Just like the generations before them, Millennials value financial well-being.
However, when Millennials evaluate their current or prospective employers, they’re much more likely than Baby Boomers or Gen Xers to consider an employer’s financial well-being programs.
Just ask PwC. According to their 2017 Employee Financial Wellness Survey, 62% of Millennials want to work for an employer who cares about the financial well-being of its employees, compared to half of Gen Xers, and just over one-third of Baby Boomers. Also, almost three-quarters, or 72%, of Millennials factor in an employer’s financial well-being programs when considering switching employers.
According to that same survey, however, barely half of employees surveyed (55%) believe that their financial well-being is important to their employers. That’s a clear disconnect when you consider that a recent Wall Street Journal article indicated that more than 80% of college-educated Millennials have at least one source of long-term debt.
Would you like to offer your employees a tool that will help them build credit, provide them with cost-effective liquidity, and teach them financial literacy, all at the same time? By partnering with Lenny Credit through our Affinity Program, your organization can offer employees a cost-effective way to unlock liquidity, while they learn to build their credit. That’s important, considering that, while millennials are confident in their financial knowledge, just 14% were able to answer five basic questions in a recent survey on fundamental financial literacy concepts.
Your employees will see you as an employer who cares about their financial well-being, and, beyond increases in employee morale and engagement, you may also see increases in productivity too.
PwC’s 2017 Employee Financial Wellness Survey found that employees under financial stress are almost five times more likely to be distracted at work and twice as likely to spend at least three hours or more at work each week handling their own personal financial issues. PwC also reports that stress over personal financial issues makes employees twice as likely to miss work.
By offering Lenny’s credit building programs as part of your employee well-being programs, you address a key concern of your Millennial workforce, while also increasing employee morale, engagement, and productivity.
Lenny’s Credit Affinity Program works much like our normal program. But, with Lenny Credit’s Affinity Program, employees can participate in our credit building program, at a reduced cost, and at a preferential APR.
Since our launch in Q1 2016, we’ve helped thousands of millennials access credit, and improve their credit scores. Lenny can provide your employees with the tools they need to help them borrow responsibly while building their financial literacy, through the tools provided on our App as well as the information in our weekly financial education blogs.
Doesn’t everyone win when your employees can work, not having to worry about their financial well-being? As an employer, you play a paramount role in the financial well-being of your employees. Now, you can go beyond just providing your employees with a paycheck. You can provide them with the tools they need to manage that paycheck, and achieve financial well-being and peace of mind.
Join the Lenny Credit Affinity Program
Contact us today for details.