FinFit, a FinTech company that provides over 125,000 employers with a unique financial wellness benefit platform, reports staggering statistics from their proprietary financial assessment tool. These are real numbers, reported by real people.
In a data assessment based on more than 20,000 FinFit members:
- 71% do not have enough money on hand to cover 6 month’s living expenses
- 46% do not pay their bills on time
- 48% spend as much as they make or more each month
- 12% do not contribute monthly to a savings account, or any type of retirement account
- 11% have credit card debt in excess of $5,000
- 12% have student loan debt in excess of $20,000
Everyone has access to industry statistics. Seventy-five percent of Americans live paycheck to paycheck.1 The average American doesn’t have more than $400 in savings.2
What isn’t available is the level of detail as to how Americans are affected by their financial challenges. As one of the nation’s largest financial wellness platforms, FinFit’s holistic approach aims to solve individual’s current financial challenges before asking them to plan for their future.
The concept of saving money is difficult if you can’t see past today’s challenge. FinFit provides financial education and resources to help employees set themselves up for success and solve current financial challenges, putting them in a position to better prepare for a positive financial future.
The top five goals as reported by FinFit members:
- Go on vacation
- File my own taxes
- Set up an emergency fund
- Pay down or consolidate credit card debt
- Save for a down payment on a house
People need a financial wellness program that can provide the education to help them be more responsible financially, give them an immediate path to solve today’s challenges, and get them on a course to achieve their goals.
FinFit’s offering, which is provided to millions of employees nationwide, includes personalized financial assessments for each employee, online education tools and credit resources, student loan assistance, a wage accelerator program, and access to short-term employee loans, a smarter alternative to payday loans and payroll advances to assist those who do not have enough savings to afford an emergency cost.