“Workers throughout the United States are struggling with managing their finances, and that stress could spill into their company’s bottom lines.” That’s the opening line of this PLANSPONSOR Article about a recent Mercer study.
It does not get much clearer than that. There are many reasons an employer might care about its employees’ financial wellness. Some maybe more parental or emotional in nature. It’s become quite clear that the company’s financial wellness is another.
The survey includes many insightful observations and findings:
- “A growing number of employers across the globe are beginning to recognize the importance of financial wellness as a core pillar of total well-being. They understand that when employees are comfortable with their ability to meet their financial obligations, they’re more likely to be productive and engaged at work.”
- On average, people spend 13 hours per month working about money matters at work. One in six employees spend more than 20 working hours each month worrying about money.
- “Helping individuals become more confident about engaging in financial issues – that is, building what we call financial courage – appears to be far more important than building financial literacy.”
- Those employees who use a financial advisor demonstrate higher confidence levels. Among those who would categorize themselves as “Extremely Knowledgeable” regarding financial matters, 73% use a financial advisor.
- Financial wellness is a very personal, individualized concept. It doesn’t mean the same to everyone, as employees have a diverse set of financial concerns and priorities.
If you’re working with QPA, we highly recommend that you talk with your advisory team about the ways in which upcoming educational meetings can support and enhance the financial wellness levels of your employees. Whether you work in HR, finance, or some other department, it’s quite clear that their financial wellness is good for you and your organization.