Employee Financial Stress a Major Problem in the U.S.
63% of American Workers Report Financial Concerns
According to a recent PwC study, a staggering 63% of American workers are experiencing financial stress. This issue affects employees at all income levels, including those with an annual household income of $100,000 or more.
Financial Stress Impacts Health and Productivity
Financial stress can have a detrimental impact on employees' health and productivity. When employees are worried about their finances, they may experience difficulty concentrating, increased absenteeism, and decreased job satisfaction.
Organizations Can Help Alleviate Stress
Fortunately, organizations can take steps to help reduce financial stress among their employees. Some effective strategies include:
- Offering financial literacy programs
- Providing employee assistance programs (EAPs)
- Matching retirement contributions
Workplace Stress Remains High
Workplace stress is also a major concern, with 77% of workers reporting experiencing work-related stress in the last month. This stress can be caused by a variety of factors, including heavy workloads, unrealistic deadlines, and poor management.
Retirement Finances Cause Anxiety for Older Workers
Retirement finances are another source of stress for employees, especially older workers. Fifty-nine percent of baby boomers (the oldest workers) have less than $100,000 in retirement savings.
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