How fintech is helping redefine benefits for the modern working family

In today’s competitive job market, employers recognize the value of providing benefits that make their employees happy and more productive. However, one crucial but often overlooked aspect that detracts from overall employee happiness is the impact of financial stress. 

In this article, we’ll explore how fintech companies can help organizations integrate financial wellness into employee benefits with family-oriented financial-learning products that lead to happy, productive, and loyal employees.

Financial stress at home affects performance at work

Financial stress is a significant distraction for employees. A 2024 Greenlight national survey on the state of financial wellness among kids and teens revealed that parents rank money as their number one source of stress, followed by their job and health. 

For many working parents, managing household finances and educating their children about money adds to this stress. They’re not the only ones with financial concerns in the household.  Greenlight’s survey also revealed that 76% of Gen Z teens are just as stressed about money as their Millennial (76%) and Gen X (75%) parents.

According to Greenlight’s survey, Gen Z and Gen Alpha teens rank parents and family as their most trusted sources for financial education. Many working parents, however, don’t have the resources, time, or even confidence in their financial knowledge to assume the lead role in such a foundational life lesson for their children. 

For many working parents, being the trusted provider of their children’s financial education adds to the stress that leads to distraction in the workplace and a decline in performance. According to the 2023 Work in America Survey by the American Psychological Association, nearly 72% of workers feel that their financial worries impact their overall job satisfaction and work performance. 

Matching employees with their ideal benefit package is challenging

Employers realize that financial worry doesn’t stay at home during the workday. Yet understanding individual employee needs in demographically diverse workforces can be challenging. Baby boomer employees nearing retirement with grown children tend to have different notions of financial wellness benefits than workers in the middle of their careers with teenage children. 

To make matters even more challenging, employees faced with a wide range of benefits may not have the time to evaluate each and choose the ideal combination of benefits during the open enrollment period. This can lead employees to form misconceptions about their employers. Greenlight’s recent survey reveals that while 98% of parents feel that employee benefits impact their family’s well-being, nearly half (44%) of respondents felt that their current employer did not seem to care about their family’s financial well-being. 

To overcome this perception, many employers conduct listening sessions that provide employees a more personal outlet to communicate their unique concerns. Listening sessions also allow organizations to dig into employee desires on an individual basis. Armed with this kind of qualitative research, organizations can identify which segments of their workforce will find value in employer-provided benefits that improve financial wellness for the whole family through financial learning. 

Employee benefits can include financial education for families

After identifying the segment of their workforce with an appetite for financial learning benefits, employers face the challenge of determining what type of benefit package they should provide. Here is where partnering with an established fintech company can bridge the gap between employee desires and employer capabilities.  

For example, Greenlight for Work allows employers to offer their employees a prepaid debit card for kids combined with an app that helps parents monitor spending and educate their children about money management. Through flexible parental controls, parents can automate allowances, manage chores, and send money to their children instantly. Kids and teens learn to earn, save, and spend wisely. 

By offering a holistic financial wellness benefit, employers can take several strides toward their organizational workforce goals, including:

• Reducing employees' financial stress–By helping teach families to earn, save, and invest while automating day-to-day money management, financial wellness benefits such as Greenlight’s alleviate stress that workers say affects their on-the-job performance. 

• Improving employee productivity–With familial financial stress reduced, workers can focus on their work and unlock their true potential. 

• Increasing worker retention–Once working parents realize the value of employer-provided financial wellness benefits, they’ll attribute their family’s financial improvement to their employers, increasing loyalty and ensuring they stay at the job that makes them happy. 

Getting started

Helping employees address money-related stress with innovative solutions that integrate family financial wellness into employee benefits can lead to maintaining a productive and engaged workforce. Fintech solutions provide a practical way to support employees in managing financial stress and educating their children about money, addressing a critical need that traditional benefits might not serve. 

By investing in family financial wellness, employers can create a more supportive work environment that fosters personal and professional growth while contributing to employee happiness.

For a deeper dive into this topic, watch Greenlight’s on-demand webinar How Employers are Redefining Benefits for the Modern Working Family.

Learn more about Greenlight for Work as a potential holistic financial wellness package for your employees.  

Ready to see Greenlight for Work in action? Request a demo and a Greenlight Team Member will schedule one at your convenience.