Data shows 4 in 5 employees face concerning debt levels

Study shows worry over financial health, benefits

By Sean Devlin      
Employers taking more responsibility for workers' financial wellness

As the end of the year approaches, employees across the country are taking stock of where they’re at in their careers and what worries they’ve got headed into 2023. According to a report by the Employee Benefits Research Institute, workers nationwide are sometimes simultaneously worried about their wallets and their wellbeing.

Concern over household finances

According to the report by EBRI, most employees are concerned about the financial wellbeing of their households, chalking their worries up to debt levels. With 60% of respondents reporting concern over money issues, this showed an 11% rise in financial worries year over year and took precedence over both emotional (50%) and physical (48%) wellbeing.

It’s natural for everyone to worry about money from time to time. However, there are concrete steps that employers can use to help put their employees’ minds at ease. One potential solution lies in financial wellness training, where an expert can sit down with employees individually to coach them on their situation and how to make it work. Interestingly, the survey also found that only two-thirds of survey respondents claimed their companies had a responsibility to make sure they were in a situation of financial wellness. The survey also found that less than half of employees reported that their organizations offered financial wellness programs in the first place. Data like this, while concerning, shows room for growth in how to better coach employees on financial issues.

Job satisfaction does not equal benefit satisfaction

Another notable portion of the report pointed out that six in ten respondents while largely satisfied or very satisfied with their roles, there was a decrease year over year in satisfaction with benefits and work-life balance.

This can be attributed to a number of factors, but the main takeaway for employers should be that if you want to keep up a productive workplace, you need to prioritize your people. This is most often done through benefits offered and the employees’ ability to juggle work and outside life.