Forget the Pay Raise, Give Me Stability

9 out of 10 people would rather have financial stability than get a raise.¹  That’s right!  A recent study from Pew Charitable Trusts discovered that upward mobility isn’t as important as financial stability, for most Americans.  The truth of the matter is that financial stability isn’t about having more money but understanding how best to use the money you have.

The Need

Unfortunately, other statistics show that Americans are having a hard time achieving financial stability.  76% of Americans live paycheck to paycheck,² and finances have been the top stressor in America for over a decade.³  Clearly, people are struggling with money, and you’ve probably heard the complaints around the office: the overwhelming debts, the money problems in a marriage, paying for college, saving enough for retirement….  The list goes on and on.  Instead of worrying about how to put more money in their paychecks, cater to what they really think is important – making the most of the money they have.

The Answer

How can you provide financial stability for your employees?  Through a financial wellness program.

• Half of employees (49%) dealing with financial stress want their employers to help them achieve financial stability through benefits, and half of employees (49%) think that employers are responsible for employees’ financial well-being.⁴
• 93% of employers plan to begin or increase their efforts involving financial wellness.⁵

Financial well-being doesn’t require a particular income.  Whether an employee makes minimum wage or a six-figure salary, improving their financial wellness will help them gain financial stability.

A financial wellness program helps people improve and maintain financial well-being by changing behaviors, which often involves developing a good understanding of financial principles, improving and maintaining financial habits, and generating a stress-free sense of control over one’s current and future finances.

The MSA Financial Wellness program focuses on improving and maintaining financial wellness, and general well-being, through the multifaceted approach of education, coaching and on-going support for all financial topics.  MSA provides relief from financial stress by helping members and their loved ones make behavioral changes: they learn how to communicate about money and work together to master healthy financial habits in order to overcome challenges and reach financial goals.

Employees who use the MSA program see a positive difference in their financial situation and stress levels.  As one member put it, “[MSA] gave us reassurance, equipped us, calmed us, encouraged us, and praised us.  From [our Money Coach] we received a clear and accurate understanding of our circumstances, our options, and how to move forward toward financial health and stability.”

Recap

• 9 out of 10 people would rather have financial stability than get a raise.¹
• Half of employees (49%) dealing with financial stress want their employers to help them achieve financial stability through benefits, and they think that employers are responsible for employees’ financial well-being.⁴
• 93% of employers plan to begin or increase their efforts involving financial wellness.⁵

The MSA Financial Wellness program can help your employees achieve and maintain financial stability, and gain some peace of mind.  For more information about how you can provide this opportunity for your employees, talk to a MSA Client Success Manager at 888-724-2326.

¹Financial Security and Mobility.  “Americans’ Financial Security: Perception and Reality.”  pewtrusts.org.  The PEW Charitable Trusts, 5 Mar. 2015.  Web.  19 Aug. 2015.

²Steiner, Sheyna.  “Many Americans Living Paycheck to Paycheck.”  Bankrate.com.  N.p.  26 Nov. 2012.  Web.  9 Sep. 2013.

³“A Stress Snapshot.”  apa.org.  APA, 2007-.  Web.  1 July 2014.

⁴Benefits Impact: Delivering Dynamic Benefits for a Loyal Workforce.  MetLife, 2015.  Web.  12 May 2015.  PDF.

⁵Feintzeig, Rachel.  “Can Companies Solve Workers’ Money Problems?”  PFEEF Newsletter.  WSJ, 7 Apr. 2015.  Email.