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Employer-Sponsored Financial Planning

Employer-Sponsored Financial Planning

FSL and the Social Policy Institute at Washington University in St. Louis partnered with five fintechs – Brightside, HoneyBee, Manifest, MedPut, and Onward – to explore how they’re used and their impact on employees’ financial lives.

The Financial Solutions Lab (FSL) partnered with the Social Policy Institute at Washington University in St. Louis to examine employee uptake and usage patterns of five fintech offerings provided by their employers. The full report can be found here: Fintech as a Solution for Employee Financial Health: Findings from Five Exploratory Studies

While further study is required to determine causality, our research suggests that employer-channel fintech solutions: 

  • May be a route to engaging struggling employees with workplace financial health programs.
  • May reduce turnover by addressing all aspects of financial health.
  • Can provide a higher-quality substitute for alternative financial services.

Brightside, a personalized financial health platform for employees, wanted to better understand its users’ usage patterns and their financial needs, as well as the association between Brightside registration, usage, and employee turnover.

By partnering with FSL on this research, Brightside discovered that:

  • Employees who used Brightside frequently had lower turnover than those who had low or no engagement. 
  • Employees who engaged with Brightside on multiple finhealth topics had lower turnover than those who requested help in only one area. 
  • The support Brightside provides to employees may incentivize employee retention.

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