Stressed employees make for stressed companies – not just mentally, but the stress shows on the bottom line.
Purchasing Power data1 shows almost 50 percent of employees are spending two to three hours per week on financial woes at work. For a company with 100 employees and an average salary of $60,000, that is an estimated $211,000 in lost productivity each year.
Financial wellness benefits, like student loan assistance, are key tools in helping employees who suffer from financial stress. However, before a company can offer the right benefits, they should first find out if their largest employee groups are among those that need financial help the most.
Here are the top three most debt-stressed employee groups who need student loan and other financial help today.
1. MORE THAN 50% OF GEN X-ERS SAY FINANCIAL STRESS IS ON THE CLIMB
When it comes down to growing stress levels, Generation X leads the pack. 2014 data1 shows that 62% of this generation report that dealing with their finances is stressful and 55% report their financial worries are increasing annually.
2. 42% OF GEN Y REPORTS BEING OVERWHELMED BY DEBT
Behind Gen X, today’s Millennials (aka Gen Y) are the most likely to carry financial stress. The same study’s data1 shows when it comes to Gen Y, 49% suffer from financial stress, 47% say this stress is growing and 42% say their debt is overwhelming them.
3. MOMS AND OTHER WOMEN FEEL MONEY STRESS 2X’S AS OFTEN
When it comes to predicting employee money stress, age isn’t the only factor. Financial Finesse data2 shows that women are twice as likely to be overwhelmed by financial stress. The report also showed that mothers age 30 to 44 with annual incomes under $60,000 were 9x’s more likely to suffer from financial stress than their adult male counterparts.
WHERE DO THESE EMPLOYEES LOOK FOR HELP?
No matter the make up of your company, it’s likely that employees are looking to their benefits packages for help with their financial stress. Merrill Lynch data3 shows that 80% of employees view financial help, like advice, education, and 401(k)s, as a key factor when accepting a new position.
For employers looking to attract and retain employees, financial wellness benefits like student loan benefits can be the key to winning and protecting their top talent.
Contact us to learn more about how student loan benefits can help your employees pursue financial wellness.