Businesses

You are losing money due to financial stress

Financial Wellness: A state of well-being where an individual has achieved minimal financial stress, established a strong financial foundation, and created an ongoing plan to help reach future financial goals.

The problem:

Financial stress is on the rise, and it’s costing employers

The number of employees stressed about their finances increased across all generations, especially with Millennials. 71% of Millennials say their stress level related to financial matters has increased over the last 12 months. 

  • Employees across all generations who find it stressful dealing with their financial situation: 67% 67%

%

Of employees surveyed admit that their productivity at work has been impacted by financial worries.

All data was aquired from PwC’s 8th Annual Employee Financial Wellness Survey/ June 2019

The Cost:

HOW FINANCIAL STRESS TRANSLATES INTO LOST WAGES

Employer Costs for employee compensation

As of June 2019, the US Bureau of Labor Statistics reported that the employer costs for employee compensation averaged $36.61 per hour worked.

Time spent at work on financial matters

35% of employees report that issues with personal finances have been a distraction at work.

49% of those distracted say that they spend three hours or more at work each week dealing with issues related to their personal finances.

 

Annual cost of employees distracted at work by their finances

10 EMPLoyees

57K

25 employees

142K

50 employees

285K

100 employees

571K

THE SOLUTION:

A FINANCIAL WELLNESS PROGRAM THAT WORKS

More employees are using services their employers provide to assist with personal finance. 71% of those with employer-provided services say they’ve used the benefit, with those numbers increasing in recent years.

As evidenced by the PwC Employee Financial Education and Wellness Survey, many employer programs are still ineffective in addressing the key challenges employees are facing. As a result of this, financial stress is on the rise.

Reach out to me today to learn more about what makes a program ineffective, and how my solution can increase employee productivity and engagement. 

 

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