PNC Bank today released findings from its inaugural Financial Wellness in the Workplace Report 2023: What Employees Want (and Need), which summarizes survey data and in-depth interviews from a field of approximately 1,000 full-time workers from companies with more than 100 employees, and 500 employers from companies with $5 million or more in annual revenue, as part of a broader study to better understand the financial health perspectives of today’s workforce.
Key survey findings show that the majority of employees are stressed about their finances. Across industries and demographics, seven in 10 employees say they experience stress related to their personal finances, and, although they report feeling secure in their jobs, 63% of respondents are living paycheck to paycheck. Inflation is also a key factor contributing to employee stress, with 90% of those surveyed saying that they are negatively affected by inflation, and that their ability to set aside money for savings and cover basic necessities has been significantly impacted.
Employee financial stress also affects productivity at work. In addition to 87% of surveyed employees admitting to worrying about personal finances on the job, 43% say they believe this affects their work productivity, with employees reporting to spend over 150 hours on average annually worrying about their finances. What’s more, 75% of employer respondents say their employees’ financial stress negatively affects business.
“It’s clear that both employers and employees are seeing and feeling the repercussions of financial stress,” said Kaley Keeley Buchanan, senior vice president and head of PNC Organizational Financial Wellness. “We believe these survey findings offer business leaders important insights that point to the value of investing in employee financial wellness benefits that could help to balance the needs of their workforce with the financial realities of their businesses.”
Although, 96% of employers surveyed believe that…
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