The Rise Of Financial Wellness Apps

What is Financial Wellness?

Financial wellness is not necessarily related to being wealthy or even rich. It is about being on top of your finances and moving towards your financial goals. It requires being financially literate and having good control of your expenses. If you are constantly stressed about money, in debt, unable to afford emergency costs, these are all signs you are in poor financial health. Financial wellness also refers to the efforts by employers, banks and the finance industry, as a whole, to encourage people to have a better handle on their finances and to see the benefits of financial literacy..

Who is Responsible? Employer vs Employee

Both parties are of course responsible to varying degrees. An employer needs to provide the education, ideally sponsor a retirement plan and make themselves personally available to discuss financial issues with their workers. However, financial wellness is ultimately the responsibility of the employee; who needs to be proactive about their own financial wellness.

What Are Companies Doing About it?

They are creating lots of apps to tackle gaps in financial literacy and personal money management. The technology is intended to make education convenient and for money management to become second nature for employees.

 

As well as featuring learning materials on personal finance the apps can also assess someone’s mood, their relationship towards money and offer pointers on how they could budget better or even control certain spending habits.

What Tech is Currently Out There

A wide range of companies have got on board to promote better financial wellness including, MetLife, MINT, TRIM, ZETA– the list goes on. Some are free, others charge; the wide range of options means you can find an app that suits you, whether you are budgeting as an individual or a household. If you fear spreadsheets and more formal ways of dealing with your finances-a financial wellness app might be for you.

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