What the multigenerational workforce needs from employers. Millennials, Baby Boomers and Gen X need a personalized financial wellness program to reduce financial stress.
In today’s rapidly evolving workplace, you’ll likely need specially designed strategies to keep up with the various needs of your multigenerational workforce. From Millennials to Baby Boomers to Gen X, each generation has specific financial goals and pain points. To best help these employees, you need to understand which areas impact their wellbeing the most.
Financial Wellness Is Top Priority for Multigenerational Workforce
If you want to prepare your employees for what’s to come, Millennials and Gen X say that better job security is the number one thing that would most help them achieve their financial goals, according to research by PwC. When asked the same question, Baby Boomers are largely looking for lower healthcare costs.
Providing resources to promote employee financial wellness can improve workplace retention. Two in five Millennials and Gen Xers say their loyalty to their company is affected by how much the business cares for their financial wellbeing, and at least 75 percent of people surveyed in both generations say they’re more likely to be attracted to a different company that cares more about their financial wellbeing.
Multigenerational Workforce and Financial Stress
As the cost of living rises and wages struggle to keep up, employees are also having a tougher time keeping up with their day-to-day expenses. Fifty-seven percent of Millennials and 50 percent of Gen Xers say its difficult to meet their household expenses each month, an increase of 17 and 11 percent from last year respectively.
As you may well know, student loans are a rising financial concern for younger generations, particularly Millennials. Nearly half of all Millennials have student loans, and of that group, 80 percent say that their educational debt has a moderate or significant impact on their ability to meet their financial goals. To combat this problem, 37 percent of employees rank a student loan repayment benefit as their most desired employee benefit they’d like to see added in the future.
One thing every generation can agree on is that more employees than ever report they are stressed when dealing with their financial situation. There has been a double-digit percentage increase (ranging from 15-23 percent across generations) in the number of employees who reported financial stress since last year.
Financial wellness programs like Best Money Moves can help. Best Money Moves is mobile, gamified and easy-to-use. It provides practical, unbiased help so employees can make smarter financial decisions and manage the debt they have.
More on the Multigenerational Workforce and Financial Stress
If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.