In recent employee surveys from PWC and Purchasing Power, there are several reasons to implement a financial wellness program for employees. Here are 5 takeaways from the reports.
1. Increased Employee Productivity
81% of employees say they have financial stress and of those, 46% of employees distracted by their finances spend at least 3 hours each work week dealing with personal financial issues.1
2. Decreased Absenteeism
Employees miss time from work dealing with their personal finances. When team members aren’t at work, their work doesn’t get done or adds to the workload of another teammate.
3. Increased Employee Loyalty
77% of Millennials and 73% of GenX are more likely to be attracted to another company that cares about their financial well being.2
4. Reduced Health Care Costs
28% of employees have health issues due to personal finances.3 They sleep less, have higher blood pressure, have more headaches and migraines, and have more anxiety. When employees have fewer health issues, it decreases your company’s health insurance costs.
5. Employees WANT It!
62% of full time employees said they would take advantage of financial wellness education. 43% want budgeting help and 33% want debt reduction help.4