Financial stress among employees continues to increase, and in response, new financial wellness solutions are popping up everywhere. But do they work?
Questis surveyed our employee clients in early 2023 to see whether Questis is making a difference in their financial attitudes and behaviors. 80% of respondents completed the full survey, and 63% reported that they had used Questis over the past year.
Here’s what they said.
The Consumer Financial Protection Bureau (CFPB) has identified the capacity to absorb a financial shock without going into debt as one of the 4 defining elements of financial health. In 2021, the Federal Reserve reported that only 68% of Americans would be able to handle a financial shock without resorting to using credit. However, 87% of Questis users could.
According to CNBC, 68% of Americans reported that their finances did not improve in 2022. In contrast, 78% of Questis users feel they are making progress toward their financial goals and 83% feel they are making good financial decisions.
An American Staffing Association study reported in Forbes predicted that 41% of employees would be looking to change jobs in 2022. However, 53% of Questis users report that they are more likely to remain with their current employer because Questis helps them stay on top of their finances.
According to the American Psychological Association’s 2022 Stress in America survey, 72% of Americans report feeling stressed about money. However, 50% of Questis users see this financial empowerment benefit as having a positive impact on their life. One user says, “It has changed the way I handle money.” Another adds, “Financial stability gives me and my family hope for a successful future and to do things we enjoy as a family.”
A majority (55%) of workers do not feel in control of their financial health and 3 out of 4 want their employer to provide resources to support their financial well-being. Our survey showed that 83% of Questis users feel that providing Questis shows that their employer cares about them.
While not all employees will take advantage of their financial empowerment benefit, those that do report life-changing results. Numbers are only part of the picture. People who have used Questis have the final word:
“I know that if I’m uncertain about a financial situation I can always confidentially talk to a financial professional before I make a decision.”
– Questis User
“I no longer worry about unexpected expenses and feel confident
– Questis User
I am saving enough for my retirement.”
“I love being able to ask financial questions to an expert as a company benefit.”
– Questis User