In an April 2020 survey by Forrester, almost half of the respondents said they were anxious about their financial well-being. Most are cutting back on buying non-essentials and 16% said they missed a bill or loan payment recently. When your employees have a low financial well-being, it can impact your business. They may spend time during the workday handling their financial issues, take more time off, are more distracted and less productive. Other signs that your employees may be experiencing financial distress are:
- Loans taken from retirement plans
- Asking for pay advances
- Absenteeism
Resources To Help Employees Better Manage Their Finances
Employees in every age demographic — from the newly hired millennial to the soon-to-retire baby boomer — have debt issues that affect the productivity of your workforce.
- About 78% of U.S. workers live paycheck to paycheck.
- Nearly 60% of Americans do not have enough savings to pay for a $500 car repair or a $1,000 emergency room bill.
- Nearly half of working-age Americans from the baby boomer generation have less than $10,000 saved for retirement.
- For millennials, the biggest financial concern is student loan debt.
As an employer, you can help your employees move toward financial wellness in several ways:
- Offer incentives to take part in financial wellness classes
- Allow paid work time to attend financial wellness programming
- Examine current benefit programs to see if there are ways you can help your employees’ paycheck go further
Want to learn more about financial wellness? Watch this four-part series of Blue Cross® Virtual Well-Being webinars for ideas from certified financial planner Jeff Rubleski:
- The Importance of Financial Wellness at the Workplace
- Employee Debt and Its Impact on Well-Being
- Help Prevent Employees from Living Paycheck to Paycheck
- Tips to Help Your Employees Save for Short- and Long-Term Goals
Sign up for future employer-focused and general interest webinars here, where you’ll also be able to check out past sessions and resources. Related:
- Introducing Mindfulness at Your Workplace
- Leading with Happiness
- Supporting Employees Working to Enhance Their Skills
Photo credit: fizkes
