Financial stress

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Getting millennial employees on board with financial wellness programs

Financial stress among American workers is high, particularly among millennials, a group that makes up 35 percent of the U.S. workforce. A study by Payoff shows that one in four Americans and one in three millennials suffer from a condition known as Acute Financial Stress (AFS).  Study author Dr. Galen Buckwalter suggests that there is virtually no difference between

Why Your Employees’ Financial Wellbeing Affects Your Corporate Brand

Eighty percent of employers report that financial stress is lowering their employees’ performance level, and it’s costing them some half a trilliondollars annually. Everything from home loans to student debt is stressing out America’s workforce; many workers don’t feel prepared to fully address these problems. Stress and anxiety cast a cloud over your self-confidence, making it hard

Take more control of personal finances with a reality check

Trying to make ends meet, dealing with credit card and student loan debt and paying unexpected bills while saving for retirement can be challenging regardless of where you are in life. It’s not surprising that personal finances are employees’ number one source of stress, according to MetLife’s 17th annual U.S. Employee Benefit Trends Study. Luckily,

Pay Gap Is Only the Start of Financial Inequality for Women

More than half (56%) of working American women are stressed about their personal finances, compared to only 41% of men, according to a new study conducted by financial wellness solutions provider Salary Finance. The survey of 10,486 U.S. employees revealed that women struggle more than men in almost every area of their financial wellness – from

Employees’ money worries drain employers’ bottom line

Many employees are still struggling financially, even though the economy is better and unemployment is down. How bad is it?  Statistics show that 80% of U.S. workers are living paycheck-to-paycheck. That causes their own financial stress and creates a problem for employers as well. Whether it’s student loans, car payments, mortgage/rent payments, credit card debt,

It’s time for corporations to recognize the financial fragility of their employees

The economy is good these days and many employers may believe their employees also are doing well financially, but this is not the case. There are two economies prevalent in society, and oftentimes our daily routines and biased views on the rest of the world mean we are not aware of that. The truth is

Panic Attack: Worker Financial Stress Costs Employers $500 Billion Annually

Another head-shaking survey making a case for employers to provide financial wellness programs for an all-too-big percentage of employees in productivity-sapping financial distress came out this week. While it boggles the mind that anyone making $160,000 a year still lives paycheck-to-paycheck, those people are apparently out there (probably holding the latest iPhone), and four in

7 principles for helping employees deal with financial stress

Employees are dealing with financial strain — and they may want some help from their employer to address it. The results of a recent survey on employer wellness programs from software company Welltok, reveals two important takeaways: · More than 60% of survey participants are seeking support from their employer for all aspects of health

Government shutdown highlights the need for financial literacy

The partial federal government shutdown showed us more than President Donald Trump’s willingness to deprive citizens of services, damage national treasures and place ordinary families under financial stress over a border wall that isn’t a cost-effective way to stem illegal immigration. It also illustrated that the recession hasn’t taught Americans nearly enough about managing their

Bernie Sanders And Tucker Carlson Agree On Income Inequality. Why Can’t Democrats And Republicans?

I've never watched Tucker Carlson's program on Fox but am aware of his reputation. Profiles of him in major media have tended to have one slant. Coming across a one in the American Conservative by Alan Pell Crawford, I gave a read and found a surprising passage: This raises a question: Can you be a conservative if

Six Steps To Implementing Financial Education In The Workplace

It is well known among employers that a lot of employees struggle with stress -- including financial stress -- at work. According to a recent survey from PwC, nearly one-third of employees report being distracted due to challenges with their personal finances. Persistent debts, outstanding bills, sudden large costs and overwhelming medical bills contribute to employees being

By the numbers: Americans are barely in control of their money

In an era of financial-services innovation, money remains one of the great stressors in our lives. By the numbers: 5% of Americans with checking accounts rack up more than 50% of all the country's overdraft and bounced-check fees. It's a $35 billion income stream for the banks, even after Dodd-Frank. Needless to say, those 5% of Americans are

How to improve your financial wellness strategy

You could consider financial wellness to be the most important employee benefit around. However, whilst helping your employees understand and improve upon their personal financial situation is an honourable diversion, if employers don’t approach the situation with tact they could miss the mark entirely. And, despite the fact that financial woes weigh heavy on the

Taking aim at employee stress, employers expand financial education benefits

From credit card debt to saving for retirement and paying for children’s education expenses, stress over finances is taking a major toll on employees — and it’s also taking a major toll on the workplace as a result. That’s among the takeaways from new research from the International Foundation of Employee Benefit Plans, which found

5 ways millennial employees can secure their financial wellness and get back to work

Financial stress is a major concern for today’s millennials who are facing unprecedented financial challenges. According to a 2017 PWC Employee Financial Wellness Survey, 65% of millennials reported being stressed about their finances. Additionally, approximately one-third of employees reported being distracted by personal finance issues while at work, with almost half of them spending three hours or

Financially stressed workers likely to draw on retirement plans

Financial stress is taking its toll on employees, causing them to partake in rather risky money behavior: tapping into their 401(k) or other retirement savings in an attempt to get back on track. More than half of workers (54%) who identify as being financially stressed say they will likely use their retirement funds for expenses

Promising Drop in Financial Stress Does a Troubling 180

After six years of reporting increasing confidence in their financial situation, workers’ attitudes took a serious nosedive when thinking about their money issues and how they affect their lives, a recent biannual survey found. According to the 2017 “Global Benefits Attitudes Survey” by consulting group Willis Towers Watson, one-third of U.S. workers said their financial

Guess What’s Taking a Toll on Financial Wellness?

Employers are taking steps to improve the financial well-being of their workforces – but there’s evidence that some of their efforts could actually be creating more financial stress for workers. A new report from the nonpartisan Employee Benefit Research Institute (EBRI) notes that move toward consumer-driven health plans (CDHPs) and high-deductible health plans (HDHPs) may be

Employees’ sense of financial well-being on the decline

The markets might be casting a rosy glow over the economy, but employees aren’t feeling the love. In fact, after several years of steady improvement, according to a new survey by Willis Towers Watson, their feelings have taken a sharp turn south. Findings from the biennial 2017 Global Benefits Attitudes Survey indicate that just a bit more

Financial literacy should begin with a paycheck

Does your new employee have a savings account? Does he or she know how to budget a paycheck? These are important questions since the whole reason companies offer a salary and benefits is to make employees feel compensated and valued. If employees don't know how to manage money or don't understand the benefits on offer,