With employers increasingly concerned over how better to prepare their employees for retirement — but also how to improve their financial day-to-day situations — consultant Mercer has become the latest company to announce it is offering a product for employers that aims to help with employees' financial literacy and overall financial health, or financial wellness.
Mercer Financial Wellness offers access to independent financial wellness providers' tools from a single online hub. The tools currently available include those from these companies:
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Plaid, which provides tools to help individuals look at their financial accounts and gain insights into spending and monthly budgets.
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Transamerica retirement counselors, who will provide individuals information about the choices associated with retirement savings, Social Security and IRAs.
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Experian, which will offer credit score management and the ability for individuals to understand and take control of their FICO score.
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Avant, which offers unsecured personal loans for qualified individuals facing cash-flow shortages or consumer debt.
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CommonBond, which offers options for individuals to save money by refinancing their student loans.
Additional providers and services will be added, including one-on-one personal financial coaching services and access to investment accounts for non-qualified assets (those that are not eligible for tax-deferral benefits) run by robo-advisors, or algorithmically based automated investment software.
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Mercer Financial Wellness, of course, is far from the only financial wellness technology tool available, but its addition of loans and student loan refinancing is in line with the most recent trends in benefit packages. Other features in other plans include everything from long-term care to legal protection, as employers try to figure out how to combat growing financial stress among employees that affects everything from their health to productivity, attendance, and even the company's bottom line.
Everything from rising health care costs to lingering student loans takes a toll on employees still struggling with the effects of the Great Recession. As financial wellness programs continue to evolve, the online tools are sure to cover more ground in their quest to relieve worker anxiety and improve their finances.
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