Comparison of Financial Wellness Programs: WISE Financial Fitness vs. Smart Dollar vs. Enrich vs. Your Money Line
Multiple studies and surveys have all shown the same thing. Employees are stressed about finances. Whether they are earning minimum wage or well over six figures, they are stressed. They also expect their employer to help them.
Employee financial wellness greatly affects your company …
State of Employee Financial Wellness
Employees are financially stressed across all wages or salaries. According to the Financial Health Network, 52% of those earning over $100k report feeling stressed by finances. Employees may spend more than 19.5 days in a year distracted due to financial stress.
According to the Bank of America’s 2022 Workplace Benefits Report, 80% of employees believe their employers should provide a solution to help them manage their money.
BrightPlan’s Wellness Barometer Survey showed that 78% of business leaders experienced high turnover due to employee financial stress. Many employees were not satisfied with the financial solutions offered by the employer.
However, the vast majority of business leaders (92%) believe that the financial solution provided is what their employees need.
The fix is to pick a financial wellness program that offers components that will meet the needs of your employees. Employees who are offered a financial wellness program are more likely to remain with that employer.
60% of employees say they are more likely to stay with an employer that offers a program designed to help them manage their money.
While some employers may be aware of the situation with their employees, they aren’t aware that employees are likely not happy with the solution being provided.
Picking a Financial Wellness Program
There are so many great financial wellness programs available. How do you pick what’s a great fit for your company?
Consider what your employees need, what you would like to provide, and what data you would like to track e.g. engagement.
For example, financial coaching is great to provide individualized feedback that help employees take action for a specific situation.
Financial courses empower participants with knowledge of financial concepts on how to better manage their money in order to achieve financial goals.
Budgeting and other money management tools allow participants to put the knowledge into practice to organize their finances and make plans to achieve their goals.
A financial health score allows participants to track their progress and watch their score rise as they do better with money management.
Decide which features best benefit your employees and see which solution is the best fit.
Consider Low vs. High Wage Earners
Lower wage earners are more likely to be living paycheck to paycheck and will be focused on “today’s bills and expenses.”
According to a Bankrate survey, 43% of people who earn $50,000 per year or less live paycheck to paycheck. However, 24% of people earning $100,000 plus per year live paycheck to paycheck.
Individuals living paycheck to paycheck are focused on current bills and may not engage with a financial wellness program that is laser-focused on budgeting and preparing for retirement.
They are focused on how to stretch their dollars and decide which purchases they can afford and which will have to wait until the next or a later paycheck.
Including features and tools that empower them to achieve these two tasks will be valued and used.
Individuals who already have good money management skills with a significant amount of discretionary income (wiggle room in their budget) will be focused on building wealth and preparing for retirement.
Financial Wellness Programs Comparison Chart
Below you will find a chart comparing available features between some financial wellness programs.
| Employee Features | W.I.S.E. Financial Fitness | EAP & 401(K) Programs | Smart Dollar | Enrich | Your Money Line |
| Challenges with cash rewards | Y | N | N | N | N |
| Cash flow forecast tool | Y | N | N | N | N |
| Budgeting tool | Y | Y | Y | Y | Y |
| View actual income and expenses (sometimes called cash flow in other programs) | Y | Y | Y | Y | Y |
| Financial courses | Y | Y | Y | Y | Y |
| Financial coaching | Y | Y | Y | Y | Y |
| Financial health score | Y | N | N | N | N |
| Goal tracking | Y | Y | Y | Y | Y |
| Employer Features | |||||
| Flat easy pricing | Y | N | N | N | N |
| Promotional materials | Y | Y | Y | Y | Y |
| Client portal | Y | Y | Y | Y | Y |
W.I.S.E. Financial Fitness is a financial wellness program that includes key tools that empower all wage earners and especially those who are stressed about today’s bills.
Our cash flow forecast tool empowers participants to see how expenses and income affect their current cash balance after each transaction. They can forecast their cash spend and make key decisions to avoid trouble.
Our challenges keep participants motivated and offer rewards for working on a goal or taking time for self-development. This also helps engagement.
The WISE Score is our financial health score. It allows participants to track their progress and helps keep participants motivated and engaged.
