Kyle Bingham Featured in Leaders Edge Discussing FinTech and its Role in Overall Employee Wellness

Employers are increasingly challenged to address the unique and evolving financial needs of their workforce.

Employees’ financial lives are complex and influenced by many factors. Health concerns, student debt, and unexpected emergencies all play a role. Financial wellbeing goes beyond simply paying the bills, it requires a holistic approach. This includes evaluating the full suite of employee benefits, such as health insurance, retirement planning, and other financial resources, all of which impact an employee’s ability to save and plan for the future.

Today, more than ever, organizations are tasked with offering employee benefits solutions that meet employees where they are. In the article from Leader’s Edge, “Fintech Target Acute Financial Needs,” it addresses the current state of financial wellbeing, and many of the insights and observations are concerning.

We encounter many employees who feel they do not have enough money, and this lack of financial security can create ongoing stress. That stress can significantly impact mental health. The article cites a report from TIAA noting that employees experiencing financial stress miss twice as many days of work each year compared to those who are not financially stressed.

As a result, employers are increasingly turning to financial technology solutions to help employees better understand and manage their finances. In the article, Kyle Bingham, Director of Workplace to Wealth Strategy at OneDigital Financial Services, shares his perspective on the role FinTech plays in employee financial education and long-term financial security.

Tech solutions alone won’t have the impact they could if there isn’t a way to help employees understand how to use the tool and take action. We have to offer those resources and solutions, but employees also need a connection point where they can sit with a financial coach and see how to use that tool according to their specific needs.

— Kyle Bingham, Director of Workplace to Wealth Strategy, OneDigital Financial Services

Bingham added, “We now know that there are so many financial struggles and challenges people are facing and there are all different circumstances that need to be taken into account”. That is why an educated professional alongside technological resources can help employees on their road to financial freedom.

Today, more than ever, organizations are tasked with offering employee benefits solutions that meet employees where they are. In the article from Leader’s Edge, “Fintech Target Acute Financial Needs,” it addresses the current state of financial wellbeing, and many of the insights and observations are concerning.The article also highlights the employer’s role in this process. Employers should continually evaluate their benefits offerings to ensure that health and financial benefits are aligned and truly support employees in their everyday lives.

Read the full article, here.

Interested in learning more about how a well-structured financial wellness program can support your employees? Check out this article: “What Every Plan Sponsor Should Know About Having a Customized Financial Wellness Solution.”