eMoney believes the effects of Covid-19 have given financial professionals the opportunity to implement financial wellness programs.
As in many previous studies, financial planning fintech found high levels of financial stress in its own survey of 2,000 Americans. More than two-thirds of respondents said they experienced stress from financial health problems, while around half of respondents said they experienced stress from physical or mental health problems.
In most cases, this stress is directly related to a pandemic, as 62% of respondents stated that the pandemic made their financial situation worse.
As a result of this stress, respondents were more likely to focus on short-term issues such as paying daily bills versus planning retirement or saving for other long-term goals.
To that end, eMoney launched Incentive earlier this year, a self-guided application for financial planning and wellness. In connection with the publication of its study, the company also announced a new partnership with FinLit Tech founder and financial literacy advocate Mac Gardner.
“Mac’s expertise and passion for financial literacy are welcome additions to the team,” said Celeste Revelli, director of financial planning at eMoney, in published comments. “As our survey results show, there is an urgent need for financial wellbeing in this country. … eMoney’s vision of “financial security for all” has been our north star as we work to meet the needs of people across the wealth spectrum. “
Gardner will act as both advisor and brand ambassador for eMoney, highlighting the importance of financial wellbeing for the entire industry.
While the eMoney survey respondents were asked for financial advice because of financial stress, a greater proportion of them sought advice from friends and family (47%) or their employer (42%) than a financial professional (28%).
However, the same respondents indicated that their main obstacle to achieving financial well-being is their inability to receive or find reliable and solid financial advice. Respondents most likely also defined financial well-being as financial security based on sufficient income and manageable expenses.
eMoney interpreted the results as a clear call for financial wellness programs in the workplace.
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