Those are among the findings of a white paper released today by
Responding to a nationwide survey, over four in ten (44 percent) of those who are employed and/or their spouse is employed full-time report they are much or somewhat better off financially today than they were one year ago. Yet, 28 percent have trouble meeting monthly household expenses and 44 percent say they don't have at least
In the same survey, those who are employed full-time were asked how their finances affect them at work in terms of worrying and spending time dealing with financial issues. Their answers suggest that financial concerns can impact their focus and productivity at work:
- 44 percent of full-time employees indicate they worry about their personal finances during work hours.
- 46 percent of full-time employees who spend time at work dealing with personal finances say that on the average they spend 2-3 hours per week at work dealing with personal finances.
"Stress over money takes both a mental and physical toll on workers, impacting health-related costs and reducing productivity by a significant number. Employees' financial problems become the employer's problems as well," says
To address their employees' financial well-being, employers are offering financial education and financial wellness programs at work in an attempt to help employees change their money behaviors and increase their financial literacy, including on-site money management and financial planning seminars.
Among the employee benefits being added to provide a financial safety net are employee purchase programs, which provide employees with a method of obtaining household items and educational services through payroll deduction. Offered through the workplace as a voluntary benefit, an employee purchase program promotes disciplined purchasing through manageable payments and pre-set spending limits and controls to prevent over-spending.
"Employers are already aware of how voluntary benefits help drive business goals. Adding a comprehensive financial wellness benefit can be an influential recruitment and retention tool," Carrano concludes.
The complete white paper, "Financial Wellness: Addressing the "9 to 5" Impact of 24/7 Financial Stress" is available in the Employer Resources section of the
This survey was conducted online within
[i] Harris Interactive and
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