Money is a powerful thing, and unfortunately, can be a leading cause of stress for many Americans. Willis Towers Watson released an infographic last year detailing the financial state of employees and the statistics might shock you. Here are a few of the highlights.
- 48% of employees are worried about their current financial state, while 54% worry about the future of their finances.
- 51% of employees experienced a significant financial event in the last year.
- 29% of employees borrowed money from family or friends.
While you may think that employees with well-paying jobs and stable careers don’t worry about their financial status, the statistics couldn’t be further from the truth. Which begs the question.. Where do we, as employers, fit into this puzzle? How can we alleviate financial stress for our employees beyond compensation?
“70% of employers think they should take an active role in encouraging their employees to manage their personal finances better.”
Unfortunately, there is a major gap in educating students on how to manage their finances. Even the most prestigious schools often neglect to discuss money management in the classroom. Which means, although Americans may be wealthy, they are uneducated when it comes to finances.
As the saying goes, better late than never, for employees living paycheck to paycheck. As employers, we can step in and help meet this need. Offer programs that provide opportunities to learn how to manage their personal finances, invest wisely, and plan for their future. If your company isn’t already doing this, start now. However small, you can help alleviate the financial burden for your employees. If your company uses PerkSpot, employees can sign up for our weekly newsletter “theLOOP” where, in addition to health and wellness and career advice, they’ll also find tips for financial wellness.
“Over a third of employees believe their financial problems are negatively impacting their lives.”
Help alleviate the stress that many employees are facing day to day by easing the burden of their everyday expenses. This is where PerkSpot finds its purpose in serving some of America’s top employers. By providing discounts on everything from monthly cell phone bills to mortgages to cars to electronics, we help employees save on the things that matter. Therefore, they can spend less time stressing and more time focusing on the job at hand.
“Only 35% of employees would say they are satisfied with their current financial situation.”
Do you know how your employees would view their current financial state? sensitivity and privacy are essential when it comes to your employee’s finances. However, you can ask general questions and take anonymous surveys to gauge their interest in financial assistance programs and education. You may be surprised at what you’ll find.
Financial wellness is not an easy topic and as employers, it would be easy to ignore and not claim responsibility. However, the impact we make on our employee’s happiness is crucial not only to their job satisfaction but on productivity, retention, and ROI. By educating employees, alleviating their stress and understanding their needs, you’ll be on your way to a better workforce. Need help getting started? Reach out to us!