The Cost of Financial Distractions
Stress over income insecurity has a business cost: as more employees worry about finances, productivity and performance suffer which leads to expensive consequences for employers.
This stress also takes a toll on staff. Half of all employees report they worry about their personal finances while on the job, and more than 40% say that their level of stress about financial issues has increased over the past year (PwC, 2018. Employee Financial Wellness Survey: 2018 Results).
Employers have a role in supporting their employees' financial well-being, and Filene's research shows there are bottom line benefits in doing so, but it starts by understanding the impact of financial stress.
WHAT IS FINANCIAL STRESS COSTING YOUR ORGANIZATION
# of employees
# employees spending 3+ hrs/wk on finances
# hours lost
# $ lost per year
Sources: Credit union salary and benefits data from 2018. Loss estimates based on: PwC. 2017. Special Report: Financial Stress and the Bottom Line. New York: Pricewaterhouse Coopers LLP. http://financialwellnesscoaching.coachesconsole.com/uploads/supplements/pwc-financial-stress-and-bottom-line_db85596e5a686.pdf.