The costly impact of financial stress
Despite being gainfully employed, your employees are stressed — financially stressed — and that is taking a toll on their physical health. Considering that money is reported as a significant source of stress in America, there is a good chance many employees in your workforce are losing sleep over saving up for retirement, paying the bills, or putting food on the table. Unfortunately, it doesn’t matter whether the employee is sitting in a corner office, working in a cubicle or on the production line. Financial stress can affect anyone.
Experts have found that financial stress can cause acute-phase inflammation across all socioeconomic strata. The study, published by the National Institute of Health, found that there are significant correlations between financial stress and psychological distress and well-being. All of which make their way into the work environment and impact the organization.
Financial stress can lead to poor health
Financial stress manifests itself in numerous health conditions. In addition to mood disorders, financial stress contributes to migraine, cardiovascular disease, absences from work, insomnia, and more. If your employees are like the majority of the population, it’s likely that in addition to financial stressors, they are also experiencing everyday pressures and worry. This combination, while not uncommon, is a huge health concern. We know that some stress is good; it can be motivating and invigorating. But, being in a perpetual state of unease and anxiety — like when a person is living paycheck to paycheck — increases the body’s cortisol levels and puts an individual at risk for:
- Anxiety
- Depression
- Digestive problems
- Headaches
- Heart disease
- Sleep problems
- Weight gain
- Memory and concentration impairment
Financial stress takes a toll but there's a solution.
Help your employees ease financial stress with Enrich financial wellness benefits. When you add Enrich, your employees will have access to personalized action plans, financial wellness tools and fresh content daily to help them gain financial confidence, plus more. Find out how Enrich can support your workplace.
You know the important role employee well-being plays in a productive business. Happy and healthy employees are more likely to be engaged and perform better than those who are dealing with personal issues while at work.
Wellmark Blue Cross and Blue Shield is committed to supporting our groups and members and assisting you to create work environment that promotes healthy behaviors. Through our employer consulting and well-being services, we look beyond your employees’ claims and provide a variety of evidence-based programs that address the six elements of well-being: financial, social, career, emotional, physical and community.
Unlock financial well-being tips for your workplace
Did you know that according to a recent study, 59 percent of employees reported financial stress and 33 percent said it affected their work? Financial stress can lead to absenteeism, decreased productivity and even employee turnover, all of which can cost your company in the long run.
Watch the "How to Help Your Employees With Financial Stress" webinar to learn about the warning signs of financial stress in your workforce and the negative consequences it can have for your organization.
With this webinar you'll unlock:
- Practical tips for helping your employees manage their financial stress.
- Tactics for encouraging financial wellness.
- Resources for getting your employees back on track.
Questions? Contact your authorized Wellmark account representative, or email us at blueatwork@wellmark.com.