Yet another financial wellness tool has hit the market, with financial technology company Jellyvision launching Alex: Financial Wellness.
The tool joins other efforts to promote employee financial wellness as employers are increasingly concerned over not just how financially prepared for retirement their workers are, but how solvent they are in general.
Stress over finances can have a hefty impact on the bottom line for an employer, and increasingly firms are considering financial wellness tools and programs as part of their employee benefits package.
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The new Jellyvision product is an interactive Web-based system that, according to the company, "provides 24/7 guidance in a private setting that lets employees ask questions and share information they might be embarrassed to ask and share around other people."
That's something that Jellyvision found, via its Harris Poll study, can have a major impact on employees' efforts to navigate the choppy waters of personal finance.
The firm said that although employees have a "real thirst" for financial advice and information from their employers, a good chunk of them are embarrassed about their lack of financial know-how.
In addition, the one-on-one interaction provides the opportunity for employees to receive guidance based on their personal financial situation.
The tool also has an associated e-book, titled The Ultimate Financial Wellness Communication Playbook, to help employers figure out ways to give employees the information they want without incurring worker embarrassment or even distrust.
The topic has become something of a hot button in benefits circles, as an Aon Hewitt employer survey found that 56 percent are very likely to create or focus on the financial well-being of employees in ways that extend beyond retirement decisions.
Many employers are taking a multifaceted approach, with 38 percent offering three or more financial wellness tools to help their employees with a range of issues, from debt management to budgeting and financial planning.
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