1 in 3 American Workers Misses Time Due to Financial Worries

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National Poll: 1 in 3 American Workers Miss Time Due to Financial Concerns

36 percent of Americans admit to missing work because of personal financial matters  

 

Raleigh, N.C. (June 23, 2015) – It’s no secret that personal finances are a leading source of stress for millions of Americans. But the results of a new national poll show that employees’ financial worries are now a major problem for employers, too.

According to the national survey of working Americans, nearly six in 10 (59 percent) admitted that they regularly deal with personal financial matters during the workday, and a staggering 36 percent reported missing at least a partial day of work because of a personal financial situation — or the stress that comes with it.

“Money has been most Americans’ leading source of stress for much of the past decade,” said Dean Debnam, CEO of Workplace Options, a leading global employee well-being company and the sponsor of the survey. “So while it’s not a complete surprise to see this trend manifest itself in the workplace, the degree to which personal finance issues are impacting productivity is striking.”

The overwhelming majority of respondents (86 percent) reported some level of individual stress or anxiety as a result of personal financial matters, with 48 percent saying they suffered from moderate or significant money-related stress.

Millennials Most Likely to Miss Work

Younger workers were by far the most likely age group to report missing work because of personal finances or associated stress. Survey results for those who reported missing at least a partial workday are as follows:

  • 61 percent of millennials (age 18 to 29)
  • 32 percent of those age 30 to 45
  • 44 percent of those age 46 to 65
  • 35 percent of those older than 65

Similarly, more millennials than any other age group (74 percent compared to 59 percent overall) reported dealing with personal finances during the workday. Millennials also were the most likely (43 percent compared to 20 percent overall) to report suffering from significant stress and anxiety due to personal financial issues.

“A lot of employers are now offering some sort of financial well-being support to employees,” said Debnam. “It’s clear that the younger employees are the ones who need these programs the most.”

Additional Survey Results

The national survey also found the following trends among employed Americans:

  • 40 percent of working Americans spend between one and three hours each week dealing with personal financial matters. Another 40 percent spend more than three hours while just 17 percent spend less than one hour per week on money-related tasks.
  • 59 percent said they deal with personal financial matters during the workday. Just 31 percent said they felt this was a workplace distraction.
  • Men (40 percent) were more likely than women (31 percent) to report missing work because of personal financial matters. But women (91 percent) were more likely than men (81 percent) to report some level of anxiety or stress due to personal finances.

The full results of the poll can be seen here. The poll was commissioned by Workplace Options and conducted by Public Policy Polling from May 13-17. The margin of error is +/- 4.2 percent.

For more information on the poll results, please visit www.workplaceoptions.com.

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About Workplace Options

Workplace Options helps employees balance their work, family and personal needs to become healthier, happier and more productive people and professionals. The company’s physical, emotional, and practical employee well-being services provide information, resources, referrals and consultation on a variety of issues ranging from dependent care and stress management to clinical services and wellness coaching.

Workplace Options is the world’s largest integrated employee support services and work-life provider. Global service centers in North Carolina, Virginia, Washington, Canada, Singapore, Indonesia, India, Japan, Ireland, Portugal and the United Kingdom support more than 48 million employees in over 59,000 organizations across 200 countries and territories. To learn more, visit www.workplaceoptions.com.

 

Contact:

Jon Weiner

jon.weiner@workplaceoptions.com

800.699.8011 x 71724