Financial stress is an employee issue that isn’t going away anytime soon. Although the economy is better and the number of unemployed Americans is down, the fact is a large number of employees are still struggling financially and living paycheck to paycheck.
Facts don’t lie. Let's take a look at a few recent statistics to put the status of employee financial stress into perspective.
1. The highest source of financial stress for Millennials is paying monthly bills (35%), while for Baby Boomers and Gen X employees it is saving enough for retirement (54% and 43%, respectively).
2. A majority of workers (69%) are stressed over their finances, leading to a range of behaviors that can cost companies $2,000 per employee in excess labor costs.
3. Two-thirds of Americans report that financial stress keeps them up at night, and that worry follows them to work.
4. 34% of Gen X, 16% of Baby Boomers and 37% of Millennials say they are distracted by their finances at work.
5. Nearly half of employees spend more than three hours per week distracted by personal finances.
The better you know the facts (such as how employees experience financial stress differently), the more you help your employees experience less financial stress and more financial flexibility.
But want to figure out if your employees are experience financial stress? Check out our blog on the 5 signs of financial stress to look out for.