*This article was last updated on March 30, 2020.
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 the CareerBuilder online survey by Harris Poll 2017 External Site, 78 percent of Americans are living paycheck-to-paycheck. Additionally, Market Watch found that 61 percent don't have enough cash External Site stored away for a $1,000 emergency.
What your employees don't want you to know
Yes, they are spending time at work on finances.
According to the 2016 Aon Hewitt Financial Mindset Study, 50 percent of Americans are spending their time at work on personal finances External Site. On average, employees could be spending upwards of three hours per week on their personal finances at work.Yes, they are skipping out on medical coverage.
Nearly 20 percent of Americans are skipping out on medical coverage due to financial concerns. This means they aren’t taking advantage of preventive services or tests that could save them and your workplace money in the long run.Yes, they feel they can’t afford a healthy lifestyle.
Nearly 32 percent of Americans believe that their finances are a limitation to a healthy lifestyle. If your company doesn’t offer gym reimbursements or an on-site gym, employees spend $100 on average each month on a gym membership. Additionally, they will opt for convenient foods rather than stopping at the grocery store due to the extra cost that's associated with fresh food.
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 Opens in a new window within your workplace. Each of these pieces completes the full puzzle of optimal health and well-being and productivity and achievement within the workplace. Here’s what your employees are expecting from you .
Psst..It may surprise you.
- The lowdown on proper retirement planning.
- Financial literacy training.
- Freedom from living paycheck-to-paycheck.
- Help managing day-to-day finances.
- Debt management.
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.
Higher turnover rates due to poor pay or lack of financial support benefits costing employers 16 to 213% of the lost employees' salary.
Nearly 20% avoid health service due to financial concerns, which in the long term can lead to higher-cost visits, procedures, etc.
Each year employers lose upwards of $250 billion in lost wages due to employee financial stress.
Sources: ThinkAdvisor.com, Centers for America Progress, American Psychological Association for Stress in America.
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 provide a variety of evidence-based programs that address the six elements of well-being: financial, social, career, emotional, physical and community.
Our services can provide your workplace with the tools and resources to reach a desired culture that:
- Aligns health and well-being to your organization's overall mission and vision.
- Expands on the definition of traditional physical wellness to include the six elements of well-being.
- Emphasizes engagement over participation.
Questions? Contact your authorized Wellmark account representative, or email us at blueatwork@wellmark.com Send Email today!
