The "why" behind Financial Wellness Programs at Work
Financial Stress Impacts Employees
stress
58% of employees say financial matters cause them the most stress in their lives.
emergency savings
38% of employees don’t have $1000 saved to deal with unexpected expenses.
asking for help is hard
67% of employees won’t seek help with their finances until they have an important decision to make, or worse, until they are in financial crisis.
Financial Stress Impacts Employers
Productivity
50% of employees stressed about finances are distracted at work, and absenteeism is far greater.
Retirement Readiness
53% of Millennials and Gen X employees will use their retirement savings for expenses and be less prepared to retire at “retirement age”.
Cost
The cost of financial stress of your employees can be 11-14% of total payroll expenses.