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Fidelity's New Financial Wellness Platform Provides 20 Million Workers with a Solution Targeted to Their Top Financial NeedsFinancial wellness programs continue to increase in popularity as a workplace benefit, with a recent Fidelity Investments study1 showing that 90 percent of companies currently offer a financial wellness solution, with another 10 percent considering adding a financial wellness program to their benefits platform. In response to this increasing demand for a more personalized approach to financial wellness, Fidelity Investments today announced a new solution that delivers targeted information to help nearly 20 million workers address the financial challenges most important to them. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181025005609/en/ Example of how Fidelity's financial wellness solution appears within NetBenefits. Based on this employee's financial wellness assessment, their top three financial wellness challenges are budgeting, saving for a home and paying down student debt. Fidelity's new solution highlights those topics on their home page, and provides links and information to help this employee improve their financial health (for illustrative purposes only). (Graphic: Business Wire). Fidelity's financial wellness solution utilizes innovative technology to help employees assess their financial wellness needs, identify their top financial challenges and then access solutions to take the initial steps to improve their financial health. Many financial wellness solutions take a "one size fits all" approach and simply provide general information without helping employees understand how to take action and create their own personalized plan. However, Fidelity's new financial wellness solution creates a targeted financial wellness plan that is designed to help meet each employee's unique financial needs while connecting them with the resources they need to take steps to implement their plan. "Financial wellness programs are an excellent way to help employees build confidence and improve their overall financial picture, as well as help employers address key workforce priorities, such as retaining top talent - according to Fidelity research, more than half of employees indicated they were more likely to stay with their employer if they had access to more financial help," said Kevin Barry, president of Workplace Investing, Fidelity Investments. "However, since each person is unique and has a unique set of financial goals and challenges, Fidelity's financial wellness program provides a personalized experience targeted to the needs of each employee and connects employees with the solutions to help them do it." Fidelity's financial wellness offering, which is available through Fidelity's NetBenefits employee benefits portal, provides education and guidance on a broad range of financial topics for employees at different stages in their career and as they experience a variety of life events. Following are additional details on the components that are designed to help employees develop a targeted financial wellness solution:
Employers are increasingly recognizing the correlation between financial wellness and health, work and life wellness and the critical role finances play in an individual's total well-being. A recent study3 from Fidelity Investments found that financial issues were one of the top causes of stress among employees, with saving for the future and paying off debt cited as two of the top financial challenges. Employee debt is also linked to lower productivity at work, and workers with the highest levels of debt have twice the absenteeism of those with the lowest levels of debt and miss an additional full week of work. Fidelity's survey also found that financial challenges can lead to health challenges - poor physical health generally correlates to poor financial health, and vice versa. "Health wellness is intrinsically connected to financial wellness, and our finances can have an impact on our physical health," continued Barry. "Fidelity's 'health meets wealth' approach reflects our belief that helping an individual improve their health will also help their pocketbook and ultimately contribute to a more focused, engaged and productive employee."
About Fidelity's Financial Wellness program
About Fidelity Investments Links to third-party web sites may be shared in this press release. Those sites are unaffiliated with Fidelity. Fidelity has not been involved in the preparation of the content supplied at the unaffiliated site and does not guarantee or assume any responsibility for its content.
Fidelity Brokerage Services LLC, Member NYSE, SIPC
Fidelity Investments Institutional Services Company, Inc.,
National Financial Services LLC, Member NYSE, SIPC, 863536.1.0 © 2018 FMR LLC. All rights reserved.
1 Results from the 9th annual survey on corporate
Health & Well-being from Fidelity Investments® and the
National Business Group on Health® includes responses from
162 jumbo, large and mid-sized organizations. The online survey was
fielded during November and December 2017 among National Business Group
on Health members and clients of Fidelity Investments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181025005609/en/ |