Equifax Expands Offering in the Financial Wellness Category for Employee Benefits
Equifax Inc. (NYSE:EFX), a global information solutions company, announces a strategic relationship with Best Money Moves, a mobile-first platform focused on giving people the resources, tools and support they need to get control of their finances and dial down financial stress. The relationship is part of the Equifax Employer Benefits Services strategy, part of which involves helping consumers improve their financial wellness and financial position.
Features available to consumers through this combined offering with Best Money Moves include:
- A VantageScore 3.0 based on Equifax data;
- A financial Stressometer®, which helps consumers gauge their level of financial stress across 15 categories, including debt, managing money, credit, healthcare, eldercare costs, and relationships;
- A vast reservoir of educational content designed to meet a consumer’s individual needs and requests;
- Money coaches who can help consumers understand their financial issues relating to budgets, credit, debt, and housing, and provide guidance and resolution strategies; and
- A slew of calculators and assessment tools designed to help consumers understand their unique financial situation, provides users with their Best Money Moves spending suggestions based on the zip code in which they live, and shows how each decision they make can affect their ability to achieve short-term and long-term financial goals.
“As we look at the type of benefits employers offer their workforce, we see a significant portion of employees who want financial wellness resources as a benefit, along with access to unbiased counselors,” said Assad Lazarus, Senior Vice President, Global Consumer Solutions. “What we offer through the Equifax Employee Benefits Services and the relationship we have with Best Money Moves enables us to help employers provide employees with access to the information they need to start on a path toward financial wellness.”
Lazarus added that Best Money Moves can be provided to employees either as a company paid or voluntary benefit through the Equifax benefits channel.
“We’re delighted to work with Equifax, both to provide the VantageScore 3.0, based on Equifax data, to Best Money Moves’ current users but also as part of the Equifax Employee Benefits Services,” said Ilyce Glink, Founder and CEO of Best Money Moves and an award-winning syndicated columnist and bestselling book author. “According to a 2017 CareerBuilder survey, more than 75 percent of U.S. workers are living paycheck to paycheck, and a 2018 report conducted by the Federal Reserve revealed that approximately 40 percent of Americans surveyed cannot cover a $400 emergency expense.
“Best Money Moves helps users understand how to change that dynamic, which relieves the crippling financial stress so many Americans feel,” said Glink.
Lazarus explained that making this service available to employers to include as part of their benefits offering is part of the overarching Employer Benefits Services strategy. “More and more, employers recognize the importance and intrinsic value of providing solutions that help coach, educate, and inform employees about how to improve their financial health,” he added.
About Best Money Moves: Best Money Moves is a mobile-first technology platform that allows helps employees measure their level of financial stress and then dial it down using a unique combination of written and video content, tools, calculators and live Money Coaches, who are accredited experts in debt, budget, credit, housing and bankruptcy. Employers buy Best Money Moves, and then give it to their employees, to help relieve financial stress, thereby increasing engagement, productivity and retention, while reducing workplace accidents and unexplained absences. Best Money Moves is led by award-winning financial journalist, author, and entrepreneur, Ilyce Glink, who has spent the past 25 years helping people make smarter decisions with their money. Find out more at BestMoneyMoves.com.
Source: Equifax Press Release