PALO ALTO, Calif., Dec. 11, 2017 (GLOBE NEWSWIRE) -- With the holidays approaching, financial stress can escalate as employees seek to balance daily debt with the desire to buy gifts and indulge in entertainment. Mobile Health, a cloud-based digital platform that improves total population health and wellbeing plus lowers healthcare costs, recognizes the importance of financial wellness, as well as physical, social connectedness, and mental wellbeing. As a critical component to build employee engagement and productivity, the company’s Financial Wellbeing program helps employees reduce workplace distractions by gaining control over their personal finances.
Increasingly, employees feel their employers are responsible for providing financial wellbeing. When it comes to helping employees prepare for retirement, 65 percent of millennials and GenX believe their employer should have primary responsibility for their retirement. Employers want to help employees with their finances – but figuring out the right way can be tricky – and a sensitive topic. Since most employees cannot afford a financial advisor, employers see the opportunity to step in and offer much needed guidance. Financial wellness programs can help drive employee engagement and productivity while also increasing connection with employees. Employees who are financially sound and without significant money worries at home are happier and can be more focused on the job.
A recent report from PwC (1) has found that nearly one-third of all employees are distracted by personal financial issues while at work, with almost half of these employees, 46 percent, spending three hours or more each week handling personal finances at work. The same PwC research said of those who are stressed about their finances, 50 percent spent three hours or more at work dealing with financial matters, 16 percent miss work on account of their personal financial issues, and 35 percent have experienced health issues from financial stress.
(1) 2017 Employee Financial Wellness Survey, https://www.pwc.com/us/en/private-company-services/publications/financial-well-being-retirement-survey.html
The Mobile Health Financial Wellbeing Program is designed to help an organization’s employees improve their financial knowledge. After completing a financial wellbeing assessment, a wellbeing score is calculated, which determines personalized coaching and education delivered through Mobile Health. Based on the wellbeing score, coaching can range from debt awareness and budgeting to investment tips and retirement planning.
“Like anything else that detracts from wellbeing, when personal finances are a distraction at work, attention is diverted and performance suffers,” said Mobile Health founder and CEO John Halloran. “Helping our clients connect with employees on sensitive topics such as financial wellness, while providing employees the financial acumen to make wise choices, absorb unanticipated expenditures, meet their savings goals and foster financial security creates a win-win scenario.”
Mobile Health’s Financial Wellbeing Program is available as part of its popular mobile solution. Mobile Health's cloud-based architecture provides real-time analytics for employers to manage the Total Population Health & Wellbeing of their employees and their families. Available now, more information can be requested by emailing info@mobilehealthconsumer.com.
About Mobile Health
Founded in 2012, Mobile Health is a mobile-first Digital Health Engagement platform designed for health plans, employers and providers that want to stay connected to their members and drive better health outcomes through technology. Knowing that mobile technology will continue to play a dominant role in the transformation of healthcare to a more consumer-centric marketplace, Mobile Health promotes positive outcomes by personally guiding consumers through the complex healthcare system when they need it, on the devices they use every day. With Mobile Health, risks and costs can be better measured by health plans, employers and providers; workforces are healthier and more engaged; and safety and productivity increase. For more information about Mobile Health, visit http://www.mobilehealthconsumer.com.