What your employees aren't saying about their personal finances
It shouldn’t come as a surprise that Americans are struggling with money. And, this means you likely have employees seeking education and assistance when it comes to financial well-being.
According to Fortune.com, nearly 40% of Americans can cover a $400 emergency expense. Additionally, Bankrate’s annual emergency savings report found that 57 percent of U.S. adults are uncomfortable with the amount of emergency savings they currently have.
What your employees don't want you to know
1.
Yes, they are spending time at work on finances.
According to the 2023 PricewaterhouseCoopers (PwC) LLP Financial Wellness Survey, 56 percent of employees who are distracted at work because of their finances spend three hours or more dealing with these issues during the work week.
2.
Yes, they are skipping out on medical coverage.
Nearly 32 percent of employees are putting off medical procedures due to financial concerns. This means they may be missing out on the benefits of early and preventive care.
3.
Yes, they feel they can’t afford a healthy lifestyle.
Nearly 24 percent of employees believe that their finances prevent them from eating healthy. They will opt for convenient foods rather than stopping at the grocery store due to the extra cost that's associated with fresh food. Additionally, if your company doesn’t offer gym reimbursements or an on-site gym, employees spend $100 on average each month on a gym membership.
Your employees need help achieving financial well-being
When it comes to helping your employees become financially well, it's helpful to understand the six elements of well-being within your workplace. Each of these pieces completes the full puzzle of optimal health, well-being, productivity and achievement within the workplace. Here’s what your employees are expecting from you:
- The lowdown on proper retirement planning.
- Financial literacy training.
- Freedom from living paycheck-to-paycheck.
- Help managing their day-to-day finances.
- Debt management.
What you can do to improve your employees' financial well-being
When your employees are stressed about their finances, they're not at their best. You can help them ease financial stress and give them access to a personalized financial plan with EnrichTM financial wellness benefits. Learn what Enrich can offer your employees.
Employee financial well-being impacts your workplace
When employers don’t address the needs of their employees — especially when it comes to their financial well-being — workplaces can suffer.
Wellmark is committed to creating an environment within the workplace that promotes healthy behaviors. Through our employer consulting and well-being services, we look beyond your employees' claims and focus on the whole person. That’s why we support all pillars of good health.
Our proven solutions can:
- Boost physical and mental health
- Build resiliency
- Improve financial literacy
- Motivate employees to change the behaviors holding them back from living their best lives
Reach out today to start the well-being conversation and find solutions.
Questions? Contact your authorized Wellmark account representative, or email us at blueatwork@wellmark.com today!