A new survey puts some numbers around the workplace cost of financial stress.
More than a quarter (28%) of people who are struggling with their finances admitted that it prevents them doing their best at work, according to a recent survey by Willis Towers Watson. The survey also found that higher levels of absenteeism can occur in employees with financial concerns: People who are not worried about their finances reported they took an average of 1.9 absence days from work per year, while employees who are struggling financially are absent for an average of 3.5 days per year, according to the report.
Furthermore, those who are struggling financially report being highly distracted on the job 12.4 days per year on average, compared with 8.6 days for those who are not worried about their finances, according to the Willis Towers Watson 2015 Global Benefits Attitudes Survey.
Little wonder that financial wellness is one of the hottest topics in our industry today.
Interestingly, the survey found that more than 6 in 10 employees (61%) believe their employers should actively encourage them to save for retirement. However, employees are less comfortable with their employers becoming involved in their personal financial issues — and are particularly uncomfortable with targeted messages.
Only 4 in 10 (41%) are open to having their employers encourage them to better manage their personal finances. Even fewer — 30% — feel comfortable with their employers sending targeted messages to employees with financial issues.
