Today, TalentLMS, a learning management system backed by Epignosis – in collaboration with Enrich and Tapcheck – is releasing results of a survey that examines employee attitudes around financial wellness programs at work. The study revealed economic uncertainty caused by rising inflation and recession fears is detrimental to the health and well-being of U.S. employees who are seeking more support from their employers than they are currently receiving.
Of the 1,000 US employees surveyed, only 5% say they have met their financial goals, with inflation (62% of respondents) and insufficient income (48% of respondents) being the two main obstacles in reaching their goals. In addition, talks of a recession have made seven in 10 employees more concerned about their financial wellness.
Nearly half of employees admit having experienced physical and mental health issues due to money-related stress. Zooming into generations, Millennials appear to be facing the greatest challenges; 66% of millennials report having experienced mental health struggles due to money-related issues compared to 59% of Gen Z, 47% of Gen X, and 24% of Baby Boomers.
“Financial stress and inequity are a direct detriment to an employee’s well-being, and ultimately their job performance,” said Alex Gostomelsky, CFO at Tapcheck. “Fortunately, there are a variety of financial wellness benefits, such as savings, budgeting, and on-demand pay, that give employers turnkey offerings to empower their employees toward financial freedom.”
When it comes to financial wellness benefits, retirement planning, investment programs, and emergency savings are the top three financial wellness benefits employees would like to receive from their employer.
“Financial training and support is a low investment, high output benefit and, combined with financial wellness products (FSAs, investment options, contribution matching etc.), will help create much needed stability and peace of mind,” said Christina Gialleli, Director of People Ops at Epignosis.
In fact, 51% are receiving financial wellness training from their company, out of which 73% say it is helping them feel more safe and secure. Employees also care about financial advice beyond the traditional sense. Forty-eight percent of employees surveyed believe it is important to get advice from their employer on new currencies (e.g. NFT, cryptocurrencies), while 53% believe it is valuable to get guidance on monthly spending and saving.
The survey also revealed less than half of employees (49%) feel they are on track to meet their financial goals and retire by the desired age. Male employees are more likely to report being on track to retire by their desired ages (57%) compared to female employees (41%).
In light of inflation, 78% of employees find it important to get support from their company. Unsurprisingly, 68% of employees state that they are more likely to stay longer at their current job if their employer offers financial wellness benefits. More than half of employees (61%) are more likely to stay at their current job if financial wellness training and resources are offered.
“This new data reveals how important financial wellness is to today’s employees, especially with the financial challenges we are all facing,” said Kris Alban, Executive VP at Enrich. “Because of this, employers have a unique opportunity to attract and retain employees by offering financial wellness benefits and education.”
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