The vast majority of US-based workers (70%) believe that stress around financial wellbeing negatively impacts performance in the workplace.
The survey published by insurance firm YuLife, found that actively improving employees’ sense of financial wellbeing contributes extensively to a workplace’s desirability, with 66% of working adults saying that a company’s ability to support their financial wellbeing influences the likelihood of applying for a job there.
The report carried out with YouGov, which examines the impact financial wellbeing has on employees and the workplace, also revealed that almost half (45%) of US working adults feel that it is a workplace’s responsibility to improve their sense of financial wellbeing beyond paying a salary. This issue resonates even further with the younger generation, with 66% of 18-24 year-olds feeling this way. At the same time, only 13% of working adults say their workplace has a comprehensive set of financial wellbeing policies and initiatives while 23% say their workplace has no financial wellbeing policies in place at all.
Financial worries are a major source of stress, with 32% of US working adults saying that financial stress is impacting their mental and physical health. However, there is an age divide around this issue – 42% of those aged 18-24 and 37% of 25-34 year-olds say that financial stress impacts their mental and physical health. Similarly, while 55% of employee say they are worried about their financial wellbeing, this number jumps to 63% among those aged 18-24 years old. As the next generation of employees enters the workforce, employers seeking to attract and retain talent must ensure that everyone in the workplace feels financially secure.
FINANCIAL WELLBEING CONCERNS
The report also revealed the following insights:
- Discomfort Unveiling Financial Concerns: More than half (53%) of US working adults would be uncomfortable telling an employer that they feel financial stress. Just 14% would feel very comfortable discussing this with an employer. Among those aged 55+, 67% would be uncomfortable telling an employer that they feel financial stress.
- Workplace Benefits: When asked which workplace benefits would most enhance their sense of financial wellbeing 28% of working adults said income protection and a further 28% health insurance. The number for income protection jumps to 39% for 18-24 year-olds.
- Cost of Living: When asked to select from a plurality of choices which constitute as a financial concern, 66% of working adults said cost of living. This number jumped to 72% among those aged 55+.
PRIORITISING EMPLOYEE WELLBEING
These findings are particularly important in today’s economic climate as the feeling of being financially secure can have a huge impact on personal wellbeing, and, as a result, workplace performance.
“More and more companies are introducing robust wellness initiatives, which should always be accompanied by programs designed to improve employees’ financial health,” stated Sammy Rubin, CEO and Founder, YuLife. “This survey demonstrates that employers have the power to make the difference and inspire employees to lead a better life, especially in times of economic uncertainty. As the younger generations begin to join the workforce, having a healthy workspace, both mentally and financially, is crucial, and businesses which prioritise employee health will reap the benefits by being able to attract, retain, and engage top talent.”
The full results of the survey can be viewed here.
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