69% of employees say money is their top source of stress
53% find it stressful to deal with their personal finances
37% spend 3+ hours each week dealing with personal finances at work
1 out of 5 missed work last year to deal with a financial problem
Studies show that 56% of employees wished the financial wellness program offered by their company used friendlier language, and 36% say their companies’ programs are intimidating to use. Wavelength translates the world of money into simple concepts using everyday language. Our approachable and actionable style appeals to all types of learners. Most importantly our style promotes awareness and behavior change in employees. Whether we’re talking about 401(k)s, credit cards, student loans, mortgages or investing, we’re on their wavelength!
You want your employees to have every chance to reach the retirement finish line with enough money. While saving is of course critical, investing right – and avoiding the emotional panic selling that sabotages most DIY investors – is the other critical part of the equation. Sadly, most workplace financial wellness programs barely scratch the surface of this vital topic.
With Wavelength, you get serious investment and financial education in an engaging, user-friendly style that promotes awareness and action.
Most plan participants are overwhelmed by technical and financial concepts. We translate all of that into easy, everyday language. Better, we break down each section into Easy Steps. Simple things that promote action. When users are ready, they can progress to more advanced topics and spend as much time as they like.
Wavelength gets that most people do not like math, and equate math with money. So our programs focus more on psychology and human behavior, which are far more interesting.
Today, there’s another issue that must unfortunately be kept in mind: that’s a growing concern about lawsuits against plan sponsors. Investment fees are an area of focus in recent cases.
Investment fees make a huge impact on the average workers’ ending retirement balance. In fact, the impact is so striking it can cost workers literally hundreds of thousands of dollars.
Sadly, the mandated fee disclosures are generally regarded as ineffective. But to prevent problems down the road, smart plan sponsors know that they need to make this information easily available.
Now you can. Wavelength’s workplace financial wellness program provides engaging, user-friendly content on how to decipher all those tricky mutual fund fees. While of course there’s no guarantee against future liability, it shows your commitment to transparency and to your employees’ best interests.
In most cases, Financial Wellness can be funded as a qualified plan expense. Check with your plan advisor or legal counsel.