Financial woes plague 85% of workers, a good reason for employers to sponsor financial well-being plans.
- In a paper released by the Center for Financial Services Innovation (CFSI), statistics show that 85% of Americans are anxious about their financial situation, and that their anxiety interferes with work. According to CFSI, financial stress leads to productivity losses and increases absenteeism, healthcare claims, turnover and costs affecting workers who can’t afford to retire.
- CFSI found that one-in-three employees say personal finances are a distraction at work. And employees with very high financial anxiety are twice as likely to take sick time off when they’re not ill.
- Employers should address workers’ financial anxiety through wellness programs and other initiatives, which provide financial education and access to different types of affordable products that offer help with spending, saving, borrowing and budget planning, CFSI says.
CFSI says that employers are well-positioned to help workers achieve financial well-being. A study by Shortlister, an HR technology sourcing firm, showed that employers already are taking that step by shifting the focus of its employee wellness programs from physical health to a more holistic well-being approach. Financial wellness is part of the holistic approach and includes educating workers in retirement savings and money management.
Other studies have shown that financial problems often cause undue stress and anxiety for workers. A Humana study, 2017 Humana Wellness Trends Report, cites financial worries as the top stressor for employees.