Rethinking Wellness: Prioritizing Financial Wellness in the Workplace
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- A 2019 PwC study found that 58% of employees are more stressed about their finances than any other issue, and about 50% find that it reduces their productivity at work. The COVID-19 pandemic, with its toll on global economy, employment, and cost of living, has heightened this burden.
- With Millennials more worried about unprecedented amounts of student debt, Boomers deeply concerned about the health of their aged parents as financial stress reaches an all-time high, employers are in the best position to help their workers deal with the financial stress
- The reason is simple; financial stress affects employee wellbeing and productivity, in turn, reducing business success. A recent survey by Salary Finance shows that financially stressed employees lose nearly one month of productive work days every year. This, coupled with lost productivity and high employee turnover rate, costs the average company between 11-14% of their total payroll expense per year