Study: 83% of workers are under financial stress
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).
Free Training & Resources
White Papers
Provided by UJET
Further Reading
Businesses are looking for competent number-crunchers. Some are even desperate to find talent. But the next wave of finance professionals i...
“Everything we look at says that we’re probably going into very slow growth in 2024 – probably not a recession,” sa...
Because of inflation and economic uncertainty, marketing spend is dropping back closer to pre-COVID levels, according to new data from The ...
Federal rulemakers are requiring more transparency and detail in companies’ audits. Turns out all that extra detail is exactly what i...
Full disclosure: We never know for certain which topics will grab the attention of CFOs, controllers and other finance professionals. O...
Congress created the Securities and Exchange Commission (SEC) to protect investors from market manipulation following the 1929 stock market...