The Hottest Perk of the Pandemic? Financial Wellness Tools

In the midst of the Great Resignation, with employers scrambling for ways to hang on to experienced staff, financial wellness programs might be an attractive addition to the benefits bag.

That was a key finding from PwC’s annual Employee Financial Wellness Survey, which was conducted in January 2021 and released in April. Among those polled, 72 percent of workers who reported facing increased financial setbacks during the pandemic said they would be more attracted to another company that cared more about financial well-being than their current employer. About 57 percent of workers who hadn’t yet faced increased financial stress said the same thing.

Financial stress doesn’t just affect worker retention; it also has an impact on productivity. PwC’s survey showed that 45 percent of workers experiencing financial setbacks have been distracted at work by their money problems. The menu of financial wellness tools employers might elect include educational tools for personal finances, one-on-one financial coaching, and even access to rainy day funds.

It’s a growing business sector, too. HoneyBee, a B2B financial wellness startup, recently closed a round of funding with $5.7 million in equity, TechCrunch reported. The financial technology company grew 225 percent during the pandemic and saw a 175 percent increase in usage for its on-demand financial therapy tools. Origin also recently announced that it raised $56 million in its Series B funding round, which it will use for customer expansion, as it saw increased demand for financial planning services during the pandemic, Business Wire notes.

Although one in five workers waits until they experience a financial setback to seek guidance, when they are offered continual support, employees are more likely to be proactive with their finances. According to the PwC survey, 88 percent of workers who are provided financial wellness services by their employers take advantage of them.

By Rebecca Deczynski, Staff reporter, Inc.@rebecca_decz

Source: The Hottest Perk of the Pandemic? Financial Wellness Tools | Inc.com

.

Critics:

Making money is definitely the cornerstone of financial wellness and increasing your income can help you obtain your goals. You do not need to be a millionaire, but it’s important to obtain some level of income stability. Being financially well starts with having a reliable income and knowing at a consistent time, you will expect to be paid a certain amount. Steady and reliable income is one of the cornerstones of financial wellness.

Even if you don’t like budgeting or planning, it’s good to set goals for yourself. You are more likely to stick with it when you have goals to reach and can see progress. By creating a plan, you are visualizing the what, why, and how you will get there. If you don’t already have a household budget, grab your most recent bank statement and look at the total amount of money you have coming into your household each month. Then, factor in fixed, required expenses – things like rent or mortgage payments, utilities, insurance, and more.

f you do not have an emergency fund, now is the time to start building it. The goal of an emergency fund is to have available funds for when you are dealing with unemployment or you have an unforeseen cost. You won’t stress about the money because you have a nice cash reserve that you can access quickly. Finance experts often say that you should have at least three to six months’ worth of expenses in your emergency fund. If you have nothing in savings, putting away just $25, $50, or $100 a month is an amazing start. Ultimately, it’s what you feel comfortable with. You can also consider putting it in a high savings investment such as CIT Bank’s Savings Builder, which helps put your savings to work with very little risk.

Once you get a handle on your finances, you can start to map out life events and large purchases, so you can begin saving! Planning ahead is always helpful, and once you get a handle on your current financial plan, set some goals for what comes next. By building a plan, you have a road map to help guide you through the rest of your story. Putting even a small amount into savings on a consistent basis is one of the best ways to get your savings to grow so you can meet your goals, small or large. Set your own personal savings rule to live by and make a plan on how to achieve it. Prepare for life events and large purchases by planning ahead.

Your credit score is another critical part of your financial health. Things like late payments, too much debt or high balances negatively affect your credit score. Keep watch over your credit report and credit score with a free credit report from places like Credit Karma. A higher credit score tells banks and lenders that you’re a reliable and less risky borrower. 

Related Contents:

Financial Services: Getting the Goods

Bill Summary & Status 106th Congress

Triennial Central Bank Survey – Foreign exchange and derivatives market activity

London’s leading position as a USD 2.2 trillion hub for FX trading would be harmed by a Brexit

Prudential: Securities Processing Primer

Price comparison sites face probe

UK Insurance & Long Term Savings Key Facts 2015

Introducing the Financial System

Personal Finance – Definition, Overview, Guide to Financial Planning

Is finance an art or a science

Budget Analysts

A simpler way to save: the 60% solution

History, Origins and Traditions of the Budget

The first budget? Walpole’s bag of tricks and the origins of the chancellor’s great secret

The Budgetary Origins of Fiscal Military Prowess

Sustaining a democratic innovation: a study of three e-participatory budgets in Belo Horizonte

Internet Voting and the Equity of Participatory Budgeting Outcomes

Effects of the Internet on Participation

Engaging Citizens: Participatory Budgeting and the Inclusive Governance Movement within the United States

The Pitfalls of Participatory Budgeting

New Unemployment Claims Rise For First Time In Nearly Two Months, But Number Of Americans Receiving Benefits Falls Sharply

1

Last week’s new unemployment claims were higher than the previous week’s revised claims of 375,000, which marked the lowest level during the pandemic, and much worse than the 360,000 claims economists were expecting.

The number of Americans filing claims under the Pandemic Unemployment Assistance program, which extends benefits to self-employed workers not eligible for traditional state programs, also jumped, hitting 118,025, according to the weekly data released Thursday.

Despite the rise in new weekly claims, the total number of Americans receiving any form of benefit fell sharply to 14.8 million in the week ending May 29, about 560,000 less than the week prior and much lower than the 30.2 million weekly claims filed in the comparable week last year.

Crucial Quote

“What the claims information doesn’t tell us is how much faster the job market will heal or where so-called full employment will ultimately be because the latest data tells the story of more than 9 million job openings and an equal number of officially unemployed,” Bankrate senior economic analyst Mark Hamrick wrote in a Thursday email, referring to the Federal Reserve’s goal of full employment, which would mean the only people unemployed would be those unable to work. “The easiest part of putting people back to work occurred from May through August of last year, when more than a million jobs per month were added to payrolls.”

Big Number

5.8%. That was the unemployment rate in May, according to the Labor Department’s monthly jobs report, down from 6.1% in April.

What To Watch For

On Wednesday, the Fed said it wants to see more progress in the labor market, which is still down 7.6 million jobs since the onset of the pandemic, before it moves to raise rates and tighten policy. The Fed has long insisted the economy is still fragile and in need of assistance due to the ongoing pandemic, but the central bank is likely to change its messaging in light of expected job growth by the end of this year. Officials on Wednesday said they are looking ahead to two interest rate hikes by the end of 2023—sooner than previously expected.

Key Background

At least 26 states—including Alabama, Mississippi and South Carolina—have announced they will stop participating in the federal government’s supplemental unemployment benefits program, which provides an extra $300 a week to jobless Americans, by July 3. Some officials are claiming the payments disincentivize workers to find jobs, but in a note to clients late last month, JPMorgan economists said the early end to the unemployment insurance, which is set to expire in September, looks “tied to politics, not economics.”

They argued that many of the states that have announced the early reduction are not showing signs of a tight labor market or strong earnings growth—two factors used to justify ending the enhanced benefits. Meanwhile, some states have moved on legislation that would authorize one-time “signing bonuses” for unemployed residents who find work.

Further Reading

Jobless Claims Hit New Pandemic Low, But 15.3 Million Americans Are Still Receiving Unemployment Benefits

Follow me on Twitter. Send me a secure tip.

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com. And follow me on Twitter @Jon_Ponciano

Source: New Unemployment Claims Rise For First Time In Nearly Two Months, But Number Of Americans Receiving Benefits Falls Sharply

.

Critics:

Unemployment benefits, also called unemployment insurance, unemployment payment, unemployment compensation, or simply unemployment, are payments made by authorized bodies to unemployed people.

The first modern unemployment benefit scheme was introduced in the United Kingdom with the National Insurance Act 1911, under the Liberal Party government of H. H. Asquith. The popular measures were to combat the increasing influence of the Labour Party among the country’s working-class population.

The Act gave the British working classes a contributory system of insurance against illness and unemployment. It only applied to wage earners, however, and their families and the unwaged had to rely on other sources of support, if any.Key figures in the implementation of the Act included Robert Laurie Morant, and William Braithwaite.

Across the world, 72 countries offer a form of unemployment benefits. This includes all 37 OECD countries. Among OECD countries for a hypothetical 40-year-old unemployment benefit applicant, the US and Slovakia are the least generous for potential benefit duration lengths, with PBD of six months. More generous OECD countries are Sweden (35 months PBD) and Iceland (36 months PBD); in Belgium, the PBD is indefinite.

The Unemployment Insurance Act 1920 created the dole system of payments for unemployed workers in the United Kingdom. The dole system provided 39 weeks of unemployment benefits to over 11 million workers—practically the entire civilian working population except domestic service, farmworkers, railroad men, and civil servants.

Unemployment benefits were introduced in Germany in 1927, and in most European countries in the period after the Second World War with the expansion of the welfare state. Unemployment insurance in the United States originated in Wisconsin in 1932.Through the Social Security Act of 1935, the federal government of the United States effectively encouraged the individual states to adopt unemployment insurance plans.

Job sharing or work sharing and short time or short-time working refer to situations or systems in which employees agree to or are forced to accept a reduction in working time and pay. These can be based on individual agreements or on government programs in many countries that try to prevent unemployment. In these, employers have the option of reducing work hours to part-time for many employees instead of laying off some of them and retaining only full-time workers. For example, employees in 27 states of the United States can then receive unemployment payments for the hours they are no longer working.

International Labour Convention

International Labour Organization has adopted the Employment Promotion and Protection against Unemployment Convention, 1988 for promotion of employment against unemployment and social security including unemployment benefit.

See also

Next Microsoft Edge Update Seeks To Drag Internet Explorer Users Into The Future

People have been surfing the Web with Internet Explorer for a quarter of a century. Microsoft is ready for Windows users to leave it behind once and for all and embrace the much more modern Edge.

Microsoft Edge version 87 is slated for release on November 19. When it rolls out, Internet Explorer diehards are going to see a much more aggressive pitch from Microsoft to make the switch.

If you’re still using Internet Explorer and happen to visit a site that has known compatibility issues Edge will automatically intervene.

A new Edge window will appear with an overlay letting you know what’s happening. The same screen will encourage you to import your Internet Explorer favorites, history and saved passwords.

You can choose not to, naturally, and just view the incompatible site in Edge instead. Doing so will allow you to prolong the inevitable a bit longer. Internet Explorer will still continue to work in this reduced capacity until at least next August.

For end users at home, however, there’s no time like the present to make the switch. Edge is built in the same mature, stable code that powers Google Chrome. It’s fast, standards-compliant and highly customizable. It’s also front and center in the big Fall update that’s now rolling out to Windows 10 users.

PROMOTED Jumio BrandVoice | Paid Program How Technology Is Improving Access And Empowering Older Adults To Embrace Telehealth Business Reporter BrandVoice | Paid Program Culture And People Will Drive Tech Innovation And Growth Teradata BV BrandVoice | Paid Program Why Data Matters

Winding Down

Microsoft will gradually wind down support for Internet Explorer across its many apps and services over the next year. Microsoft Teams will drop IE next month. Bleeping Computer also reports that corporate users will need to use a different browser when signing in to their Microsoft Accounts.

Even when you can no longer launch the actual Internet Explorer browser you’ll still be able to lean on its 25 years of service. This will be critical for many enterprise environments.

One big reason that Microsoft hasn’t been able to simply close the book on Internet Explorer is that many customers still use applications that were designed to work exclusively in IE. Try running them in another browser and you’re asking for trouble.

Internet Explorer mode in Microsoft Edge should allow enterprise users to make the jump once and for all.

Lee Mathews

Lee Mathews

Lee started writing about software, hardware, and geek culture around the time that the Red Wings last won the Stanley Cup. The two aren’t related in any way, however. When he’s not catching up on tech news or blogging about it, you can find him watching or playing baseball and doing his part to ensure the next generation of geeks is raised properly.

,

.

TechGumbo 982K subscribers Microsoft has completely rebuilt their Edge browser using Chromium source code developed by Google. In this beginner’s guide, I’ll go over the key features and near the end of this video, I’ll give you my final thoughts to let you know if it’s any good. The primary questions I’ll answer are: Is it better than the previous iteration of Edge, and is it good enough to make the switch from your current browser? Subscribe! ▶ https://www.youtube.com/techgumbo Share This Video ▶ https://youtu.be/RVrkWQMo6Xo Top 5 Best Web Browsers https://youtu.be/zE1_4x-hwZs Microsoft Edge https://www.microsoft.com/en-us/edge Chrome Web Store https://chrome.google.com/webstore0:38 User Interface 1:32 Chrome Extensions 2:08 Immersive Reader 2:59 PDF Viewer 3:21 Tracking Prevention 4:08 Change Search Engine 4:29 Dark Theme 5:07 Is Microsoft Edge Any Good? —————————————————– WATCH MORE VIDEOS 10 Useful Websites You’ll Wish You Knew Earlier! https://youtu.be/Qt3gjpV71IE Top 10 Best Free Websites to Watch Movies Online! https://youtu.be/tUpDDBKrTmg How to Force Dark Mode in Google Chrome for Every Website https://youtu.be/-RK0iSTqLa4 How to Personalize Windows 10 (Beginners Guide) https://youtu.be/eNansTeVGHM Top 20 Best TV Shows of the Decade https://youtu.be/vhw8vS7aCcA Twitter – https://twitter.com/GumboNet Facebook – https://www.facebook.com/TechGumbo TechGumbo is a leading source for the technology that we use each day. Whether it’s discussing computer operating system tricks, the latest tips for your mobile phone, finding out about the newest gadgets, or letting you know about the best software including the best web browsers for your computer, TechGumbo has boundless topics on technology for the astute YouTube viewer.

%d bloggers like this: