For most of your workers, money is the #1 stressor in their lives. As they try to focus on work, financial woes nag at them and reduce their ability to be productive. This anxiety translates to 13 hours of lost productivity per employee.
Why are they so stressed out? Here are some staggering statistics that bring it into focus:
- Their average credit card debt is $16,000
- Their average student loan debt is $37,000
- 52% of them would be unable to handle a $400 emergency
Today’s top employers are actively developing employee financial wellness programs. Management knows a majority of their employees are on the edge of financial chaos. They fear little things that would rock their financial world: a car that needs tires, a broken leg, a leaky roof.
Plus, they worry about the really big stuff. U.S. workers’ top 3 financial fears are never being able to retire, always living paycheck to paycheck, and being in debt forever. The majority of them would agree that their financial situation could be described as “hopeless.”
Hurt vs. Help
Employers contribute to the problem by adding financial stress, without necessarily meaning to. While cutting costs, employers often increase the length of pay periods to semi-monthly or monthly. They might reclassify an employee based on new regulations, which affects pay or hours.
These events are management issues for the company, but can be financial catastrophes for individual families. A worker who always relied on receiving weekly paychecks could be unable to cope with monthly pay.
Making matters worse, company HR professionals aren’t typically equipped to help stressed-out employees solve financial problems. In these situations, a financial wellness company can provide more helpful solutions.
Best Money Moves
Let’s look at one popular solution: Best Money Moves offered by Integrity Data. Designed to be a sleek, intuitive, mobile-first solution, employers cover the cost for their employees in the spirit of providing a financially-helpful benefit to workers.
The tool helps employees measure and understand their existing cash flow situation, regardless of their level of financial skill. Using a unique content-mapping and rewards system, Best Money Moves encourages people to make healthy financial choices.