MassMutual’s new tool aims to get employees’ finances on track
Massachusetts Mutual Life has launched a benefits tool designed to help its clients’ employees assess and organize their finances. Specifically, it will help them balance short-term and long-term financial needs and even help generate a plan to address any problem areas.
The tool, dubbed MapMyFinances, replaces the insurer’s MapMyBenefits and is available at no charge to employers that already use MassMutual’s 401(k) services or voluntary insurance. It generates a score for users to assess their overall situation and in some cases provides guidance to help prioritize their financial choices and goals and try to improve their scores.
The new tool can help employees along their entire career path, from entry level to near-retirement, the company says.
While healthcare coverage is typically a top priority for most people, other financial needs such as retirement savings, insurance coverage, college savings and debt reduction could also appear on a employee’s to-do list, depending on their budget and family situation, the company says.
Moreover, those priorities will be updated as users input new data to reflect changes in their lives such as the birth of a child or the beginning of college for older children.
Many Americans — especially middle-income workers — have acute financial needs, notes Tina Wilson, MassMutual’s head of investment solutions innovation. As one example, 37% of respondents to a survey from the firm reported feeling “not very” or “not at all” financially secure.
Money worries accompany many middle-Americans to work. Four in 10 respondents said they worry about money at least once a week while at work. For the less affluent —those earning less than $45,000 — fully half (51%) said they bring their financial concerns to work at least once a week and 20% said they do so daily, according to the study. These concerns have prompted some employers to roll out various financial wellness programs to help their workers. Indeed, industry surveys indicate that financial wellness is one of the most desired employee benefits.
“Sadly, financial struggles weigh heavily on many middle-income Americans,” Wilson says. . “With the introduction of MapMyFinances, MassMutual is working to lighten their loads and help guide them to the path towards greater financial security.”
The tool connects to an employer’s available benefits through MassMutual, including retirement plans, health plans and other insurance protection, as well as products and services not offered through the insurer.