Healthways Financial Well-Being,
Powered by Dave Ramsey
Financial worries are a concern many people share – nearly a quarter of the American workforce reports high levels of stress in this area.
- Only 32% of American families have a household budget, and only 30% have a long-term plan for savings and investments.
- 70% of Americans are living paycheck to paycheck.
- 24% of take-home pay is spent on non-mortgage debt, such as credit cards.
- 64% of Americans don’t have enough cash on hand to cover one mortgage payment or to purchase one month of groceries for their families.
- 55% of Americans have less than $25,000 in retirement savings — and 45% of these are over the age of 55.
Ignoring the importance of financial well-being can have serious impacts, as it’s one of the five key elements of well-being and one of the single most important — and often overlooked — determinants of overall health, cost and productivity. However, only 15% of large U.S. companies offer any education around debt management and budgeting to their employees.
And while many organizations have implemented wellness programs, these are typically based on a traditional approach that focuses primarily on physical health, ignoring the role of financial and other elements of well-being. In fact, less than half of large U.S. companies have, or plan on having, a financial wellness strategy in place over the next two years. Yet, this epidemic of financial distress has been dubbed the “Quiet Emergency in Healthcare” by Forbes.
A Unique Solution to Address the Issue
In 2013, Healthways entered into an exclusive agreement with Dave Ramsey to deliver an innovative solution to improve financial well-being. A four-time New York Times best-selling author, radio show host with a weekly audience of approximately 6 million listeners, syndicated newspaper columnist, popular blogger, and creator of both Financial Peace University® and CORE™ Financial Wellness, Ramsey has 20 years’ experience in empowering individuals to take control of their financial well-being.
Ramsey’s approach is built on a carefully observed strategy of creating lasting behavior change. Using common-sense education and empowerment, Ramsey teaches skills and techniques that address basic budgeting, cash flow management, and debt reduction, as well as investment, savings and retirement strategies. On average, individuals following the Ramsey plan grow their savings $2,700 and reduce $5,300 of debt in just 90 days.
Healthways and the Dave Ramsey team recognized in one another a common purpose-driven philosophy: helping people improve their well-being and live their best lives. The two organizations extensively collaborated to create and deliver Healthways Financial Well-Being™, Powered by Dave Ramsey.
An Ideal Blend of Proven Strategies and Effective Engagement
The solution integrates Ramsey’s successful approach to better financial health with Healthways’ intuitive technology, science-supported methodology and well-being expertise. Delivered via Healthways’ web-based Well-Being Connect portal, the product combines video-based learning modules designed to be taken at an individualized pace with features such as access to educational Dave Ramsey content and a proprietary budgeting tool.
The offering is supported by Healthways coaches, who integrate financial well-being into Healthways’ broader Well-Being Plan process and also help participants navigate the online self-directed experience. Individuals looking for professional advice and support in specific areas, such as real estate, insurance and tax services, can access the Ramsey-endorsed network of local service providers.