Why is Financial Fitness a Problem in America?
The cost of financial stress impacts more than employees’ bank accounts. Financial challenges can affect a worker’s health, workplace effectiveness, long-term financial stability and ultimately, your bottom line.
It's been proven that financially unfit employees cost employers $2,000 in lost productivity each year. Additionally, 67% lack the knowledge to make sound financial decisions, and 1 in 3 employees takes a hardship loan from their 401(k) annually.
People don't just want to be well, they want to be fit. The Financial Fitness Challenge provides you with the tools and mechanisms to get your workforce on the right track.
What Is the Iowa Financial Fitness Challenge?
The Iowa Financial Fitness Challenge is an event-driven wellness program that provides interactive, effective, unbiased online instruction in personal finance and investing fundamentals.
Thanks to the State of Iowa Insurance Division, your organization can now provide your employees with the most effective online financial wellness program in the industry. The best part - zero cost to participate.
Here are some of the reasons the Iowa Financial Fitness Challenge makes good business sense for an organization of any size:
- 3:1 program ROI
- Lowers absenteeism, tardiness, distractions at work
- Increases employee productivity
- Drives higher 401(k) participation and contributions
- Easy to implement and use: one-hour-a-week commitment for staff and employees
- Unbiased curriculum fulfills ERISA 404(c) requirements
- An additional ongoing, cost-effective, standalone program that can also work with existing programs
Why the Challenge Works
How Does the Iowa Financial Fitness Challenge Work?
Employees complete a short baseline financial assessment to get their Financial Fitness SCORE™. Our platform then recommends 5-course topics for the end user to engage with. These courses are recommended to the participant through ACADEMY™ based on where the platform assessed they lack in aptitude, behavior and confidence.
Each course takes about 1 hour to complete and is accessible anytime, anywhere from any computer, tablet or smartphone. Spending as little as 10 minutes a day, employees can finish the training in five weeks.
After completing the last course, employees are reassessed based on metrics gathered in the initial assessment and course quizzes. Each organization is issued a final report that illustrates changes in financial wellness scores, knowledge, behaviors and attitudes.