80% Agree that Financial Wellness Benefits are Just as Important as Salary
ATLANTA, GA - Healthcare professionals are looking for new job opportunities and prioritizing benefits that support financial wellness, according to the 2023 Financial Well-being Survey: Healthcare Industry published by Purchasing Power. This is the first time Purchasing Power has conducted a survey specific to the healthcare industry.
The survey explored the internal and external factors motivating healthcare professionals earning less than $100,000 annually. Responses provided insights on job changes, employee expectations for financial wellness support from their employer, and the impacts this shift in priorities is having on retention across the healthcare sector.
Healthcare professionals are recognizing that a mix of both short- and long-term benefits drive overall financial wellness, yet 66% of survey respondents said their current employer doesn’t take an active role in their financial well-being. And yet among those that have changed jobs recently, only 42% are now receiving financial wellness support from their new employers. This support is critical as more healthcare professionals struggle to manage their everyday expenses:
- 88% hold some kind of debt, and only 21% strongly agree with the statement, “I have a plan in place to address my monthly debt.”
- 48% say they have less than $1,000 in savings
- 47% note the inability to manage monthly expenses and cash flow
“For the past 15 years, Purchasing Power has played a key role in the healthcare industry, affording thousands of healthcare professionals with the option to purchase what they need and use the convenience of payroll deduction to pay for an item over time,” said Assad Lazarus, Chief Client and Development Officer at Purchasing Power.
“Our focus on the current state of employee financial wellness in healthcare is critical as the industry continues to feel the aftereffects of the past few years,” he added. “We believe many of the findings in this survey will enhance understanding of the state of healthcare employees’ financial well-being.”
Survey respondents also offered insight into what types of programs would convince them to stay in their current role, and several types of financial support topped the list. Medical deductible financing (31%), an employee purchase program using payroll deduction over time (31%), and a student loan repayment benefit program (29%) ranked highest. Low-interest installment loans and in-person financial counseling tied at 21%, and bill payment programs came in at 18%.
For a deeper look at the findings from the 2023 Financial Well-being Survey: Healthcare Industry, visit here. To learn more about Purchasing Power’s commitment to employee financial wellness and the solutions they offer, visit corp.purchasingpower.com.
Survey Methodology
Data cited is the result of the 2023 Financial Well-being Survey: Healthcare Industry by Purchasing Power. Conducted during June 2023, the study explored the financial wellness of over 500 U.S. healthcare professionals on topics including compensation, workplace benefits, monthly expenses and more. Respondents cover all age groups (18 and older), regions, and genders. The margin of error for this study is +/- 4.5%.
About Purchasing Power, LLC
Atlanta-based Purchasing Power is a Flexpoint Ford, LLC company. For more information, visit corp.purchasingpower.com.