01/03/2024

It’s Time to Prioritize Employees’ Financial Health

They may need your help

You may not realize it, but many of your employees are in financial distress. And they need your help.

According to a 2022 survey by the National Endowment for Financial Education (NEFE), 35% of U.S. adults say they are "just getting by financially" and worry their money won't last. Money worries have become so distracting, says benefits consulting firm Financial Finesse, that 80 percent of U.S. employees queried between 2021 and 2022 report at least "some level of financial stress," with 27 percent experiencing "high or overwhelming" stress.

All that stress is not only harmful to your employees' mental and physical health; it can be lethal to your bottom line. A 2023 report by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) found that employees spend an average of eight hours a week dealing with financial issues, with four of those hours occurring at work.

Please select this link to read the complete article from Harvard Business Review.