Greenlight Announces Industry-First Employee Benefit Program to Improve Financial Wellness for Families in the Workplace
New Greenlight for WorkTM program brings the company’s award-winning family banking app to employers nationwide
ATLANTA–(BUSINESS WIRE)–Greenlight® Financial Technology, Inc. (“Greenlight”), the fintech company on a mission to help parents raise financially-smart, independent kids, today announced Greenlight for Work — a benefit program for employers to help working parents teach their kids about money and improve financial literacy for the whole family. Through Greenlight for Work, Greenlight’s award-winning banking app, loved by 6 million parents and kids, is now available nationwide to organizations committed to supporting the financial well-being of employees and their families.
Working parents know it’s important to teach their kids about personal finance, but many don’t have the time or educational resources they need. In a new national survey, Greenlight found that parents ranked financial literacy as the #1 most difficult life skill to teach their children. 81% said they wish they had more financial education resources with 78% saying it would save them time and 69% saying it would reduce their stress levels.
Greenlight for Work is an industry-first employee benefit program that provides access to Greenlight’s suite of family finance and education products. Greenlight offers an award-winning banking app for families that teaches kids critical financial skills like how to earn, save, spend wisely and invest. Using the Greenlight app, kids gain invaluable money management experience, along with fun, engaging educational content like Level Up, Greenlight’s in-app financial literacy game. With Greenlight, parents have an easy, convenient way to teach their kids about money and manage family finances.
“Introducing Greenlight for Work allows us to empower millions of additional parents with the resources they need to raise financially-smart kids,” said Matt Wolf, SVP of Business Development at Greenlight. “Together with our Greenlight for Work partners, we can help make financial wellness for the entire family more accessible to working parents and caregivers.”
Additional survey results show that financial pressures for families are increasing and parents are seeking more support from their employers to contribute to the financial well-being of their families.
Key insights include:
Financial stress and anxiety among working parents are at all-time highs.
- Parents ranked money as the #1 source of stress, followed by their job (#2) and health (#3).
- 71% said they feel anxious about money on a daily and weekly basis.
- 81% of parents said the state of the economy has increased their financial stress and anxiety, and more than half (53%) said they aren’t prepared to weather an economic downturn.
Today’s economic climate has reinforced the importance of financial literacy, but parents don’t have the time or resources to teach their kids about personal finance.
- Parents ranked financial literacy as the #1 most difficult life skill to teach their kids, followed by online safety (#2) and physical safety (#3).
- 88% of parents said they spend less than 1 hour per month teaching their kids about money with 63% spending less than 30 minutes.
- 78% of parents said that tools to help manage their kids’ money and teach them financial literacy would save them time and 69% said it would reduce their stress levels.
- 81% of parents wish they had more financial education tools and resources to teach their kids about money.
Working parents are seeking better benefits from their employers to support the financial well-being of their families.
- 98% of parents said employee benefits that impact their family’s well-being are important, yet nearly half (44%) of parents say their current employer does not care about the financial well-being of their family.
- Parents ranked financial education as one of the top three most important additional benefits an employer should offer, alongside mental health and professional development benefits.
- 82% of parents said they would be happier and 80% said they would be more productive if their employer offered financial education for their families.
- 82% of parents also agreed companies that offer financial education for families are better places to work.
With Greenlight for Work, employers can now better support their employees with a holistic financial wellness package for their families. This brings organizations a unique opportunity to increase retention, reduce stress and increase productivity by creating a culture where both individual employees and their families feel supported. Greenlight for Work partners also receive access to tailored enterprise features, including a launch toolkit for activation and adoption, seamless enrollment, turnkey reporting, and 24/7 dedicated end-user and admin support.
Some of the early organizations to implement Greenlight for Work have included a range of companies across the financial, healthcare and education industries.
“At U.S. Dermatology, we pride ourselves in building a premier dermatology care community, which starts with our employees,” said Billy Parsons, Chief People Officer at U.S. Dermatology Partners. “Offering a benefit like Greenlight for Work allows us to support the financial well-being of our employees and their families.”
To learn more about Greenlight for Work, visit: greenlight.com/work.
Survey insights were collected by Greenlight through a Researchscape survey fielded between February 9-12, 2023, among 1,034 U.S. respondents, all of whom were working parents of 8-18 year olds. Results were weighted by age, gender, and Census region.
Greenlight Financial Technology is the family fintech company on a mission to help parents raise financially-smart, independent kids. Its product, Greenlight, is an award-winning banking app, complete with a debit card for kids and teens, cash back credit card for parents, and safety features for the whole family. Parents can automate allowance, manage chores, set flexible spend controls, and invest for their family’s future. Kids and teens learn to earn, save, spend wisely, give, and invest with parental approval. Together, families can also stay safe and connected with location sharing, SOS alerts, and crash detection with automatic 911 dispatch to get help if they need it.
The Greenlight Debit Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. The Greenlight Family Cash Card is issued by First National Bank of Omaha (FNBO®), member FDIC, pursuant to license by Mastercard International. Greenlight Investment Advisors, LLC, an SEC Registered Investment Advisor, provides investment advisory services to its clients. Investing involves risk and may include the loss of principal. Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank, Member FDIC. For more information, please visit: greenlight.com.