Financial wellness is a topic that has gotten a lot of attention lately. In May 2020, nearly 75% of 700 retirement plan decision-makers reported the financial wellness programs they offer were in greater demand, with 28% recording a sizable uptick in employee usage.
Though many financial wellness programs today focus on things like financial literacy education or financial advice, they don’t include solutions to put this advice into action.
Additionally, these programs have the added hurdle that the employee needs to actively decide to participate in counseling or educational sessions, which could take time out of their day that many frankly don’t have.
Financial Wellness Programs Need to Incorporate Actual Solutions
The beauty of financial wellness program solutions is that they can take many forms and can continue to incorporate counseling and education while incorporating tangible solutions.
Some solutions that all financial wellness programs should include are:
- No credit check loan program
- Savings plan
- Financial rewards program
No Credit Check Loan Program
Have you ever wandered into a bank and asked for a loan without a credit check? Probably not. Banks are required to limit their risk and they do this by judging someone off of their credit score.
Sometimes, though, credit scores don’t tell the full story. 30% of credit card owners are reported as having subprime credit, but there’s more to each person’s individual situation than meets the eye.
That’s why you can get a loan without a credit check with TrueConnect through your employer. TrueConnect’s employer-sponsored loan program does not require a credit check to apply or be accepted.
Any cash that you borrow is repaid through automated payroll deductions, meaning you don’t have to worry about anything. Not only is the work done for you, but with each automatic repayment, you may build your credit score as all repayments are reported to the three credit bureaus (Experian, Equifax, Transunion).
To learn more, visit TrueConnectLoan.com
Savings Plan
Employees know that they should be saving more for their future needs, but often struggle to make it a habit. Many times, they actually need a loan first to pay off debt before they can start funneling money into their savings.
Loan programs and saving programs work really well side-by-side!
Making savings a habit is one of the best ways to get ahead and is something that really should be done early and often. Despite this, roughly 69% of people have less than $1,000 in their savings.
Setting aside a small amount every month can add up over the long run. Better yet, set it to be automatic in order to make this habit a set-it-and-forget-it experience.
EvoShare is a great option to encourage more savings.
Financial Reward Programs
Many credit cards offer rewards programs, but it’s too easy to funnel this money back into spending. With an employer-sponsored financial reward program, the benefits look different and create lasting habits for employees when it comes to smart spending.
Not only do employees continue shopping at their trusted stores, but they also get to earn rewards for supporting their family’s needs.
Options like EvoShare are great for this because EvoShare automatically sends the cash-back earned to your financial goals, and it works with all the cash you already have.
TrueConnect + EvoShare Join Forces
If you didn’t already guess it…TrueConnect and EvoShare are working together! Here’s how EvoShare works.
EvoShare lets people earn cash-back for their financial future by shopping, dining, or traveling at 10,000+ online and offline stores and eateries and 700,000+ hotels worldwide.
EvoShare has a mobile app that helps you find and activate cash-back offers from stores and restaurants in your neighborhood. EvoShare’s app also lets you make purchases online with participating vendors.
EvoShare users can also choose to add to their own accounts with a small daily savings amount or one-time savings boosts from their own funds. This is a great way to “round up” or give yourself a tip after you make a purchase and get the savings habit started with a daily contribution.
Of course, with enough discipline, you can do this for yourself with your bank account, or even pocket change. Or, you can save this cash up and pay off your TrueConnect loan sooner if that’s important to you as well.
With TrueConnect and EvoShare, employees can start and maintain good savings habits, without having to change their spending habits.
Before I Let You Go, Here Are Some Tips to Save More
It’s hard to stretch a paycheck to cover all the bills and put away extra for emergency use. According to Prudential, 25% of employers plan on reducing or suspending their contributions to their employees’ benefits plans.
This means employees need to figure out their own ways to save effectively. Some fun, albeit a bit random sounding tips to save more:
- Put away any end of year bonuses or the amount of any pay raises
- Use any money from your tax return to put right back into savings
- Declutter your home with an emergency fund garage sale of things you don’t need
- Make coffee at home rather than stopping off at a Starbucks on your way to work
- Cook more meals rather than eating out
- Save a certain bill when you receive cash (ie. $5, $10, etc.)
- Pay for any bad habits with a habit jar
- Instead of ordering delivery, go pick up food yourself
To learn more about TrueConnect’s patented financial wellness program with no credit check loans that cost employers nothing to implement and manage, or about partnership with EvoShare, contact TrueConnect today.
