mistakes – Americans faced, the severity of those missteps and the strategies they are most likely to take as they move forward in the year ahead. According to the new Financial Wellness Survey from KeyBank, 75% of consumers consider themselves financially savvy, with 41% stating they're savvier than most or consider themselves an expert when it comes to personal finance. Despite this, more than half (54%) admit they have made a financial "faux pas"—referring to a money "false step" or error—and impulse buying tops the list as the most common "faux pas" among all consumers (25%). Financial wellness is not a point in time but a journey across your whole life. We cannot predict the time it will take for the masses to be financially confident and healthy. It’s not like we can hope to get people to a certain point and then they’ll stay there forever. Life changes. Even people who are watching their spending, saving for retirement and checking the rest of the personal finances on a regular basis may not feel stable 100% of the time. But as long as you have a plan, people will be better off. Life is going to be filled with ups and downs, and the most important thing is to make sure you’re prepared to manage the downside, and you’re in a good position to take advantage of the upside.
• Farzin (Fidelity Investments): Successfully integrating financial wellness programs into existing experiences that people are already using will be a major factor in how the lives of average Americans can be improved. We have found that employers that weave financial wellness programs into other workplace experiences that are already available to their employees are seeing the highest levels of engagement across their workforce. Financial wellness is a need that sits across all bands of wealth in the American population today, so working through the barriers of perception, engagement, and motivation, for all Americans, will certainly accelerate financial literacy which can lead to financial confidence.
• Vishal (Prudential Financial): Workplace financial wellness programs have the potential to have a significant positive impact on improving the lives of millions because, for many individuals, the workplace is where their financial life comes together. Consumers also trust their employer more than other institutions, according to Edelman’s 2019 Trust Barometer, providing an ideal environment to break down the barriers around discussing money and positively changing behaviors. We are pleased that certain provisions of the SECURE Act passed by Congress late last year will create new pathways to financial wellness for the millions of workers that currently do not have access to a workplace retirement plan.  

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