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5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions)

5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions)

by | Aug 19, 2024 | Blog

5 surprising symptoms of financial stress (and 5 helpful solutions). The effects of financial stress can be devastating to your workforce. Learn what to look out for and how you can make a difference.

Employee financial stress has been in the spotlight throughout 2024 amid continued inflation and economic uncertainty. In a survey of 2,000 Americans, MarketWatch found that 88 percent of respondents reported feeling some form of financial strain and 65 percent felt that finances were the top source of stress in their lives.

By now, it’s clear that employee financial stress is a significant issue. However the way that stress manifests often comes as a surprise to employers.

The Qualified Plan Advisors’ 2024 Financial Wellness Survey found that 68 percent of the American workforce experiences financial stress, with respondents reporting a surprising range of negative symptoms. Both mental health and sleep are the most negatively impacted, though personal relationships and physical health are also significantly affected by financial stress.

Over 70 percent of employees agree or strongly agree that their employers have a responsibility to ensure employees remain financially well. Furthermore, nearly 70 percent of employees prioritize job opportunities that offer financial wellness programs as part of their benefits packages.

Here are five of the most surprising symptoms of financial stress that could be impacting your workforce — along with five helpful solutions to help keep your workforce financially healthy.

A stat about financial stress.

1. 31% of employees with financial stress report a deterioration in mental health.

Financial struggles that arise from worrying about debt, financial instability or the inability to pay for basic necessities can lead to stress and lower the ability to deal with mental health challenges, according to TIAA Institute researchers. High debt levels are also associated with anxiety, depression and anger and ongoing financial struggles can contribute to feelings of hopelessness and despair that can culminate in depression.

One way employers can help is by providing access to mental health resources. Programs can include counseling services, employee assistance and mental health workshops. Employers can also help create a supportive workplace culture where mental health is discussed openly and destigmatized so employees feel comfortable seeking guidance when needed.

2. 31% of employees struggle with sleep disturbances.

Financial worries can manifest in sleep disturbances, resulting in decreased energy levels. These financial worries may be a result of the high debt levels seen among employees: QPA’s survey found that 80% of employees carry debt, primarily in the form of mortgages, credit cards and student loans, and 64% of individuals lack adequate emergency funds.

Employers can help mitigate this symptom by addressing financial stress at its root through bespoke debt management tools. Providing budgeting worksheets and money management apps can help employees grasp financial essentials. Employers can also organize education sessions focused on bolstering financial literacy on topics such as debt, budgeting, setting financial goals and building good credit. Offering tools is only the first step; ensuring employees know how to use them is crucial. Additional benefits might include student loan repayment assistance, matching debt contributions and flexible work arrangements to help employees save on commuting costs or enable them to work multiple jobs to pay off debt.

Employers can also provide educational sessions on the importance of sleep as well as how to establish healthy sleep routines. Encouraging a balance between work and life by setting firm boundaries for work hours as well as promoting scheduling flexibilities can help employees both manage their time and improve their sleep quality.

3. 18% of stressed employees indicate challenges in their relationships.

Honesty about money is crucial to maintain healthy relationships. Employers should provide financial guidance that looks at money as a part of a person’s overall life that becomes integrated into all relationships.

Learning how to allocate two paychecks, budgeting for household expenditures and discussing long-term savings and retirement goals can all help employees understand what they need from their relationships and move forward with effective money management. Employers can also implement family-friendly policies such as maternity/paternity leave, childcare assistance and flexible working hours for both parents to ease both financial and emotion burdens, leading to healthier family dynamics.

4. Financial stress is linked to adverse physical effects for 11% of employees.

Physical health is just as important as financial health, and the two can go hand in hand. Employers can develop wellness initiatives that encompass financial, physical and mental health through wellness portals where employees can access various wellness resources, from fitness programs and nutrition advice to financial planning tools and mental health support. Offering regular workshops and seminars on financial literacy can be combined with health-related topics like stress management and nutrition. Physical wellness-specific initiatives can include on-site fitness classes, gym memberships or discounts at local fitness centers with participation encouragement through fitness challenges and rewards. Having healthy snacks and meals in the workplace and access to regular health screenings can also help employees stay on top of their physical health.

5. 9% of employees experience reduced work productivity as the result of financial stress.

The TIAA Institute found that financial stress resulted in a 34 percent increase in absenteeism and tardiness. Financially stressed employees are five times more likely to be distracted by finances while at work. QPA’s Financial Wellness Survey shows that 45 percent of Americans allocate one hour or more to manage their personal finances. Financially stressed employees also miss almost double the number of days as unstressed employees.

To help employees stay better focused at work, employers may need to designate some working hours to set employees on the right track. Offering financial wellness programs in the workplace can help employees manage their finances better, thereby reducing financial stress and improving productivity. These programs can include financial literacy workshops, personalized financial coaching, and resources on budgeting, saving, and debt management. Employers can also consider offering financial benefits such as retirement planning assistance and emergency savings funds. This way, allocated time is spent on productive financial educational opportunities, improving overall workplace productivity while giving employees the resources they need for financial success.

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.

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 1000+ 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.

Financial Stress In 2024: Revealing Insights About Americans and Money

Financial Stress In 2024: Revealing Insights About Americans and Money

by | Jun 25, 2024 | Blog

Financial stress in 2024: Revealing insights about Americans and Money. Financial stress is still a major struggle for employees across all industries. Here are the top statistics updated for 2024.

Once again, employee financial stress is on the rise. Americans are grappling with higher prices, uneven wage growth and record-high credit card debt. Globally, extremely high inflation has pushed food, fuel and housing costs higher. Household debt coming into 2024 soared to $17.3 trillion, with a notable 16.6% increase between 2022 and 2023 alone. [1]

The Financial Health Pulse 2023 U.S. Trends Report, documents that 17% of Americans are now considered “financially vulnerable,” meaning they struggle to meet expenses, have little to no emergency savings, and carry burdensome debt levels. [2] Compounding these challenges are rising interest rates and the burden of $1.74 trillion in student loan debt repayments. These are collectively straining employee finances and exacerbating overall financial pressure. [3]

Such challenging conditions have had serious implications for Americans’ financial security. Study after study finds that more than half of Americans live paycheck-to-paycheck, including those making over six figures. In fact, data from PYMNTS and LendingClub revealed that 42% of workers earning more than $100,000 per year still struggle with financial insecurity. That underscores the widespread impact of ongoing economic strains on individuals across income brackets. [4]

Financial stress linked to workforce financial (un)wellness

Long-term financial stress has been consistently linked to reduced employee performance. Approximately one-third of employees acknowledge that financial worries affect their ability to engage at work. U.S. employees feel increasingly burdened by financial concerns, spending an average of 8.2 work hours per week dealing with personal financial issues.

In this way, the rise in employee financial stress poses a significant challenge for employers, as it undermines employee well-being and organizational success. Persistent financial strains can result in decreased productivity and diminished employee morale, ultimately impeding the organization’s overall performance.

Recognizing the critical role of supporting employee financial wellness, employers must take proactive measures to alleviate financial stress and fortify the long-term viability of their business.a fact about financial stress

Generational Perspectives: Financial Stress Across Millennials and Gen Z

Around 57% of Americans say finances are the top cause of stress in their lives. [5] However, younger workers struggle even more than their peers: [6]

  • 54% of Millennials and 47% of Gen Z respondents say that financial uncertainty causes feelings of depression. In contrast, just 20% of Baby Boomers and 37% of respondents harbor that sentiment. [7]
  • 35% of Gen Z says the cost of living (housing, transportation and utility bills) is their most pressing concern and 51% say they live paycheck-to-paycheck; 42% of Millennials say the cost of living is their most pressing concern and 52% say they live paycheck-to-paycheck. [8]
  • While Americans of all ages struggle to pay off debt, Gen Z and Millennials have seen the largest average increases in total debt over the past couple of years. Gen Z saw a 62% increase in credit card debt between March 2022 and February 2024. Millennials saw a 49% increase. These two generations also have had the steepest decline in credit score health. [9]
  • A top concern for many Millennials and Gen Z employees remains their looming student debt. As of September 2023, about 43% of Millennials and 28% of Gen Z carried at least some student loan debt. In many cases, these loans have affected the borrower’s ability to meet financial goals. [10] About 60% of US adults with student loan debts have put off making important financial decisions due to their debt. Emergency and retirement savings have taken the biggest hit. When surveyed, 27% of respondents delayed saving for emergencies and 26% delayed saving for retirement. [11]
  • While the majority of Millennials want to buy a home, 48% don’t believe homeownership is affordable for their generation. A staggering 96% of Millennial buyers are concerned about purchasing a home. [12]

Generational Perspectives: Financial Stress Across Baby Boomers & Gen X

Baby Boomers tend to report the least amount of financial stress, with only 19% reporting extreme financial stress as of January 2023. [13] This generation also carries a lower average mortgage debt than Millennials or Gen X. However, they have the second-highest credit card debt of any age demographic, after Gen X. 

Among the different generations, Gen X exhibits the highest levels of financial worries, with a notable 50.2% expressing feelings of financial insecurity. [14] Almost half of working Gen Xers report feeling significantly behind where they should be with their retirement savings and over half are uncomfortable with their level of emergency savings. Across all generations — from Gen Z to the Silent Generation — financial wellness and security during retirement remains a primary concern. [15]

Understanding the Impact: How Financial Stress Threatens Employee Wellbeing

One of the most concerning elements of financial stress is its negative relationship to physical and mental health. People who are financially stressed are much more likely to struggle with substance abuse, be overweight and have worse health outcomes than their non-stressed peers. [16] They’re also much less likely to be engaged at work. 

74% seek financial guidance when dealing with financial decisions, crises, or life. However, only 2 out of 5 employers offer financial wellness programs.

With employees under continued economic strain, other cracks are emerging:

  • Many insured adults said they or a family member had delayed or skipped necessary health care or prescription drugs because they could not afford the costs.  In the past year: 29% with employer coverage, 37% covered by marketplace or individual-market plans, 39% with Medicaid, and 42% with Medicare;
  • 56% of employees said financial stress affected their sleep, 55% their mental health, 50% their self-esteem, 44% their physical health, and 40% their relationships at home. [17]

Employers play a crucial role in understanding and addressing this intersection of financial stress, physical and mental health and workplace engagement. Companies are increasingly called upon to equip their workforce with the tools and resources needed to navigate financial challenges and alleviate the stressors contributing to adverse health outcomes.

Assessing the Influence of Financial Stress on Workplace Turnover & Retention

There’s more bad news for companies struggling to keep employees. As workers face heightened financial stress, there is a pressing need for companies to step up and provide comprehensive support. Otherwise, employers risk losing these employees altogether.

  • Financially-stressed employees are twice as likely to change jobs as those who aren’t. [18]
  • 73% of financially stressed employees say they would be attracted to another employer that cares more about their financial well-being.
  • Among financially stressed employees, 56% spend 3 or more hours per week at work dealing with or thinking about personal finance-related issues.
  • Only 54% of financially stressed employees think there is a promising future for them at their current employer, compared to 69% of not financially stressed employees.

Recognizing the need for comprehensive support of employees under financial stress, the focus shifts to employers’ ability to meet these needs effectively. By acknowledging the demand for broader financial wellness initiatives, companies can proactively engage employee satisfaction and retention, paving the way to a more resilient and engaged workforce.

Beyond Retirement: Meeting the Full Spectrum of Employee Financial Needs 

The demand for financial wellness support underscores a gap in employer offerings. Many companies only offer retirement support and safety net insurance. However, employees increasingly express dissatisfaction with these limited provisions, highlighting the need for employers to take more comprehensive action in addressing financial stress within their workforce. As employers, it is crucial to recognize and respond to employees’ concerns by expanding financial wellness initiatives. 

Seventy-six percent of employees feel their employers should take responsibility for their financial wellness. And 74% actively seek financial guidance for various financial decisions, crises or life events. [19]  However, despite this clear demand, only 2 out of 5 employers offer financial wellness programs, even though 68% of employees utilize the financial wellness benefits when provided.

The absence of such support can be a deciding factor for many employees. Some 73% of financially stressed employees saying they would be attracted to another employer that cares more about their financial well-being, compared to just 54% of non-financially stressed employees. [20] It is imperative for employers to recognize their role in equipping employees with basic money management skills and money coaching, budgeting help and other resources that can help employees achieve their financial goals. Furthermore, the benefits are clear: 92% of employers who offer resources to manage overall well-being saw improvement in employee satisfaction. [21]

Best Money Moves can help. Personalized, gamified and easy-to-use, Best Money Moves helps employees budget, make better financial decisions and implement their personal best money moves to achieve their most specific financial goals.

About Best Money Moves

Best Money Moves helps your employees measure and dial down their financial stress, with measurement tools, 900+ written and video resources, and best-in-class voluntary benefits to supplement those you already offer. Depending on the version chosen, you may be able to integrate your own company benefits into the platform, personalizing the financial wellness journey your employees are on.

Call us for a demo and find out how adding a great financial wellness benefit can help improve retention, lower turnover and reduce healthcare costs.

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.

1 Americans Are Carrying Record Household Debt into 2024, MarketWatch, 2024
2 Financial Health Pulse 2023 U.S. Trends Report, Financial Health Network, 2023
3 https://www.federalreserve.gov/releases/g19/HIST/cc_hist_memo_levels.html
4 New Reality Check: The Paycheck-To-Paycheck Report – Financial Distress Factors Edition, PYMNTS and LendingClub survey, 2024
5 2023 PwC Employee Financial Wellness Survey, PwC, 2023
6 2023 Gen Z and Millennial Survey, Deloitte, 2023
7 Millennials and Gen Zers Are Losing Sleep Due to Financial Anxiety, Money Magazine, 2023
8 2023 Deloitte Gen Z and Millennial Survey, Deloitte, 2023
9 Millennials and Gen Z face ‘snowballing and snowballing’ debt as high card balances and interest rates eat into their credit scores, Fortune, 2024
10 Which generation has the most student loan debt?, Bankrate, 2023
11 Survey: Student loans have delayed wealth-building for Gen Z and millennial borrowers, Bankrate, 2023
12 Millennial Home Buyer Report: 2024 Edition, Real Estate Watch, 2024
13 Debt and mental health statistics, Bankrate, 2023
14 2024 Survey: Generational Banking Trends, MarketWatch, 2024
15 2023 Workplace Benefits Report, Bank of America, 2023
16 Commonwealth Fund 2023 Health Care Affordability Survey, Commonwealth Fund, 2023
17 2023 PwC Employee Financial Wellness Survey, PwC, 2023
18 2023 PwC Employee Financial Wellness Survey, PwC, 2023
19 2023 Workplace Benefits Report, Bank of America, 2023
20 2023 PwC Employee Financial Wellness Survey, PwC, 2023
21 2023 Workplace Benefits Report, Bank of America, 2023
4 Things You’re Missing About Employee Financial Stress

4 Things You’re Missing About Employee Financial Stress

by | Feb 21, 2024 | Blog

4 things you’re missing about employee financial stress. Don’t overlook these important insights about how employee financial stress harms American workers.

When it comes to employee financial stress, employers and employees aren’t always on the same page.

In their 2023 Financial Wellness in the Workplace Report, PNC surveyed over 1,000 U.S. full-time workers across various organizations about employee financial wellness. When surveyed, 80% of employers felt their teams were at least somewhat financially prepared for the future – but only 50% of employees felt the same way. 

If you’re looking to create a happier, more financially secure workforce, don’t overlook these 4 insights from PNC about the impacts of employee financial stress.

A surprising statistic about the impacts of employee financial stress

1. Employees don’t have long-term financial security.

Despite feeling secure in their jobs, around 63% of all surveyed employees still live paycheck to paycheck, according to PNC data. These workers face unique challenges when it comes to paying down debt and saving for future financial goals. Employees living paycheck-to-paycheck can’t build emergency savings and are more susceptible to relying on credit cards and loans in the face of unexpected expenses. 

What’s more, employees are still feeling the effects of an uncertain economy. Ninety percent of employees report being negatively impacted by inflation with 81% finding it more difficult to put money into savings. Three out of every four employees worry that there will be a recession in the near future.

2. High-earners aren’t immune to employee financial stress.

While it may seem like employee financial stress is only an issue for young or economically disadvantaged employees, that’s simply not the case. Employees of all ages and income levels are feeling the weight of financial challenges. Of the surveyed employees who made $100,000 or more per year, fifty-seven percent still report feeling somewhat or very stressed about their financial situation. The numbers are even more severe for employees at lower income levels. For employees earning $50,000 to $99,999, 77% report the same financial challenges. For employees earning less than $50,000, the numbers jump to 79%. 

3. Employee financial stress impacts performance on the job. 

Employee financial stress has tangible consequences for a business’s bottom line. Eighty-seven percent of employees surveyed by PNC admit to thinking about their financial situation while on the job. On average, employees report spending three hours per week worrying about money. This distraction hasn’t gone unnoticed by employers — 75% percent feel that employee financial stress has negatively impacted business in the form of reduced productivity (39%), unhappy employees (18%) and overall poor performance outcomes (16%).

4. Employees expect their employers to take an interest in their financial well-being.

When asked for their opinion on solutions to target employee financial stress, 80 percent of respondents said they would stay longer with an employer who offered financial wellness benefits. Younger employees are especially anxious for this help, with 88 percent of respondents 21 to 34 years of age more likely to stay with a financially conscious employer.

Likewise, 96% of employers say financial wellness benefits positively impact retention. However, although employers agree that these benefits pay off, many still offer the bare minimum. Many will offer retirement matching but don’t include additional benefits such as financial counseling and education. Financial wellness benefits are a great way to help your company stand out amongst competitors when attracting and maintaining your workforce. 

Best Money Moves is an interactive financial wellness benefit that helps employees make smarter choices about their money. 

Whether employees are building their first budget, paying down debt, working toward homeownership or planning for retirement – Best Money Moves has the tools they need to turn financial goals into reality. 

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

3 Ways Inflation is Still Hurting Your Workforce

3 Ways Inflation is Still Hurting Your Workforce

by | Jan 26, 2024 | Blog

3 ways high inflation is still affecting your workforce. Learn how to help your team cope with the continuing effects of high inflation.

Although inflation cooled during the end of 2023 and price increases have somewhat slowed, most employees aren’t feeling the benefits of a recovering economy. Over 90% of Americans cut back on spending in 2023, according to a CNBC and Morning Consult survey, due to the effects of rising inflation. Going into 2024, many of these reduced spending habits are expected to remain as 88% of respondents still listed inflation as a top concern.

Find out how inflation and high prices may still be affecting your employees. Plus, learn more about the actionable solutions that your team can use to help employees find relief from financial stressors. a surprising statistic about widespread inflation

3 ways high inflation is still affecting your workforce

1. Employees increasingly use “buy now, pay later” services to cover grocery expenses

Between supply chain disruptions and rising consumer demand, prices for most household goods have risen at historic rates. Americans are struggling to keep up with new market prices. So much so that, employees are turning to “Buy Now, Pay Later” services to pay for household expenses, according to research by Adobe Analytics.

After paying rent or mortgage payments and car payments, some Americans don’t have any cash left to cover all of their monthly expenses. So, to help make ends meet, many are turning to buy now, pay later services and apps, a form of short-term financing that allows shoppers to take out an easily accessible loan at checkout that they then repay in installments over time. 

Initially, Buy Now, Pay Later services were used to help individuals finance large expenses, such as a new treadmill or computer, and repay the borrowed amount in installments. However, today, many cash-strapped employees have resorted to buy now, pay later services to pay for their groceries and other necessities. Using installment loans to cover day-to-day purchases is a short-term solution at best. At worst, it leaves buyers vulnerable to mounting debt, missed payments and even credit score damage.

2. Inflation-fueled gas prices continue to eat into employees’ monthly budgets

Although national gas prices are lower than they were a year ago, according to the AAA, employees still struggle to afford new gas prices. And amid supply-and-demand issues and geopolitical tensions, gas prices remain susceptible to price volatility. 

Similar to groceries, to help afford gas prices, employees are increasingly taking out loans and buy now, pay later accounts to cover expenses. This means that instead of using today’s dollars to pay for gas, employees are increasingly relying on future dollars and digging themselves into a potential cycle of debt.

3. Employees put fewer dollars toward their retirement savings.

To prioritize and balance expenses, many employees have turned their financial focus away from the long-term, and become laser-focused on the short-term. The impact of inflation has fueled many employees to stop saving for retirement, and instead, spend that money on short-term necessities. 

About 25% of employed adults decreased their retirement savings in 2022 and 12% stopped saving altogether, according to a TIAA report. Among Hispanic and Black employees, the percentage is disproportionately higher. 

Many employees are making sacrifices today that impact their future financial standing. However, with the right financial wellness tools, employees can learn how to balance near-term financial responsibilities with long-term financial goals.

How companies can help their employees amid financial uncertainty

1. Offer robust budgeting tools

Balancing multiple expenses every month can be challenging, but with a robust budget tool, employees can keep track of monthly and one-off expenses all in the same place. Whether it be utility bills or entertainment expenses, keeping track of spending habits and categories can help employees improve their financial practices over time. 

2. Establish flexible retirement plans and resources.

Retirement planning tools and calculators can help employees balance current financial responsibilities while preparing for tomorrow’s goals. With the right tools, employees can learn prepare for retirement, despite the ups and downs of the economy. For instance, if an employee regularly contributes 10% of every paycheck to retirement savings, when economic hardship hits, financial planning calculators can help employees gauge a new contribution percentage that works for their latest financial situation.

3. Invest in financial wellness advisors and workshops 

Some employees are aware of inflation and economic uncertainty; however, they’re unsure of how these economic events connect to them and affect their financial standing. With a financial advisor, employees can get personalized financial guidance and understand how today’s economic events impact them. In addition, consider hosting financial wellness workshops on topics that resonate with employees in your workforce. For instance, if many employees are interested in homeownership, consider a workshop on how interest rates impact mortgages.

Offset the strain of inflation with comprehensive employee financial wellness 

Best Money Moves is an interactive financial wellness benefit that helps employees make smarter choices about their money. 

Whether employees are building their first budget, paying down debt, working toward homeownership or planning for retirement – Best Money Moves has the tools they need to turn financial goals into reality. 

Best Money Moves users gain access to a suite of debt trackers, budgeting calculators and a library of 900+ articles, videos and webinars. Our tools empower employees with actionable solutions to real-world problems. Best Money Moves users also receive exclusive member deals from our library of trusted benefits partners, including discounts on insurance, college planning prescription medications and so much more. 

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

3 Ways Financial Stress Impacts Employees

3 Ways Financial Stress Impacts Employees

by | Oct 10, 2023 | Blog

3 ways financial stress impacts employees. Find out how financial stress may be affecting your workforce, and impactful ways companies can help.

More than 2 in 3 adults cite inflation, money and/or the economy as a leading source of stress, according to a report from the American Psychological Association (APA). Consequently, over time, financial stress can end up causing physical, emotional and mental health issues for employees of all ages.

With the support of employers and a robust financial wellness program, employees can dial down their financial stress over time.

A surprising statistic about the impacts of employee financial stress

1. Financial stress can cause physical health issues.

Over time, money-related stress and worry can lead to physical health issues that may ultimately require a doctor’s intervention. It’s common for those experiencing chronic financial stress to also have physical symptoms, like headaches, migraines, insomnia and fatigue. 

According to the APA’s report, employees with high stress levels are 3x as likely to experience headaches and fatigue, compared to employees with average stress levels. These physical health issues can inhibit employees from showing up as their best selves and ultimately decrease employee productivity.

2. Financial stress can harm employees’ mental health and self-esteem.

Beyond the physical body, money-related stress and worries can impact well-being in other areas, such as mental health and self-esteem. According to PwC’s 2023 report, more than half of employees say they’ve experienced decreased self-esteem and mental wellness due to their financial stress. The mental health effects of financial stress can present itself in many ways, including employees feeling anxious, nervous, sad or depressed. Moreover, the lack of a clear, grounded headspace can make it harder for employees to concentrate and remain engaged throughout the day.

3. Financially stressed employees feel less connected to their company.

It’s important to remember that financial stress is not only tied to debt-related worries, like a mortgage or car loan — financial stress can be tied to day-to-day financial expenses, like affording food or transportation to work. Over time, financial stress among employees can lead to retention issues.

Employees that are financially stressed are less likely to feel connected to their employer, and ultimately, may consider looking for another employer. According to a PwC report, employees who are financially stressed are 33% more likely to say that they don’t feel connected to their company than those who are not financially stressed. The lack of belonging at a firm can lead employees to look for another employer. 

In addition, in PwC’s report, more than half of all employees say they’d be attracted to employers that care more about their financial well-being. This points to a growing trend of employees increasingly wanting an employer that makes them feel heard and supported, especially regarding their financial well-being.

Financial wellness support has increasingly become a standard in the corporate benefits space. Rather than being seen as a “nice-to-have,” top talent see financial wellness support and benefits as a “must-have” benefit for their next employer.

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 bolster employee financial wellbeing.  

Whether paying off debt 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 900+ 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.