Why Should Employers Care About Employees’ Financial Concerns?

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FOR IMMEDIATE RELEASE

Contact:
Marsha Fisher
marsha.fisher@workplaceoptions.com
800.699.8011 x 71428

Raleigh, N.C. (September 26, 2019)

In a recent national poll commissioned by Workplace Options, 87 percent of the employees polled reported experiencing some amount of financial stress, with more than half (59 percent) saying they face a significant or moderate amount of stress due to finances. When compared to a June 2018 poll conducted by Workplace Options, this is an 11% increase in the number of employees reporting moderate to significant financial stress.

“Our poll results are consistent with other reports that indicate financial stress is on the rise, despite the growth of the economy,” shares Dean Debnam, Chief Executive Officer at Workplace Options, the world’s largest independent provider of employee wellbeing support solutions. “This is an issue that impacts employers, as financial stress can distract employees from their work and affect their productivity.”

In fact, in the most recent poll, 43 percent of participants said financial stress had impacted their performance.  This percentage has also increased since 2018, when 32 percent reported financial stress had impacted performance.

The source of financial stress has also shifted in the last year. In the 2018 poll, tax issues were identified most frequently, at 27 percent, as the primary cause for financial stress. However, in this year’s poll, monthly bills and expenses lead, at 30 percent, as the most stressful aspect of personal finance.

Despite the growing number of employees struggling with financial wellbeing, almost half (49 percent) of employees polled said their employer does not provide any resources to employees seeking financial information or answers to personal financial questions.

“There are a variety of financial wellbeing resources that employers can offer to help employees,” explains Debnam. “For example, access to financial counselors, budgeting tools, and seminars on financial planning are all ways employers can invest in their employees’ financial wellbeing.”

Other interesting poll results:

  • 56 percent of participants have worked with a co-worker whose financial stress has impacted their job performance.
  • 25 percent of employees reported they manage their personal finances while at work multiple times per week
  • 51 percent of 18 to 29-year-olds reported managing personal finances while at work multiple times per week.

When asked what type of financial resources would be most useful, the responses varied widely by age range. For example, 18 to 29-year-olds most frequently identified resources related to monthly bills and expenses as the most useful support employers could provide. However, 46 to 65-year-olds most frequently said saving for retirement would be the most useful.

“Access to financial wellbeing resources and counseling can benefit employees at all stages of life,” explains Debnam. “Whether you are at the beginning of your career and concerned about student loans or nearing retirement and want to maximize your 401(k) investment, an objective financial counselor can offer valuable guidance.”

The national poll was conducted by Public Policy Polling on August 8-11, 2019, and is based on responses from 556 working Americans. The margin of error is +/- 4.2 percent. Full results are available HERE. For more information about Workplace Options, visit www.workplaceoptions.com or follow us on Twitter or LinkedIn.

For more information about Workplace Options, visit www.workplaceoptions.com or follow us on Twitter or LinkedIn.

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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, both personally and professionally. The company’s world-class employee support, effectiveness and wellbeing services provide information, resources, referrals and consultation on a variety of issues ranging from dependent care and stress management to clinical services and wellness programs.

Drawing from an international network of credentialed providers and professionals, Workplace Options is the world’s largest integrated employee support and work-life services provider. Service centers in the U.S., Canada, U.K., Ireland, Portugal, France, Belgium, UAE, Singapore, Japan, China, India and Indonesia support more than 58 million employees across 90,000 organizations and more than 200 countries and territories. To learn more, visit www.workplaceoptions.com.