Study: Employees' biggest struggles tied to work and finances
- Negative professional and financial experiences prove the biggest struggle for employees, according to the results of a survey of more than 9,000 workers by Fidelity Investments. Conducted in association with the Stanford Center on Longevity, the survey was designed to offer insight into American workers' well-being, Fidelity said.
- Survey respondents were polled on four categories: health, life, work and money. Although the results showed that work was the biggest stressor, 63% said they were "well," versus "unwell," on the job, and 87% said they were satisfied with their jobs. In the money category, 42% said they were "unwell" and cited finances as a major stressor.
- In other key findings, nearly all respondents (98%) were affected by stress related to work or money. Most stress came from the job (47%), followed by the need to save money (35%). Respondents with the highest amount of debt had twice the absenteeism as those with the lowest amount of debt.
According to a 2017 paper from the Center for Financial Services Innovation, one in three workers says that a personal money problem distracts them from their work and results in health problems. This study and others demonstrates the direct connection between health and finances.
More employers are offering financial wellness programs, and an even greater number are reportedly expanding their budgets to help workers with financial problems. Employers have cited credit card debt, student loans and other forms of debt as a major challenge for employees. They also reportedly struggle with saving for retirement, having enough money to help their children with their education and managing everyday expenses.
Offering financial well-being programs might be a wise move; employees say they want help understanding their benefits and making financial investment decisions. In turn, employers can reduce productivity losses caused by financial worries.
- Fidelity Investments How life events affect financial well-being