Financial Wellbeing Really Matters in The Workplace

Some news from the USA;

A survey published by YuLife, the tech-driven insurance company on a mission to inspire life, found that the vast majority of US-based workers (70%) believe that stress around financial wellbeing can negatively impact performance in the workplace.

Actively improving employees’ sense of financial wellbeing contributes extensively to a workplace’s desirability, with 66% of US working adults saying that a company’s ability to support their financial wellbeing influences the likelihood of applying for a job there. The report is based on the results of a survey conducted in conjunction with YouGov, which investigated employees’ sense of financial wellbeing in the workplace and how it impacts life and work.

These findings are particularly important in today’s economic climate as the feeling of being financially secure can have a huge impact on personal wellbeing, and, as a result, workplace performance. 45% of US working adults feel that it is a workplace’s responsibility to improve their sense of financial wellbeing beyond paying a salary. This issue resonates even further with the younger generation, with 66% of 18-24 year-olds feeling this way. At the same time, only 13% of US working adults say their workplace has a comprehensive set of financial wellbeing policies and initiatives while 23% say their workplace has no financial wellbeing policies in place at all.

Financial worries are a major source of stress, with 32% of US working adults saying that financial stress is impacting their mental and physical health. However, there is an age divide around this issue – 42% of those aged 18-24 and 37% of 25-34 year-olds say that financial stress impacts their mental and physical health. Similarly, while 55% of US working adults say they are worried about their financial wellbeing, this number jumps to 63% among those aged 18-24 years old. As the next generation of employees enters the workforce, employers seeking to attract and retain talent must ensure that everyone in the workplace feels financially secure.

“More and more companies are introducing robust wellness initiatives, which should always be accompanied by programs designed to improve employees’ financial health,” said Sammy Rubin, CEO and Founder, YuLife. “This survey demonstrates that employers have the power to make the difference and inspire employees to lead a better life, especially in times of economic uncertainty. As the younger generations begin to join the workforce, having a healthy workspace, both mentally and financially, is crucial, and businesses which prioritize employee health will reap the benefits by being able to attract, retain, and engage top talent.”

Additional findings include:

·       Discomfort Unveiling Financial Concerns: More than half (53%) of US working adults would be uncomfortable telling an employer that they feel financial stress. Just 14% would feel very comfortable discussing this with an employer. Among those aged 55+, 67% would be uncomfortable telling an employer that they feel financial stress.

·       Workplace Benefits: When asked which workplace benefits would most enhance their sense of financial wellbeing 28% of US working adults said income protection and a further 28% health insurance. The number for income protection jumps to 39% for 18-24 year-olds.

·       Cost of Living: When asked to select from a plurality of choices which constitute as a financial concern, 66% of US working adults said cost of living. This number jumped to 72% among those aged 55+.

The full results of the survey can be viewed here.