Did you know that almost 90% of Americans say COVID-19 has caused them to feel stress about their financial situations? In fact,
- 41% are worried about having enough saved for emergencies
- 28% are concerned about paying their utility bills
- 28% are worried about paying their rent and/or mortgage
- 23% are concerned they don’t have enough saved for retirement
- 17% are putting off major financial decisions (a)
This financial stress also has a direct impact on your business. In fact, the annual cost an employer faces due to lost productivity and absenteeism caused by this stress is $2,169 per employee! (b)
This is where Mentoro will help both the employee and the employer. Our year-long program focuses on each participant to help them become the hero of their financial wellness journey. We focus on four key areas to accomplish this:
Human Interaction
We believe that everyone has the capacity to be financially well no matter their salary or current financial situation. We customize a financial wellness plan that is specific to each participant and his/her unique needs. Everyone has different financial needs, hopes, and dreams. We develop a plan that is unique to each participant to help them achieve their financial goals. Self-help financial wellness solutions usually have low participation rates. Accountability partners are crucial in achieving financial success and Mentoro has educators that walk hand-in-hand with our participants to help them achieve this success.
Engaging Technology
To help our participants stay motivated on their financial wellness journey, we have a unique portal they interact with that gives them specific actions to take based on their own unique financial situations. Many enjoy making progress and getting rewarded for doing well and accomplishing a goal. Mentoro gives points to participants as they achieve certain financial milestones. Each participant can easily track this progress and the points provide an incentive to keep improving.
Behavioral Finance
Mentoro focuses heavily on behavioral finance. We evaluate each participant on 48 behavioral insights. This allows our educators to get a better understanding of why participants handle money the way they do. Most of us have beliefs that shape the way we view and handle our money. Taking an in-depth look at these helps us develop a financial wellness plan that will best serve each participant.
The Mentoro solution engages, examines, educates, and empowers each participant so that the workplace will be happier and more productive.
Footnotes: a. https://www.nefe.org/news/2020/04/survey-covid-19-crisisi-causing-financial-stress.aspx b. https://retirement.johnhancock.com/us/en/financial-stress-survey.html cid=US_JH_RE_PT_NAPANet_FinancialStress_FinancialStressSurvey__________20201111_WhitePaper_NapaProductProfileEmail1&utm_source=PT&utm_medium=NAPANet&utm_campaign=FinancialStress_FinancialStressSurvey&utm_term=WhitePaper_NapaProductProfileEmail1&utm_content=US__RE__________20201111#the-cost-of-financial-stress
