What is financial anxiety? Financial anxiety is a huge pain point for many workforces. Here are 3 strategies to help combat financial anxiety at work.
Worrying about finances is becoming more commonplace among employees. According to the Mind over Money survey by Capital One and The Decision Lab, 77% of Americans report feeling anxious about their financial situation. With financial anxiety comes decreased productivity and increased absenteeism.
Whether your employees are stressing about bills or struggling with saving, taking steps to curb financial anxiety is essential to getting the most out of your workforce.
What is financial anxiety?
Financial anxiety is a term used to describe the stress associated with a person’s monetary obligations. Debt, lack of savings, unexpected expenses or job loss are all major causes of financial anxiety. People dealing with these issues may have further challenges in the office and their lives at home.
In fact, according to a Bankrate survey, of the respondents who claimed money was a stressor, 29 percent said they worry about it daily.
Financial anxiety is also directly linked to a host of issues that affect employee productivity and well-being. Reduced engagement, lower retention and mental health issues round up the most concerning problems related to financial anxiety.
And, according to a PwC survey, financially stressed employees are nearly five times as likely to admit personal finance issues have been a distraction at work.
Creating a space to address the root causes of financial anxiety is essential for developing a supportive work environment. Here are 3 strategies you can use to address financial anxiety.
Take stock of your employees’ needs
Financial anxiety looks different for everyone. For example, some in your workforce might be prioritizing learning how to budget effectively, while others might be more worried about their retirement plan.
According to the same Bankrate study, 56% of respondents claimed emergency savings was the issue at the top of their minds. If you find a similar trend with your employees, providing training in that area could be a first step.
No matter how it takes shape, creating a strategy that touches all of your employees’ most pressing concerns is key to making a tangible difference in their lives.
Revise your benefits strategy to target financial anxiety
Unfortunately, employees who don’t know about the benefits they already have are not going to take advantage of them.
According to MetLife, almost 35% of employees do not understand their benefits as they are presented.
You could have a winning strategy, but it might not be transparent enough to a large section of your workforce. If this is the case, try being more upfront about the benefits you offer and how they can specifically help. This could mean devoting time to explaining your programs through events and consistently communicating to employees what you offer.
Once employees learn how your wellness benefits can solve their financial needs, they are more likely to use them.
Provide comprehensive financial benefits
One of the best ways to support employees dealing with financial stress is to offer a robust financial benefits package. A program that provides quality information, personalized advice and one-on-one coaching is key to getting your workforce the help it needs. And this is consistent across all industries.
According to a 2022 Bank of America survey, 80% of employers said offering financial wellness assistance can result in more satisfied, loyal, engaged and productive employees.
A financial wellness program is the backbone of any strategy used to support employees, especially one that looks to curb the effects of financial anxiety.
Looking for a financial wellness program fit for all? Try Best Money Moves!
Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. Our platform, with a human-centered design, is fit for employees of any age.
Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.
Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.