How companies can leverage behavioral economics to affect positive financial outcomes
Erin Crowley, Mar 5, 2019 3:41:37 PM
BOSTON, March 5, 2019 /PRNewswire/ -- Bend Financial (Bend), a technology and services company focused on financial wellness solutions, today announced the release of a white paper discussing the role of behavioral economics in employee decision making and the insight and strategies needed by employers to help drive better engagement.
A new report from the Federal Reserve shows the average American still struggles to save money for rainy days or emergencies, especially health-related emergencies. Unfortunately, for many, this often leads to untreated ailments, delayed care or neglected prescription refills, making the overall health of employees worse and the cost to treat and insure them higher.
Today, many employers have access to or currently offer benefits and solutions aimed at helping employees better understand their money and save appropriately for health-related costs. The challenge, however, is that many employees don't understand the benefits offered and don't see the true value these benefits can have on their financial health.
Titled "Encourage Greater Health Savings Using Behavioral Economics," this white paper provides an overview of what drives employees to make the decisions that they make and how employers can better help their employees make more positive health savings decisions and get them on a path to better financial wellness overall.
"Lack of financial literacy is an epidemic in the United States, making it more important than ever for organizations to arm themselves with the tools necessary to make positive changes in the financial lives of their employees," said Tom Torre, president and CEO of Bend. "By leveraging behavioral economics, employers have the unique opportunity to increase HSA adoption, improve program engagement and influence positive decision-making for employees."
To download a copy of the white paper, visit bendhsa.com.
About Bend Financial
Bend Financial is a Boston-based technology and services company that provides health savings account and financial wellness solutions to individuals, employers and organizations in the group benefits distribution market. Its innovative approach and product offerings simplify the use of HSAs while making the product attractive to all types of healthcare consumers.