Frequently Asked Questions

Frequently Asked Questions

Take a look at our most frequently asked workplace financial wellness questions.

Frequently Asked Questions

Why not just pay our employees more base salary?

Yes, you could. But human nature is to spend more when you make more and not necessarily use that money to shore up deficiencies in savings or insurance. So, our program teaches the employee to fish so that they can make better decisions with their money.

We’re not a bank. Why should we run a financial wellness program?

Whether you're a bank or another type of company, chances are your employees are experiencing financial stress. 72% of Americans report feeling stressed about money some of the time...and 22%1 say they experience extreme stress about money

Isn't this getting too personal with our employees?

It does feel personal but it also sends a strong message that you care about your employees and this goodwill is good for the organization.

We pay our employees well. Do they really need this?

We know that financial stress exists at all levels, regardless of salary. In fact, research shows that 46% of Americans live paycheck to paycheck, and the story isn't that different for those who make $75k or more.2 When we make more, we spend more, and we can still get in over our heads financially by over-spending. And sometimes there’s even more anxiety around the thought of asking for help, because highly paid employees feel like they should have it "figured out".

That's why Momentum onUp takes users though a values-based approach so they can keep their head above water as their income goes up and down throughout their career.

This isn't just about money. Companies that implement financial wellness programs can see great returns in employee performance, satisfaction and retention.3

Our HR team doesn't have the bandwidth to implement this. Can we get help rolling this out?

Absolutely. Our solution is completely turn-key with ongoing support.

Why is SunTrust doing this?

We are a purpose-led company, and we believe everyone can achieve the financial confidence to pursue a life well spent. Momentum onUp is one of the many ways that we are acting on this. By reducing financial stress and building a self-sustaining path to financial confidence we can change the lives of millions of Americans for the better – and we’d like your company to be a part of that too.

DISCLAIMERS

1 APA Stress in America

2 SUNTRUST NATIONAL CONSUMER CONFIDENCE STUDY 2016

How do you know if financial wellness is paying off for you and your people, Ernst and Young 2017; Financial Wellness at Work, CFPB 2014

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