September 18, 2023
Financial wellness is a vital component to the overall happiness and productivity employees have both inside and outside of the workplace. By providing your team with the right tools and resources, you can ensure that your staff have a healthy relationship with their finances. In this blog post, we’ll explore some of the many helpful financial tools available today; from budgeting apps to retirement savings plans, these 8 options can help you create a more financially healthy workforce.
Financial Wellness Tools: Feature Comparison Table
In today's uncertain economic climate, financial wellness tools have become increasingly important, helping both employers and employees manage their finances with more confidence. Here's a comprehensive feature comparison table between financial wellness tools that can help you achieve your financial goals.
8 Best Financial Wellness Tools for Your Employees
1. Clair
Clair is a digital banking app that offers financial wellness benefits like free wage advances. Employers can also sign up for Clair for Employers to unlock more benefits for employees, including 3% cash back* on gas, groceries, and utilities, financial planning services, and more.
In addition to these game-changing features, Clair provides comprehensive financial education tools that equip your employees with the knowledge they need to make informed financial decisions. From budgeting to saving, we empower your team to make their money work harder for them.
Key features:
- Employees can get free access to their earnings and get financial education and support, right from their phone.
- Clair’s On-Demand Pay is easy to setup and won’t impact payroll or existing business processes at all.
- Employers get free business resources focused on attracting & retaining staff.
Pricing:
Clair is free for employees to use and free for employers to offer to staff.
2. Nudge
Nudge is a financial wellness tool that delivers personalized, timely nudges, empowering employees to make informed choices and take positive actions towards their financial goals. Whether it's saving for retirement, managing debt, or creating a budget, Nudge Global helps employees navigate complex financial terrain with ease.
Key features:
- Prompts and reminders that ‘nudge’ employees about personal finance events that they need to take action on.
- Personalized feed and stories that provide financial skills and knowledge for your employees and their unique circumstances to help them ready their goals in their financial wellness journey
- Money management tools that help employees plan and budget for any life event, from holidays to school fees.
Pricing:
Nudge offers pricing plans based on factors including the number of employees, the chosen term among others, to tailor the needs of specific organizations.
3.Brightside
Brightside enables employers to prioritize financial wellness in the workplace easily. Brightside employs Financial Assistants who use technology to listen and resolve the unique, personal needs of workers, from emergency care like loans and late bills to budgeting, credit, and retirement planning.
In addition to the personalized financial support provided by Financial Assistants, Brightside also offers a variety of financial education resources to employees. These resources include easily accessible tools and information on topics such as managing debt, reducing expenses, and building credit.
Key features:
- Brightside’s Financial Assistants provide emergency support like emergency assistance programs, low-interest loans and credit building, establishing emergency savings.
- Brightside Financial Assistants help workers create financial goals, build savings, and preserve their capital through the use of more sophisticated financial products.
- Provides assistance to employees who need insurance against emergencies large and small.
Pricing:
Brightside’s pricing vary depending on client’s use case scenarios.
4. Stash
Stash is an easy-to-use investment platform that helps employees learn the basics of saving and investing. The basic plans include investment advice personalized to employees’ risk levels and goals, as well as a card that employees can use and earn 1% in stocks every time they use it to make purchases.
Stash offers a range of features and tools to help employees manage their investments. Users have access to a variety of investment options, including a selection of exchange-traded funds (ETFs) and individual stocks. Stash also provides educational resources, such as articles and videos, to help employees learn more about investing and make informed decisions.
Key features:
- Stash provides access to educational resources that help employees understand the basics of personal finance and investing.
- Stash employers to tailor the benefit to suit the unique needs and goals of their workforce.
- Stash integrates seamlessly with existing HR and benefits platforms, making it easy for employers to onboard and manage their employees' Stash accounts.
Pricing:
Pricing starts at a flat monthly subscription ($3 or $9 per month) for access to all your money needs.
5. Savology
Savology is a powerful tool that empowers both employers and employees to prioritize financial wellness and set the stage for long-term success. With its monthly subscription service, employers can offer their employees a comprehensive package of support, tailored to their individual needs. From financial planning modules to personalized action items, Savology covers all the bases to ensure that employees have the resources they need to build a solid financial foundation.
One of the standout features of Savology is its ability to deliver a customized financial plan to each employee. This plan takes into account their unique circumstances and goals, providing a roadmap to navigate the complexities of personal finance. By gaining a clear understanding of their financial health, employees can make informed decisions and take concrete steps towards achieving their financial objectives.
Key features:
- Savology providers employees a personal financial plan and report card to guide their financial future.
- Employees have access to live chat or personalized coaching with Savology’s financial coaches.
- Savology helps enhance employees' financial literacy with engaging lessons, quizzes, and calculators.
Pricing:
A Savology Plus membership starts at $6 per month if you pay annually, or $10 per month if you pay monthly.
6. Digit
Digit is an all-in-one money app that budgets, saves, and invests for employees. Digit works with employees to identify their expenses and goals, and splits up their deposits for bills, savings, and long-term investments. By working closely with employees, Digit tailors its features to their individual needs and goals.
One of the key features of Digit is its intelligent expense tracking system. Employees can effortlessly track their expenses by connecting their bank accounts and credit cards to the app. Digit analyzes their spending patterns and helps identify areas where they can cut back or save more.
Key features:
- Digit’s (Oportun) app puts their technology in giving insightful recommendations to users on how to save more efficiently by learning their spending habits.
- It allows users to have separate account for bills which is handy for when budgeting.
- Digit helps users invest effectively by taking users’ spending habits, bills, and other goals into account.
Pricing:
Free 30-day trial and then a monthly $5 subscription fee, which is billed directly from user’s Digit Direct account.
7. Finhabits
Finhabits prioritizes inclusivity and accessibility by offering a bilingual platform that supports both English and Spanish speakers. They believe that financial empowerment should be available to everyone, regardless of their language preference. By providing tools and resources in both languages, Finhabits aim to ensure that all employees have equal access to investment opportunities, health insurance options, retirement planning tools, and financial education.
Key features:
- Finhabits can assist you in investing prudently by providing a diversified portfolio and the necessary support.
- It can also help you find a reasonably priced health insurance plan and apply for government subsidies if you qualify.
- Finhabits can aid you in making small adjustments to your financial habits by offering easy-to-understand educational videos and podcasts.
Pricing:
Finhabits charges $3 per month for every $7,500 of account balance to cover costs associated with the investment account, including unlimited deposits, withdrawals, re-balancing, and dividend reinvestment.
8. Aspire
Aspire’s platform helps employers offer their employees smart retirement solutions as well as investor education tools to help them get started on their financial goals as they transition. From setting savings goals to devising personalized investment strategies, Aspire enables employees to take actionable steps towards building a secure financial future.
With Aspire, employers can provide their employees with the tools they need to achieve their retirement goals and enjoy peace of mind in their significant life transition.
Key features:
- Aspire's platform offers a wide range of retirement plans that provide your financial advisor with the flexibility to customize employees plan from over 25,000 investment options.
- The platform also provides smart tools to assist plan sponsors in the successful management of retirement plans, with the help of professionally trained call center specialists.
- Additionally, employees have on-demand access to account details, balances, and information on participants' plan investments.
Pricing:
Aspire’s pricing and cost vary per plan affected by multiple factors including the number of participants in the plan and the total assets they have. Actual fees are to be assessed by Aspire for the record-keeping, administration and custody services.
Financial Wellness: The Cornerstone of Organizational Success
Understanding the profound impact of employee financial wellness is crucial for any organization to thrive. It's no longer enough to simply provide a paycheck each payday; employers must equip their workforce with the right tools to foster financial wellness in the workplace.
Your employees deserve financial freedom. With the help of these financial wellness tools, you can help them get there. Check out Clair for a holistic approach to financial wellness, including offering employees free wage advances and financial planning services.
Remember, financial wellness is a strategic imperative that drives organizational performance, engagement, and retention. Harness the power of these tools and pave the way for a thriving future where employees are engaged, happy and motivated to contribute at work.
Financial Wellness Tools: FAQs
What are financial wellness tools?
Financial wellness tools are resources and solutions designed to help employees manage their finances more effectively and improve their overall financial wellbeing. These tools address various aspects of personal finance, from budgeting and saving to investing and retirement planning.
By offering guidance, financial wellness tools can empower employees to make informed decisions about their finances, reduce financial stress, and work towards their financial goals.
What should I look for in a financial wellness tool?
At Clair, we believe that financial wellness is a fundamental building block towards a successful, engaged, and satisfied workforce.
Here are a few key factors to consider when choosing the right financial wellness tool to empower your employees and drive organizational performance:
- Comprehensive Solutions: Look for tools that provide a holistic approach to financial wellness and address various aspects of personal finance, from budgeting and debt management to retirement planning and investment.
- Personalized: Not all employees have the same financial needs or goals. A good financial wellness tool should allow for flexibility and customization, with tailored recommendations that cater to individual employee needs.
- Ease of Use: A financial wellness tool should be user-friendly and easy to navigate. Tools that are complicated or difficult to use can backfire and create unnecessary stress and frustration.
- Accessibility: A powerful financial wellness tool should be accessible from anywhere, anytime, on any device, providing employees access to the tools and resources they need when they need them.
- Data-Driven Insights: Actionable insights and analytics can help employees track progress, set goals, and improve their financial wellbeing. Look for tools that offer measurable data and reporting.
What are the benefits of promoting a financial wellness tool to employees?
Promoting a financial wellness tool to employees can have numerous benefits for both employees and the organization as a whole. When employers empowering their employees to take control of their financial lives, they foster a workplace environment that prioritizes their overall wellbeing, satisfaction, and success.
It’s financial wellness tool is a win-win for both employees and organizations. By investing in your employees' financial wellness, you're fostering a more engaged, productive, and satisfied workforce, leading to long-term success and growth for the organization as a whole.
At Clair, we're here to help you achieve these mutual benefits. Take advantage of our suite of financial wellness benefits that your employees need from instant access to their eanred wages through free on-demand pay, to tailored financial wellness benefits package, to financial education resources to help your employees reach their financial goals.
Start offering Clair today, for free.
Clair Spending is a demand deposit account established by, and the Clair Debit Card is issued by, Pathward, N.A., Member FDIC. Mastercard® and the circles design are registered trademarks of Mastercard International Incorporated. Clair Savings Account is established by Pathward, N.A., Member FDIC.
While wage advances are free, certain other fees may apply depending on how users use their account. *Cash back is an optional rewards program offered by Clair. It is not a Pathward, nor Mastercard product or service nor does Pathward, or Mastercard endorse this program.
