PNC Bank released the results of its “Financial Wellness in the Workplace Report” showing that employees and employers are concerned about money, inflation and a possible recession.
The main survey results show that the majority of employees are stressed about their finances: Across all industries and demographic groups, 7 in 10 employees say they experience stress related to their personal finances and, Although they report feeling secure in their jobs, 63% of respondents live paycheck to paycheck.
Inflation is also a key factor contributing to employee stress: 90% of respondents say they are negatively affected by inflation and that their ability to set aside money for savings and cover basic needs has been significantly affected.
According to the survey, financial stress on employees is also affecting productivity at work, with 87% of employees surveyed admit to worrying about their personal finances at work43% saying they think this affects their work productivity, and with employees reporting spending more than 150 hours on average annually worrying about their finances.
With these data, 75% of employers surveyed say that the financial stress of your employees negatively affects the business.
“It is clear that both employers and employees are seeing and feeling the repercussions of financial stress.said Kaley Keeley Buchanan, PNC Senior Vice President and Director of Organizational Financial Wellness. “We believe the results of this survey provide business leaders with important insights that point to the value of invest in employee financial wellness benefits that could help balance the needs of their workforce with the financial realities of their businesses.”
Although 96% of employers surveyed believe their ability to offer financial wellness benefits improves employee retention and the vast majority of employees agree, less than 15% reported having access to financial education and counseling tools.
Employers recognize the responsibility to offer quality financial wellness benefits, despite feeling financial pressure. 94% of employers believe they are responsible for offering their employees financial wellness benefitsbut 75% of respondents are concerned that a recession in the near future will affect their ability to do so.
“These findings clearly underscore that both employers and employees are worried about money, inflation and possible recessionbut the two groups are not always aligned on benefits-related priorities,” Buchanan said.
According to the study, the Employers can help improve the overall financial well-being of employees and create a more productive and secure workforce.
For more details of the survey, enter here.
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