BrightPlan Unveils Novel Tool To Gauge Value of Fiscal Wellness

SAN JOSE, Calif., Feb. 24: BrightPlan, a pioneer in Total Financial Wellness, revealed a novel online tool to assist companies determine the total value and return on investment (ROI) of offering fiscal wellness advantages to their employees. The BrightPlan Total Financial Wellness Calculator shows the potential measurable advantages of investing in employee fiscal wellness for both employers and employees. While value changes depending on the company, the calculator reveals that, on average, BrightPlan's Total Financial Wellness solution can deliver $2,000 in advantages yearly to the employee and nearly an extra $250,000 upon retirement, while generating $340,000 in potential yearly value to the employer for a 5,000-person company. Finances cause employees more stress than their jobs according to PwC, and a recent survey revealed that employees prioritize financial wellness benefits designed to manage this stress, even higher than healthcare. BrightPlan's new calculator unpacks the potential impact of financial wellness programs by analyzing common savings and other financial benefits created by these programs. By quantifying the value of offering financial wellness in terms of dollars and cents--BrightPlan is paving the way for broader adoption. "For too long, employers have been asked to 'just trust' that offering financial wellness benefits are a sound investment--but there's been minimal data to back it up," said Marthin De Beer, founder and CEO of BrightPlan. "The analysis is in--and it demonstrates the power of financial wellness to make a major impact on the bottom line while also improving the finances of employees, not to mention driving engagement and well-being, all for a relatively small investment. By providing a platform to uncover the myriad ways that financial wellness programs support better business and personal outcomes, we are enabling companies to recognize and ultimately unlock the untapped value of financial wellness." The calculator assesses a wide variety of factors that can substantially impact the bottom line. With a short series of questions, the calculator customizes the potential dollar value of financial wellness for each employer and employee, taking into account the following: For employers and employees: Healthcare premium savings from switching to a Health Savings Account (HSA)-enabled plan and payroll and income tax savings from contributing to an HSA or a Flexible Spending Account (FSA). For employers: Savings from turnover reduction, on-time retirement, and absenteeism reduction. For employees: Retirement contribution tax deferrals, asset growth of retirement savings over time, and absenteeism due to financial stress. The final result and personalized business case provide an estimate of the total dollar value of financial wellness for the organization as well as for employees. "BrightPlan's Total Financial Wellness Value Calculator is an important step in expanding the 'benefits that matter' conversation from HR teams to the broader C-Suite," said Laura Becker, Research Manager, Employee Experience at IDC. "Until now, the market has not had a way to quantify the impact of financial wellness solutions on the health of the business as well as employee finances. As employers seek to deepen employee engagement and improve well-being, solutions that reinforce the value of financial wellness with tangible dollar amounts will help turn these services into essential business resources."