Financial wellness refers to “overall financial well-being of an individual”. Financial wellness has emerged as a new category that allows for the automation of budgeting, saving, and the investment process. These programs in turn help associates accurately plan for their life events, and therefore meet more of their financial life goals such as paying off debts, having enough emergency money, or retirement funds.
The four main categories associated with financial wellness are enrollment and onboarding, predictive planning, managing life goals, and investment automation.
We continue to see the rise of businesses implementing financial wellness programs because it has never been more crucial.