Why should you be concerned about Financial Wellness
Employee financial well-being can have an impact on productivity
- 35% of employees are distracted at work due to personal financial issues
- 49% of them spend three hours at work weekly dealing with personal financial issues
- Business owners believe only 45% of their employees could absorb a financial emergency
- 60% of business owners have seen employees make “bad” decisions with retirement savings
- Poor employee financial well-being can have long-term impacts. Business owners believe more than 40% of their employees will not be able to retire on time.
An ‘aging payroll’ can potentially mean:
- Higher employee costs in the future
- Delayed implementation of succession and exit plans
- Perceived lower business value when it is time to sell
- 83% of business owners say an “engaged and productive workforce” is most important factor contributing to the success of their business.1
Financial wellness programs in the workplace help employees stay on track with their financial goals and employees are2:
- More satisfied with their current job
- Happier
- More engaged
- More productive
- More likely to be working for the organization in 12 months