EL SEGUNDO, Calif., Dec. 11, 2012 (GLOBE NEWSWIRE) -- Financial Finesse, the leading US provider of unbiased workplace financial wellness programs has been awarded the Best in Biz Enterprise Product of the Year award for its patent pending Online Financial Learning Center and accompanying data analysis and assessment. The award comes on the heels of another award for the platform earlier this year, where it took Gold in the Plan Sponsor Council of America 2012 Signature Awards.
The Online Financial Learning Center provides employees with a financial wellness benefit through a comprehensive online portal where employees receive access to their own personalized financial wellness assessment and action plan for improving vulnerable areas within their finances. Designed as a one-stop shop to help employees throughout their financial lives, the tool is equipped with financial planning calculators, tools and unbiased educational information and resources that employees can use to improve their financial wellness.
The Workforce Financial Wellness Assessment that accompanies the Online Financial Learning Center provides employers with aggregated data from their employees' responses, in order to help them identify their financial wellness and priorities in the key areas of financial planning. The Assessment also includes a custom education plan, designed to specifically address employees' most pressing financial issues with the goal of fostering a more financially secure workforce.
The Online Financial Learning Center and accompanying Workforce Financial Wellness Assessment are the latest innovations in the growing financial wellness industry and aim to help employers address the issue of reaching their younger employee base with behavior-changing financial education. According to Liz Davidson, CEO and Founder of Financial Finesse, improving financial wellness among these groups is a growing concern for US employers as younger generations face significantly more economic and financial challenges than older ones. Davidson notes that, "Employers are seeking a new way of getting financial education to younger employees that appeals to the natural ways they prefer to learn and manage their money. These younger generations are already struggling more than Boomers did at their age due to the Recession and need to receive guidance in a way that makes sense to the issues they face, not the ones their parents and grandparents faced."
Employers who have used the platform to design and deliver custom workplace financial wellness programs have seen their efforts pay off. Results include much higher engagement among younger employees than is typical of financial planning programs, as well as significant decreases in loans and hardship withdrawals from the company 401(k) plan, increases in retirement plan participation and higher average deferral rates, and reductions in health care costs to the company due to lower financial stress among employees.
The Best in Biz Awards are the only business awards program judged by national members of the press and industry analysts. Each year, they recognize top innovators in over 50 award categories and have become a leading program recognizing the most innovative and forward thinking leadership and products around the world. Past winners include the likes of Bill.com, Mozilla, EBSCO and Conduit. For more information, visit: www.bestinbizawards.com.
Financial Finesse is an unbiased financial education company providing personalized and innovative financial education and counseling programs to over 500,000 employees at over 400 organizations. Financial Finesse partners with organizations to reach goals such as reducing fiduciary liability, increasing plan participation, decreasing stress, and increasing productivity through its unique approach to financial education. Financial Finesse does not sell products nor manage assets. For more information, visit www.financialfinesse.com.
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Source: Financial Finesse