Smart Benefits: With Stress Piling On, Employers Can Help Workers with Financial Wellness
Monday, August 27, 2018
In the research, those surveyed cited their finances as a major cause of stress, second only behind their jobs. Three key causes of financial stress ranked among the top five overall stressors:
- Overall financial situation
- Saving for the future
- Paying off debt
And the impact of these strains isn’t just personal, but affects the workplace as well. In fact, the study found that employees with the highest levels of debt have twice the absenteeism of those with the lowest levels, and miss an additional full week of work more when comparing the two groups. Those struggling with debt are also significantly less likely to get enough sleep and more likely to be frequently anxious – both of which can affect job productivity.
To address workers’ financial well-being, employers can help by moving beyond wellness programs focused solely on health and incorporating financial wellness as well. These type of programs can assist employees by addressing leading contributors to their financial stress such as creating budgets and consolidating debt.
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