The holidays have wrapped up for most Americans, and now the focus will likely shift toward paying for the gifts that Santa left behind, and the meals and entertainment shared with family and friends.  While these financial burdens are likely heightened this time of year, monthly expenses, unexpected bills, medical bills, retirement savings, and student loans are regular concerns of the average American worker.  In fact, according to the 2017 PwC Employee Financial Wellness Survey, 53% of employees reported being stressed about money, with 46% pointing to finances as the top stressor in their life.

One well-known company is working to help their employees with these concerns.  Earlier in December, Walmart announced a suite of new financial wellness services for its more than 1.4 million associates. The new offering was created in collaboration with Silicon Valley-based financial technology startups Even and PayActiv. Now Walmart associates can access these tools through their mobile devices.

The services will allow Walmart employees to plan ahead for bills and savings goals, eliminating the work of figuring out how much money is okay to spend. When unexpected expenses occur, employees can access earned wages ahead of scheduled paychecks using an “Instapay” feature, providing greater flexibility and helping them avoid overdrafts, high-fee funding, or credit options.

“Money management is something people across every income level struggle with, in large part because they don’t have access to good tools,” said Jon Schlossberg, CEO of Even. “In real life, if you want to get ahead, you’ve got to make a financial plan, and also have a way to fix the plan when it breaks. Even offers tools for both, together in one app. Working with Walmart and PayActiv gives us the opportunity to put these powerful, easy-to-use financial management tools in the hands of millions of hardworking Americans."

Walmart will pick up the tab of Even’s automated financial management tool for both hourly and salaried associates and will ensure its employees can use Instapay up to eight times per year for free. Should employees need to use Instapay more frequently, Walmart will subsidize the additional Even subscription required to do so.

The use of a mobile app is an example of how technology can be leveraged to support employees management of their finances, which can be a stressful and challenging activity by itself.

Walmart’s offering is also an example of how more and more employers are providing financial wellness benefits.  In fact, A 2017 survey conducted by the National Business Group on Health, in partnership with Fidelity Investments, found that 84% of large and midsize companies are offering financial wellness programs, up from 76% a year ago.  The impact of stress related to finances not only impacts health and wellness, but productivity at work.

Sources:  http://searchhrsoftware.techtarget.com/feature/Why-your-company-needs-a-financial-wellness-program; https://news.walmart.com/2017/12/13/walmart-offers-new-financial-wellness-services-for-associates-nationwide