Guidance on how employers can meaningfully bolster employees’ financial well-being right now

Money is the No. 1 cause of mental anguish and anxiety for many.

Not having enough, not making enough, not knowing what to do with what we have or how to properly plan for the future is a source of stress for employees. What role can—and should—employers play in maintaining employees’ financial wellness? According to Aaron Harding, PwC’s financial wellbeing leader, it’s crucial for employers to address the financial issues employees are dealing with right now.

“Employees have anxiety at work due to job instability often coupled with uncertainty at home regarding household income or depleted government aid. They are often struggling to manage deferred debt payments that are coming due,” Harding says.

All that stress is affecting work performance, too.

“Even pre-COVID, more than one-third of employees admitted to being distracted by their finances while at work, and 50% of them said they spent three hours or more at work each week thinking about or dealing with issues related to their personal finances.”

Data shows it’s incumbent upon companies to take a more proactive, hands-on approach to addressing employees’ financial concerns.