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The coronavirus pandemic brought on unforeseen challenges nearly overnight, and it is evident that the impact will be long-lasting. Data shows that 74% of employees are concerned about at least one aspect of their well-being as a result of COVID-19 (financial, social, mental, physical) and a majority of them (52%) are most concerned with their financial health.

Financial stress is at an all-time high as layoffs and furloughs across the nation have left many employees questioning the stability of their employment. A 2019 Stress In America study from the American Psychological Association found that 64% of adults identified work and 60% identified money as significant sources of stress, making them the most common personal stressors.  A more recent survey would likely paint a bleaker picture.

Another alarming statistic is that 2/3 of Americans could not pass a basic financial literacy exam. For many, financial training was never a part of their formal education prior to entering the workforce. When they did enter the workforce, they were forced to balance student loan debt, living expenses, long-term financial planning, and maintain their financial stability for the first time with minimal knowledge or guidance.