Shortlister hosted Brian Hamilton, Vice President of Financial Wellness at Ramsey Solutions, in our “Meet-a-Vendor” webinar series to provide a demonstration of SmartDollar. SmartDollar is a solution that is built upon a proven methodology that Ramsey Solutions has developed over the past 25 years to help millions of people change the way they handle money.
To start, Brian went over some alarming statistics:
- 70% of Americans live paycheck to paycheck
- 24% of their paycheck goes to consumer debt payments
- 64% can’t cover a $1,000 emergency without borrowing money
Living paycheck to paycheck, having a lot of debt and no savings are all symptoms of poor financial behavior, an enormous problem in our country. People’s financial situation affects their everyday lives not only at home, but also at work:
- Financial troubles can decrease productivity by as much as 20 hours per month
- 1 in 3 employees hopes to be working for a different employer this year
- 30% of workers have put off medical treatment because of the cost in the last 12 months
Employee’s retirement plans are affected as well:
- 52% of Americans have less than $10,000 saved for retirement
- The average participant contributes 5.5% of their income
- 21% of eligible participants borrow against their 401(k)
Employees know they need to improve their financial situation, but they just do not know how. According to SmartDollar, true financial wellness comes when inspiration and education are combined with actionable steps that lead to positive financial behaviors.
SmartDollar, a fully digital program, aims to deliver real behavior change that lasts. It’s the online financial coach for employees that walks with them from the day they begin, until the day they retire. Brian demonstrated how SmartDollar doesn’t just treat the symptoms, but gets to the root of why people aren’t financially healthy and on track for retirement. He also explained the three things that SmartDollar offers in order to drive this behavior change and provided a thorough demo of the easy-to-use and motivating SmartDollar platform.
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