Many employers offer a suite of financial tools to help their employees, like Early Wage Access (EWA), emergency savings accounts (ESA), and secured credit cards. In addition, we all have the internet at our fingertips, and there are a host of Buy Now, Pay Later (BNPL) services available when online shopping like Klarna, AfterPay, Affirm, not to mention brand credit cards, or the more traditional, “layaway.”

_‍The Opportunity

‍These alternative means of accessing cash or financing a purchase are offered up in the midst of difficult circumstances (I need money to pay my rent this month) or at a critical decision point (The product I want to buy is in my shopping cart). How will your employees respond to these offers? How will they know which, if any, of these products are right for them in their current circumstances? 

‍The Trend

To make good decisions regarding EWA and other products and tools, employees will need access to quality financial education that coaches them in healthy short and long-term financial decisions. Specifically, employees need help managing competing goals like dealing with pressing needs, paying off student debt, and preparing for retirement. 

‍The Bottom Line‍

Experts agree that the most effective financial wellness solution will include a financial education platform, with access to webinars, workshops, articles, tools, and personalized coaching that help employees develop a holistic strategy for their overall financial health.