Financial Wellness Program
Increasing productivity by helping employees achieve financial stability.
Consolidated Credit helps not just individuals but businesses, too. Our Financial Wellness Program offers online tools such as interactive courses, calculators, and videos. We work with hundreds of companies, organizations, municipalities, and charities of all sizes. But they have one thing in common: A desire to help their employees/members become financially healthy.
Of course, a healthy employee is a productive one, and that applies to financial health as well as physical health. By providing resources to employees that help them achieve and maintain financial stability, an employer can reduce distractions in the office and time taken out of work to handle personal issues. Employees can focus on work instead of worrying about their finances at home.
Benefiting from value-add technology
BenefitsPro, the # 1 online destination for benefits professionals, recently featured Consolidated Credit’s financial wellness program KOFE (Knowledge of Financial Education) as one of five top value-add technologies in the benefits market today.
Employee benefits brokers have an increasing number of innovative “value-add” solutions they can offer their employer group clients. In some cases, brokers can receive commissions from these solution providers for referring clients to them.
But in all cases, the value-add services can generate greater appreciation from their clients, resulting in stickier relationships.
BenefitsPro recognizes KOFE as an innovative value-add benefits program that uses a combination of technology and financial coaching to improve the financial lives of an organization’s employees. Here’s what they have to say about Consolidated Credit and KOFE:
Consolidated Credit Counseling Services helps employees deal with life-altering credit, debt and financial issues.
The Consolidated Credit Counseling Services app provides free financial planning information and videos to educate employees on the skills necessary to live a financially secure lifestyle.
Budget calculators, worksheets and more than 30 videos teach employees to live within their means and stay financially fit. By using these tools, employees are encouraged to save and invest while they reduce expenses and debt.
The app offers guidance on establishing achievable financial goals, building a personal budget, managing financial stress and planning for the future.
What’s most unique about the Knowledge of Financial Education (KOFE) portal is that it’s not a static package, says Gary S. Herman, president of Consolidated Credit Counseling Services Inc. in Fort Lauderdale, Florida.
It includes online resources such as videos, webinars and interactive courses, but nonprofit also offers the ability to have financial coaches go out to locations or help them over the phone.
The nonprofit starts by consulting with employer groups to find out what they are looking for, including whether or not they want the personal finance education to be co-branded or white labeled.
After the initial consultation Consolidated Credit Counseling Services will build the program based on how the employer communicates with their employees.
“Some employers just want to require employees to complete a session with a financial coach before receiving any pay advances or loans from qualified plans such as 401(k) plans,” Herman says.” It’s a good idea to have employees go through a confidential budgeting session so that they can figure out how to pay themselves back, which many times they can’t. Some employers want a program to get their employees to understand the importance of savings and the secrets to building and maintaining good credit.”
The app also includes financial advice on how to understand credit scores and how to rebuild credit; organize and categorize savings, and how to cut costs on energy, health care, insurance and other household bills; student loan consolidation and using credit on campus; planning for live events such as weddings, births and unforeseen disasters; information on 401(k) plans and individual retirement accounts and debt elimination versus retirement savings.
Consolidated Credit Counseling Services markets directly to brokers. “Having financially savvy employees, benefits employers and brokers will be appreciated by their employer clients for introducing our services to them.”
The advantage of working through the nonprofit is that its community counseling programs have been paid for by financial services companies such as JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp.
Due to the funding, the cost of the program is very affordable to employers, he says.
Want more information about our Financial Wellness Program?
Simply email us at email@example.com, and a community outreach team member will reply quickly. Or call us at 1-800-294-1792.