In a new survey, more than four in 10 (44 percent) American full-time workers say they worry about personal finances during work hours. And what should be of a concern to employers looking to improve engagement and productivity, 29 percent of American full-time workers recently said they spend time dealing with their personal finances during work hours. And of those, 46 percent spend an average of 2 to 3 hours per week at work dealing with their financial issues.
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Get Your Report Now!The financial well-being of employees affects both their health and their productivity. Employers who adopt financial wellness benefits and programs help employees ease financial stress and be more productive, which can ultimately improve a company's bottom line.
Responding to a nationwide survey by Purchasing Power, 28 percent of respondents said they have trouble meeting monthly household expenses, and 44 percent say they don't have at least $2,000 in emergency savings for unexpected expenses that occur.
In the same survey, those who are employed full-time were asked how their finances affect them at work in terms of worrying and spending time dealing with financial issues. Their answers suggest that financial concerns can impact their focus and productivity at work:
- 44 percent of full-time employees indicate they worry about their personal finances during work hours, and
- 46 percent of full-time employees who spend time at work dealing with personal finances say that on the average they spend 2 to 3 hours per week at work dealing with personal finances.
"Stress over money takes both a mental and physical toll on workers, impacting health-related costs and reducing productivity by a significant number. Employees' financial problems become the employer's problems as well," says Richard Carrano, president and CEO of Purchasing Power. "When employers help employees with their financial wellness, it pays off. Employees experience a better financial well-being and feel less stress. For employers, the result is productive workers who are engaged and focused, and an increased bottom line," he adds.
To address their employees' financial well-being, employers are offering financial education and financial wellness programs at work in an attempt to help employees change their money behaviors and increase their financial literacy, including on-site money management and financial planning seminars.
"Employers are already aware of how voluntary benefits help drive business goals. Adding a comprehensive financial wellness benefit can be an influential recruitment and retention tool," Carrano concludes.
The nationwide survey was conducted online by Harris Interactive® on behalf of Purchasing Power among 2,048 U.S. adults ages 18 and older, of whom 1,029 are employed full-time and/or whose spouse is employed full-time.
A new white paper by Purchasing Power, "Financial Wellness: The Addressing the "9 to 5" Impact of 24/7 Financial Stress," uses proprietary and industry research to explore the financial wellness of American workers. The paper examines what employees are saying about the state of their financial well-being today and how employers benefit from employees' improved financial wellness. It also discusses the role of financial wellness benefits that employers can provide in achieving financial well-being.
The complete white paper is available in the Employer Resources section of the Purchasing Power website.