How Brightside Helps Employees Find Money

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More than 70% of employees now live paycheck to paycheck, and 49% say high monthly bills are the biggest reason for their financial strain. As part of our mission to improve the financial health of working families, we provide employees with personalized support and real solutions to triage urgent financial needs, address root causes of financial challenges, and help them take steps that improve their overall financial health.  This includes connecting them with creative ways to find money so they can make their paychecks stretch further.

Here are eight ways Brightside can help employees find money:

1. Save thousands on student loan debt 

More than 28 million student loan borrowers entered into student loan repayment in the fall of 2023.  After being put on pause for 43 months, the return of student loan payments has been a financial challenge for many – particularly financially vulnerable frontline employees who were already struggling to make ends meet.

Brightside users have access to a free partner tool that helps borrowers save an average of $156 per month in loan payments and achieve an average of $20,500 in loan forgiveness.  The tool empowers Brightside users to:

  • Quickly identify plans they may qualify for, including income-driven repayment and loan forgiveness programs
  • Easily compare the monthly payment, total payment, and time until the loan is paid off or forgiven for any plan
  • Apply for different programs online and track their status

 Brightside Financial Assistants help Brightside users understand all of their student loan options and make the choice that fits their financial life and goals. Using this tool recently brought one Brightside user to tears of joy when he was able to get $53, 017 of his student loan debt forgiven!

2. Easily compare auto insurance rates 

The average cost of full auto insurance in 2024 has increased 26% compared to 2023 rates. Brightside users have access to a free tool that allows them to quickly find and compare auto insurance quotes – which may uncover opportunities to save as much as $100 a month on car insurance. 

Brightside Financial Assistants help Brightside users understand the details of each quote, including benefits and possible risks, so they’re empowered to make a decision that supports their financial stability, needs, and goals. 

3. Locate funds owed from past banks, insurers, utility providers, and more

An estimated one in 10 Americans have “lost money” from sources like forgotten bank accounts, final unclaimed paychecks, rental deposits, insurance policy refunds, unredeemed gift cards, and tax refunds.

Brightside users can search an unclaimed funds website within their state and others they’ve lived in, at no cost to them. If they locate lost money, their Financial Assistant can help them reclaim it and decide how to put it to work to support their financial priorities.

4. Spend less on fuel

Financially vulnerable employees often struggle with day-to-day financial demands, including not having enough money to pay for gas to get to and from work. This keeps them trapped in a cycle of living paycheck to paycheck and can lead to reliance on high-interest credit, earned wage access solutions, and payday loans that make and keep them financially sick.

Brightside users can access a tool to quickly identify the lowest fuel prices at gas stations along or near their route, so they can keep more of their hard-earned money.

5. Create spending and savings plans 

Most people don’t enjoy the thought of budgeting, so Brightside Financial Assistants help Brightside users create savings and spending plans that empower them to manage their money, without feeling burdened. These plans make it easy for Brightside users to know how much money they have coming in and going out each month, and what they’re spending money on. Part of the process often reveals opportunities to reduce expenses in categories a Brightside user is willing to cut back on, and uncovers ways to save money in areas such as unused subscriptions and membership plans.

6. Earn cash for saving with Brightside (and spreading the word)

Building an emergency savings fund is critical to establishing the financial stability needed to handle unexpected expenses and financial shocks, without taking on debt or high-interest loans. To make saving easy, Brightside users have access to a free, no-free Brightside Savings Account where they can earn an industry-leading 4.66% APY* on their funds to help their money grow faster. 

The account includes an autosaving feature to make it easy to save automatically from each paycheck. As long as a Brightside user has autosave turned on, they also have a chance to be one of 50 winners randomly selected each month to win $100 from Brightside for autosaving. 

If a Brightside user refers a co-worker to open a Brightside Savings Account, they both get $10 after the colleague makes their first deposit.

7. Build or improve credit scores for better rates

A few extra points on an employee’s credit score can make a difference in whether they’re approved to rent an apartment or house or open an auto lease, loan, credit card, or mortgage, and what it costs them to borrow. 

Brightside Financial Assistants help Brightside users review their credit report and credit score, understand the factors impacting it, and take steps that may help improve it. Within the Brightside app, Brightside users can also access free partner services such as one that helps build their credit score with every on-time rent payment.

8. Access free resources

Brightside Financial Assistants connect Brightside users with government and local resources that offer immediate assistance and relief for urgent needs, including homelessness, eviction, food insecurity, lack of transportation, and loss of utilities. They also help  identify and navigate other programs Brightside users may qualify for, such as free child care, subsidized housing and utilities, and their other employer benefits, such as hardship programs or legal aid.

Families that work with Brightside save an average of $1,200 of after-tax income each year, which is money back into their pockets. To learn more about Brightside Financial Care and our mission to improve the financial health of working families, click here

*Brightside savers earn 4.46% APY on savings balances. Rates and terms are subject to change