Stress over finances has been a problem for working people since time out of mind, but according to a recent study performed by PwC (PricewaterhouseCoopers), this stress is becoming more real and urgent all the time.
Study Results Highlighted Trouble With Millennials
According to the study, over half of the people who responded to the survey reported that they feel stressed about their personal finances, and just under half reported that their stress has increased in the last year. Millennials reported feeling this stress more than other generations. To cite some examples of the ways in which Millennials are feeling financial stress and worry:
- Credit card balances are high. Over 50% of Millennials reported that they carried a credit card balance.
- Student loans are a burden. Almost 80% of Millennials who have a student loan reported that their loans were impacting their ability to meet their financial goals.
- Bank accounts are overdrawn. Over 30% of the Millennials who responded to the survey reported that they had recently overdrawn their checking account.
- Emergency money is unavailable. Over 50% of Millennials reported that they would be unable to come up with $2,000 if it was needed unexpectedly.
This financial stress has a significant negative impact on the average worker, including Millennials and other generations alike. Inability to save for retirement and purchase a home can decrease quality of life for employees. Stress from failure to meet financial goals can be distracting at the workplace and can even impact employee health.
According to the survey, almost half of the respondents spend three or more hours during the workday dealing with money issues, or feel stress about their finances. This can have a negative impact on relationships at home, decreased worker morale at the office and impact worker productivity during the work day.
What Employers Can Do
There are many ways that employers can reduce financial stress for employees. Simply showing support and indicating concern about the financial state of employees can help improve employee morale and increase employee loyalty to a company. In addition, there are many things that employers can do to help workers take control of their finances, including:
- Implement financial wellness programs. Educating employees about financial wellness can help them manage their money and stay out of debt. Creating brochures for office distribution, publishing articles in the wellness newsletter and offering a financial lecture series for any and all to attend can help employees make smart financial decisions.
- Offer free financial counseling. Providing free financial counseling from an expert can help workers avoid making poor financial decisions, which can reduce stress and improve worker happiness.
- Review worker retirement programs regularly. Instituting a good retirement program can help reduce financial stress, enabling workers to focus on their jobs.
Contact HealthyWorks for Guidance
HealthyWorks is a wellness consultation service that helps guide companies that wish to improve employee wellness through structured programs. Contact us today to get started! Call us at 412-877-6834.