Help Employees Take Control of Their Finances
May 10, 2023
Most U.S. workers are not comfortable admitting they need help with their finances. Day after day, financial stresses can take a toll on physical and mental health. According to the American Psychological Association, chronic financial stress can lead to depression, insomnia, anxiety, heart disease, and diabetes.
To help employees manage stress and health concerns, many organizations sponsor wellness programs that encourage healthy eating, preventive care screenings, exercise, counseling, meditation, and mindfulness. However, programs may not address the causes of stress. Health issues can have a direct impact on your organization’s bottom line through healthcare costs, absenteeism, productivity and delayed retirement.
In a 2020 survey by the Society for Human Resource Management, 80% of employers said financial stress reduces employee performance — totaling nearly $500 billion each year. In addition, workers with financial concerns are 2.3 times more likely to seek a new job.
Consider some recent statistics that show how Americans are struggling with their personal finances:
Employees experiencing financial stress need a financial well-being program that does more than offer online retirement income calculators or sessions with investment specialists. Employees need a financial well-being program that helps them improve their ability to live within a budget, reduce debt and save for the future.