Dive Brief:

• Three in four U.S. employees (76%) believe they will be worse off in retirement than their parents, according to a recent survey.
• The 2015 Global Benefits Attitudes Survey by Willis Towers Watson found that nearly as many believe Social Security will be less generous (71%) and government-provided health benefits will be worse (70%).
• The study of nearly 5,100 U.S. employees found less than half of respondents (48%) are satisfied with their financial situation, and revealed employees’ concern over their finances is having a negative effect on their daily lives, job performance and productivity.

Dive Insight:

Steve Nyce, senior economist at Willis Towers Watson, said that while the financial situation is improving for many employees, long-term financial worries linger, leaving them feeling vulnerable. 

Financial worries, which are strongly linked to stress, ultimately have an impact on people’s ability to perform their best work. Higher levels of absenteeism can occur in employees with financial concerns, and people struggling financially report being highly distracted on the job 12.4 days per year on average, compared to 8.6 days for those not worried about their finances.

While helping employees with personal financial can help, employers should tread carefully, Nyce says. Only 41% are open to having their employers encourage them to better manage their personal finances. Even fewer — 30% — feel comfortable with their employers sending targeted messages to employees with financial issues. So while financial wellness is becoming a hot topic, perhaps be careful in how you present the programs.