A recent study has found that approximately one-third of workers are stressing about their personal finances and bring their money worries with them to work.
In a story appearing on the HR Dive website, Jennifer Carson reported that workers are worried that their debt load has them unable to save for their retirement years. The study conducted by Commonwealth found that nearly 75% of workers participating in the survey who made under $60,000 annually think that if their employer were to offer savings programs at the same time as their annual salary increase reviews, they would be less stressed about money.
Many workers who find themselves struggling to make ends meet are just one small emergency away from being in serious trouble. An estimated 43% of those participating in the Commonwealth study said that they had less than $400 to go toward any type of financial emergency. According to the analysts at Commonwealth who looked closely at the study data, the ability of a worker to save goes increases an estimated 2% for every dollar added to their salary up for those making $20 per hour.
Workers are overwhelmingly in favor of their employer helping them to figure out how much they will need to earn and save and be ready for retirement as well as help in choosing the right options to suit their individual financial needs and to make sound financial planning decisions.
The U.S. Department of Labor also finds that financial worries that employees bring to work with them can affect productivity. The federal agency estimates that US companies are losing billions in terms of lost productivity and disengagement in workers who are concerned over their finances.
Several US companies are getting the message and are offering workers financial literacy training and are offering guidance to get back onto a track of greater financial wellness and preparedness. Along with personal finance classes, some employers are offering solutions to their workers which include counseling, offering assistance to help workers pay down their student loan debt, budgeting, and financial planning and investing for their retirement.