Financial wellness: The employee group you should focus on ASAP
By now most employers are aware that employees’ overall financial wellness is an area they should be focusing on. But there’s one specific demographic that needs the most help here.
Nearly a quarter (24%) of employees admit their personal finances have been a distraction for them while at work.
And 39% say they spend three or more work hours per week dealing with personal-finance issues. That’s according to PwC US’s 2014 Employee Financial Wellness Survey.
High balances, financial anxiety
The good news is this: For most workers, their overall financial picture seems to be steadily improving.
The bad news: For one demographic, financial issues have increased significantly.
The study found that 51% of Gen Y or Millennial workers (those between the ages of 21 and 32) consistently carry balances on their credit cards, up from 37% last year.
Plus, 41% of these employees have trouble meeting household expenses on time each month, up from 30% last year.
What’s worse, this was the only employee group to see a percentage increase in both of these categories, according to PwC.
Sixty percent of Millennials also reported having financial anxiety, compared to just 36% of Baby Boomers and 53% of Gen-X workers.
Where you can help
So now may be a good time to tailor your financial wellness efforts to the Millennials you have on staff.
Here are some aspects to consider:
- Personal finance help. Many 401(k) providers can help with key topics like basic budgeting and debt management.
- Stress and depression counseling options. Whether it’s talking up the company’s EAP or directing workers to various counseling resources, it’s critical to let workers know about these options.
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