The pandemic has brought companies to a pivot point as uncertainty on Wall Street and heightened financial anxiety continue to impact the workforce and their ability to save for the future. Factor in the stress of paying off student loan debt or saving for a home and concerns over financial health weigh even heavier on workers’ minds.
This heightened level of financial stress, coupled with the escalating problem of employee burnout, has dealt a blow to productivity and engagement just when they are needed the most. As workers become increasingly concerned about their financial situations, they are often looking to their employers to help them make smarter choices and improve their financial health.
65% of people have a negative perception of their financial health1
61% of workers do not believe they will be able to retire at the age they would like to2
2 out of 5 workers are experiencing signs of burnout3
When employers can help remove financial stress, employees are better able to thrive in their personal lives and on-the-job, according to Alight data. Workers who have access to financial wellbeing programs are more likely to save for healthcare needs, carry life and disability insurance and contribute to their 401(k) plans.
People who are less stressed about their finances tend to have a better perception of their overall wellbeing. When your workers are happy and healthy, they are more productive and engaged in their work. They are more likely to have a positive perception of the employee experience and to recommend their employer. This is an important differentiator as organizations look to rev up recruiting initiatives as the job market recovers.
One-quarter of employees believe debt is ruining their quality of life4
Workers with access to employer-sponsored financial wellbeing programs are 1.3 times more likely to say the different areas of their wellbeing (physical, social, emotional and career) couldn’t be better5
Workers that have access to financial wellbeing programs are 17 percentage points more likely to recommend their employer6
As you think about how your people may be struggling with their financial health, remember that you are one of their most trusted resources. With a robust financial wellbeing solution, you can help your people feel more secure in their future and more productive and healthier today.