Tag: Ellen Frank-Miller

Can Workplace Financial Counseling Help Lower-Income Workers Improve Credit Outcomes?

Financial counseling has been found to be effective in improving consumers’ credit outcomes and could be expanded through the workplace to reach lower-income workers who struggle with various financial challenges. We examine engagement and credit outcomes associated with a workplace financial counseling program offered to 2,849 frontline workers in New York City. Age and credit […]

Employee Financial Wellness Programs: Tips for providers

There are several types of Employee Financial Wellness Programs (EFWPs), such as workplace financial counseling, workplace credit building, and employer-sponsored small dollar loans. Each program benefits the company and its employees in different ways.

Washington University researchers, with generous support from the W. K. Kellogg Foundation, studied the implementation of EFWPs at several diverse organizations, including a nonprofit in the Midwest and several supply chain locations of a national retailer, to understand the impact. As a result, we’ve identified five ways in which providers can maximize the benefits of EFWPs and avoid pitfalls along the way.

Employee Financial Wellness Programs: Tips for employers

There are several types of Employee Financial Wellness Programs (EFWPs), such as workplace financial counseling, workplace credit building, and employer-sponsored small dollar loans. Each program benefits the company and its employees in different ways.

The Social Policy Institute at Washington University in St. Louis, with generous support from the W. K. Kellogg Foundation, studied the implementation of EFWPs at several diverse organizations, including a nonprofit in the Midwest and several supply chain locations of a national retailer, to understand the impact. As a result, we’ve identified four ways in which organizations can maximize the benefits of EFWPs and avoid pitfalls along the way.

Financial counseling for front-line workers: A pilot study of engagement and outcomes

Although financial counseling has been studied in community-based settings, programs offered in the workplace are understudied and yet may aid low- to moderate income employees in improving their financial situations. This study examines workers’ engagement in and associated credit outcomes from an employer-based financial counseling program in the New York City area. Findings suggest that participants engaged equally in services except for older and non-English speaking workers, who had lower levels of digital engagement. In-person engagement in services was minimal. Credit score improvements were modest, but greater for workers who had

scores in the lowest quartile at baseline. These credit score increases may be due to the reduction of delinquent accounts for workers with the lowest baseline scores.

Workplace credit-building counseling at a Midwest employer: An assessment of take-up, engagement, and outcomes

This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project. In this study, we focus on a workplace credit-building counseling program. This service is offered by a non-profit service provider that combines credit-building education, one-on-one counseling, and access to financial products to help low-income workers establish good […]

Financial counseling for low- and moderate-income home health care employees: An assessment of take-up, engagement, and outcomes

This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project. In this study, we analyze administrative data and interviews regarding Trusted Advisor, a workplace financial wellness benefit offering one-on-one counseling linked to vetted financial tools. The purpose of this study was to examine take-up, engagement, and financial […]

Employer-sponsored small-dollar loans: An assessment of take-up, engagement, and outcomes

This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project. In this study, we focus on an employer-sponsored small-dollar loan (ESSDL) product, TrueConnect loans, aimed at providing employees an affordable credit alternative to payday, auto title, and other high-cost loans. We present and discuss results of our […]

When a job is not enough: Employee financial wellness and the role of philanthropy

Employee financial wellness programs provide workplace products and services such as financial coaching and small-dollar credit products that may help employees address the various challenges that are at the root of their financial stress. This report is intended to offer guidance to grant makers to understand the role philanthropy can play in promoting the development […]

Dependent care FSAs: The uneven playing field for employers and workers

This research was funded by the Annie E. Casey Foundation. We thank them for their support but acknowledge that the findings and conclusions presented in this report are those of the authors alone, and do not necessarily reflect the opinions of the Foundation.The authors are grateful to Don Baylor at the Annie E. Casey Foundation […]

Financial wellness programs in the workplace: Employer motivations and experiences

Employee financial wellness programs (EFWPs) are a benefit innovation that promise to address the financial challenges of employees while also benefiting employers. Results from a mixed-methods study of employers suggest early adopters appear to be motivated primarily by a desire to help employees. EFWP success may depend on promotion by organizational champions. Programs that accommodate […]

Employee financial wellness programs: Differences in reach by financial circumstances

Workplace-based Employee Financial Wellness Programs (EFWPs) aim to strengthen employees’ financial well-being through services such as financial coaching, payroll advances and short term installment loans, credit counseling, debt management, and online financial management tools. Although EFWPs are a fast-growing part of employee benefit packages, offerings vary widely in service type and delivery method across employers, […]

Employee financial wellness programs: Differences in reach by race and ethnicity

Employee Financial Wellness Programs (EFWPs) consist of a wide array of workplace-based services and benefits that aim to enhance employees’ financial well-being, such as in-person financial coaching, online financial management tools, and payroll advances or short-term loans. EFWP provision varies across employers with few organizations offering the same set of services. The recently released Employee […]

Employee Financial Wellness Programs Project: Comprehensive Report of Findings

Frank-Miller, E., Covington, M., Despard, M. R., Hannon, G., & Grinstein-Weiss, M. (2017). Employee Financial Wellness Programs project: Comprehensive report of findings (CSD Research Report No. 17-31). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/K7S46RFZ