There’s new research out right now that should convince CFOs that adding some type of financial wellness program for workers should be a top priority in the near future.
Eighty-three percent of employees said they were currently under some type of financial stress, according to recent study by Financial Finesse.
Here’s a detailed breakdown of the type of stress workers are under:
- 67% of workers reported “some” financial stress
- 13% said they have “high” financial stress, and
- 3% said their financial stress was “overwhelming.”
Of the employees who reported feeling overwhelming financial stress, 82% don’t have an emergency fund for unexpected expenses; 80% said they don’t have a handle on their cash flow; 49% are unable to pay their bills on time each month; and 80% are uncomfortable with their current debt.
Impact on your bottom-line
Employers’ are also impacted when workers are under significant employees’ financial stress.
As Financial Finesse Founder and CEO Liz Davidson explains, “there is no line item on a company’s income statement that totals the cost of financially stressed employees, hundreds of studies have shown that financial stress causes serious medical conditions and higher health care costs.”
The entire Financial Finesse report is available here. (Note: email registration is required).
