To cover their bills, your employees need the paychecks you give them. That’s hardly a news flash. But here’s something that might not be as immediately obvious: Just as your employees’ financial health is tied to the success of your business, your business’s financial health is tied to that of your employees.
Given that your business is the one flowing money into your employees’ pockets, that connection might seem murky at first. To understand why it’s in your financial interest to support your team’s financial health, it’s important to understand something most Americans experience at some point: financial stress.
Your employees’ financial stress is justified
In a world with hefty medical bills not covered by health insurance, rising gas prices and unexpected costs that can pop up at any time, a resilient savings account balance is vital. But that’s something your employees might not have. Only 16% of Americans say they’re very comfortable with their emergency savings,1 40% have less than $300 in savings,2 and in 2021 more than 62% of Americans had to dip into the little savings they did have.3 Worse, 25% of Americans have no emergency savings at all.4
Though it might not be apparent when you see them, a number of your employees probably fall into one of these categories, justifying the financial stress they may be experiencing. More than a tight budget, financial stress can elicit excess worry and fear about unexpected accidents or medical issues, either of which could send your employees into a financial tailspin.
Aflac can help nourish financial health for you and your employees
Your employees’ financial stress has a direct effect on you as their employer. People with financial stress are 10 times more likely not to finish their daily tasks, a key factor in the 29 to 39 productive days each financially stressed employee loses annually.5 And with 50% of stressed employees acknowledging that finances have been a distraction at work,6 the overall reduced productivity caused by financial stress costs U.S. businesses an estimated $4.7 billion per week.7
But just as employees’ financial woes can hurt their employers’ finances, an uptick in their financial health can help enhance the financial health of their employers. By enabling financial care for your employees, Aflac can help you get the best two-for-one return.
To say that Aflac helps insureds get proper medical care is to paint only part of the picture. In helping insureds afford care, Aflac helps care for your employees’ financial health just as much as their physical health. The two forms of health are intertwined—so much so that people often have to pick one over the other. And when people sacrifice their financial health, it’s not so easy to recover: 1 in 6 Americans have an unpaid medical bill on their credit reports, amounting to $140 billion nationwide.8
Through our supplemental accident, supplemental critical illness, new group dental and other types of coverage, Aflac helps protect your finances by protecting that of your employees. But medical savings aren’t the only way Aflac bolsters financial stability.
We offer more than financial protection—we now offer financial wellness
Unanticipated medical costs are just one factor that can contribute to financial stress. Student loans, rising housing costs, inflation—all of it plays a role. And as evidenced by the nearly 40% of six-figure earners who live paycheck to paycheck,9 sometimes people simply need help with their money management. Aflac can help with this, too.
We’ve partnered with BrightDime, a financial wellness program available as a value-added service when other Aflac products are offered. With BrightDime, Aflac can provide your employees with financial goal-setting tools, money organization resources and easy-to-understand financial education. BrightDime’s convenient user dashboard enables employees to track their budgets and financial goals in real time, review their spending and personal balance sheets, and more. Employees can then use these tools along with educational content to plan and achieve their financial goals, such as paying off student loans, boosting their credit scores and buying a home.
For more than 65 years, we’ve been in the business of helping protect people’s wallets, and that’s exactly what this partnership will help us continue to do. We’re here to help your employees create a financial plan and protect that plan in the face of the unexpected—enhancing their financial health and yours for the long term.
Ready to help your employees become financially strong? Contact your Aflac benefits advisor or visit Aflac.com/business.
Companies choose to make Aflac policies available to increase benefits options without impacting their bottom line.
1 Bankrate. “Survey: Nearly 3 times as many Americans say they have less emergency savings versus more since pandemic.” Published 8.20.2020. Accessed 3.31.2022.
2 Go Banking Rates. “Americans’ Savings Drop to Lowest Point in Years.” Updated 5.21.2021. Accessed 3.31.2022.
3 Credit Karma. “Americans dip into savings to cover necessities as pandemic surges on.” Published 1.13.2022. Accessed 4.15.2022.
4 Bankrate. “Survey: More than half of Americans couldn’t cover three months of expenses with an emergency fund.” Published 7.21.2021. Accessed 3.31.2022.
5 Salary Finance. “Inside the Wallets of Working Americans.” Published 2020. Accessed 4.1.2022.
6 PwC. “PwC’s 9th annual Employee Financial Wellness Survey, 2020 Results.” Published 2020. Accessed 4.1.2022.
7 PR Newswire. “Report: Employee Financial Stress Costs U.S. Companies Nearly $5B Per Week.” Published 6.16.2021. Accessed 3.31.2022.
8 The New York Times. “Americans’ medical debts are bigger than was known, totaling $140 billion.” Published 7.20.2021. Accessed 4.1.2022.
9 PR Newswire. “Nearly 40 Percent of Americans with Annual Incomes over $100,000 Live Paycheck-to-Paycheck.” Published 6.15.2021. Accessed 4.1.2021.
Aflac has entered into a marketing alliance with BrightDime whereby BrightDime may provide up to one year of complimentary financial services from BrightDime to individuals who are employees of accounts that choose to make BrightDime available to them. Other than this marketing alliance, Aflac and BrightDime are not affiliated in any way. Aflac makes no representations or warranties regarding BrightDime’s products or services, and is not responsible for any products or services provided by BrightDime. The complimentary financial services from BrightDime is not available to employees of Aflac accounts located in ID, MD, MN, NY or PR. BrightDime is not available to residents of ID or MN. Additional state restrictions may apply and benefits may vary by state.
For groups sitused in NC and for some groups situs in CA, FL, GA, IL, LA, MI, OH, PA, and TX prior to 6/1/22, Aflac dental and vision insurance coverage is underwritten by National Guardian Life Insurance Company (NGL). National Guardian Life Insurance Company is not a member of the Aflac family of insurers. National Guardian Life Insurance Company is not affiliated with The Guardian Life Insurance Company of America a/k/a The Guardian or Guardian Life. Aflac dental and vision products may not be available in all states. National Guardian Life Insurance Company | Madison, WI.
For all states that have approved the Aflac dental and vision insurance products, coverage will be underwritten by Aflac. In New York, coverage will be underwritten by Aflac New York.
Please see coverage documentation applicable to your situs state for further details.
Notice to Consumer: This is a limited benefit plan and provides dental and vision benefits only. Aflac’s contracts of insurance, including Aflac’s network dental and vision plans, provide limited-scope and/or supplemental benefits only and do not constitute comprehensive health insurance coverage. Aflac’s contracts of insurance do not satisfy the requirement of minimum essential coverage under the Patient Protection and Affordable Care Act (ACA) and are not designed to meet any of the essential health benefit requirements mandated by the ACA or federal law, including pediatric oral or vision care services. Aflac’s contracts of insurance are not an alternative to, or a substitute for, comprehensive health insurance coverage and should only be used to supplement comprehensive health insurance coverage.
Individual supplemental coverage is underwritten by Aflac. In New York, coverage is underwritten by Aflac New York.
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