FAQ

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Financial Fitness Challenge Facts

Q: What is the Financial Fitness Challenge program?

A: The Financial Fitness Challenge is an event-based online financial wellness program that provides employees with unbiased instruction in personal finance, investment, and retirement fundamentals.  Participants consistently demonstrate significant improvement in their financial knowledge, attitudes and behaviors.

Q: Who can benefit from the Financial Fitness Challenge program?

A: This proven online training program is designed for all types of employees, regardless of age, education or income. Participants from 17 to 70 have successfully completed the program.

Q. Who is eligible to participate in the Financial Fitness Challenge program?

A. The Financial Fitness Challenge program is available for up to 300 organizations that will receive a scholarship to engage up to 250 employees in the program free of cost (up to a $25,000 value per organization).

Q. What does the Financial Fitness Challenge program cost?

A.The Financial Fitness Challenge program has a $100 per participant value, but thanks to the program sponsors, the program is free for up to 100 employees at each organization that receives a scholarship—that’s up to $25,000 in free training per company. 

In addition, all participating companies will enjoy a steeply discounted enrollment fee of $995. Note: Fee waiver may be available for Iowa healthcare and Puerto Rico organizations.

NOTE: The $995 fee may be waived for Iowa healthcare organizations thanks to the support of the Iowa Insurance Division.

Q: How does an organization apply for a Financial Fitness Challenge program scholarship?

A. Applying is easy. Click the Apply Now button at the top of the page or simply click here, and you will be taken to the application page where you will find instructions and an online interview form. You will need to complete and submit the online interview form to be considered for a scholarship.

Q: After we submit the online interview form, when will we find out if we will receive a Financial Fitness Challenge program scholarship?

A. We will notify you within 7 business days whether or not you will receive a Financial Fitness Challenge program scholarship after you submit the online interview form. 

Q. When is the program running in 2014?

A.The 2014 Financial Fitness Challenge will have 3 complete sessions, starting in February, May and September. We are currently enrolling for the May 2014 session. Each session will run for a total of 9 weeks. 

Q. How do employees access the program?

A.The Financial Fitness Challenge program is available 24/7 via the Internet using all standard browsers. Participants can use computers, tablets and smartphones to access the program. 

Q. Is participant information kept private?

A. All participant information is kept private and confidential and is not shared, sold or rented. Employers will have access to aggregated reports about participant progress, but will not have access to participant scores or personally identifiable information.

Q. Does the program sell or promote products or services?

A.The Financial Fitness Challenge is completely unbiased and does not sell, recommend or promote any products or services. In fact, the program makes it easy for the employer to promote its existing benefit plans to participants via the program's automated emails.

Q: What are the courses included in the Financial Fitness Challenge program?

A: Participants will be able to choose one of three different learning plans. Each learning plan will consist of 5 financial education courses that cover topics such as:

  • Personal Finance Basics
  • Saving and investing
  • Investing basics
  • Investment strategies
  • Retirement planning
  • Mutual funds

Financial Fitness Challenge Benefits

Q: What are the benefits for participating organizations?

A: By making participating employees more financially fit, organizations can see improved bottom line results, including:

  • Employees who are less stressed, happier, and more productive
  • Fewer workplace distractions and improved employee morale
  • Reduced absenteeism, presenteeism and decreased turnover
  • Improved participation in your 401(k), FSA, HSA and other benefit plans
  • ERISA 404(c) compliance for providing unbiased, independent financial education to employees

In addition, participation will help to establish your organization as a financial wellness leader because you have demonstrated your commitment to investing in the financial well-being of your employees. Your organization will receive acknowledgment for your participation in the Financial Fitness Challenge, including:

  • Credit for your leadership in Employee Benefit News.
  • Recognition at the 2014 EBN Expo & Forum. 
  • Being featured in the 2014 Employee Retirement Education Case Study.

Q: What are the benefits for participating employees?

A: Employees who complete the Financial Fitness Challenge program will enjoy:

  • Increased confidence in handling their financial affairs.
  • Up to 40% improvement in participant knowledge measured by pre- and post-testing.
  • Up to 70% improvement in participant attitudes and behaviors such as improving financial well-being; implementing a budget; and starting or increasing contributions to 401(k), IRA, or equivalent plans.

And 90% of program participants say they would like to participate in the program again.

Program Background

Q: How many organizations and people have participated in the Financial Fitness Challenge program?

A: Over 550 organizations of all types and thousands of employees have already completed roughly 300,000 hours of interactive online financial education in prior programs. 

Q: Does the Financial Fitness Challenge meet my company's ERISA 404(c) requirements?

A: Yes. The Financial Fitness Challenge fulfills your ERISA 404(c) requirement to provide unbiased investment education through an independent third party.

Q: What is the program methodology?

A: The program uses a 10-minute Financial Fitness Checkup to provide employees with a financial wellness assessment and recomendation for a Financial Fitness Challenge learning plan. Pre- and post-tests and surveys measure changes in knowledge and behaviors. Built-in program systems 1) track progress and success, 2) deliver automatic messages, and 3) provide reports using verifiable data.

Q: What are the Financial Fitness Challenge system requirements?

A: The system provides anytime access on any browser and has a built-in, standalone learning management system that allows you to track and monitor results. No downloads or installations are required.

 

Apply Today

Add your employees to the thousands of participants who have improved their financial IQs and their bottom lines with the highly engaging Challenge training program. Apply Now