Three-quarters of employees report they feel impacted by financial stress, according to a survey by workforce communications company GuideSpark.
The areas giving employees the most financial stress include saving enough to meet retirement goals (69%), having enough cash savings to cover the employee and her family if she loses her job (68%), and being financially prepared for expected life-changing events (i.e. marriage, new child, job change) (63%).
More than three-quarters (78%) of employees say they would choose to join a company that offered financial health benefits over one that didn’t. Eighty-one percent would be less likely to leave a company that was helping them improve their financial standing.
Eighty-seven percent of Millennials say their companies should play a role in helping them prepare for their financial future.
According to employees, the top benefits of a financial wellness program are:
- Reduce financial stress (81%);
- Appreciate their company more (76%);
- Lower their health care costs (65%);
- Improve their physical health (62%); and
- Enable them to focus more on their jobs (56%).
“This survey shows that employees in general are under tremendous financial pressure. Employers that relieve some of that pressure, beyond salary, are bound to be rewarded with increased productivity for Gen-X workers, retirement readiness for Baby Boomers and attractiveness for Millennials,” says GuideSpark co-founder Jon Wolff.
The GuideSpark Financial Wellness survey was conducted in September 2015 among 362 respondents. For a full copy of the GuideSpark survey results, an infographic of the highlights, or to speak with a GuideSpark spokesperson, email firstname.lastname@example.org.