Financial Wellness

It’s not just business- It’s personal!

In the US, work is life and life is work. Work and life are so tightly intertwined that there is no effective way to keep them 100% separate. US employees work an average of 34.3 hours per week. That means that your employees likely spend at least 31% of their waking hours at work. The rest of their time is taken up by the daily “adulting” activities of chores, errands and schlepping their kids from one event to the next. Even weekends often provide no relief and are designated “dark days” to catch up on work not done during the workweek. 

The burnout employees experience from their home lives impacts their work, and the burnout from work impacts their home lives. Psychology Today contributor Dr. Elizabeth Hall, explains the importance of positive “spillover” and “crossover” to counteract and replace the negative effects of bringing work stress home and home stress to work. Employees who are able to share the benefits and successes of their work at home, and employees who are able to bring uplifting personal stories to work, are more likely to achieve work-life-balance. 

Work and personal finances are top employee stressors. 

Employees undeniably suffer from stress related to work and personal finances. Research cited by The American Institute of Stress and the CDC shows that 40% of Americans say their job is either stressful or extremely stressful. And 25% say that work is the number one stressor in their lives.  

Just think about the last few conversations you’ve had with family and close friends outside of work. What was discussed? Complained about? Why is it that work and finances always come up? 

Willis Towers Watson’s 2017 Global Benefits Attitudes Survey found that over the past few years, household savings have been on the decline, while debt has been rising. 45% of employees in the US now live paycheck to paycheck. 2015 to 2017, also saw a significant decrease in employees’ confidence that they will have enough money to retire. 

Job performance is linked to financial wellness.

Apart from job-related earning potential and benefits, employers are linked to employee financial health in a number of other ways. Business outcomes, for example, are jeopardized by the stress caused by poor financial planning. This is due to the impact of these stresses on job performance.

40% of employees say their finance and health related stresses are negatively impacting their performance at work. And sociological research confirms that work stress is related to home stress, and work stress measurably worsens job performance. 

Employers are in a unique position to help employees cope with and prevent financial stress. This does not mean that you are liable or responsible for your employees’ financial decisions. It does mean that you can provide tools and resources to better equip your employees to deal with the home stress that bleeds over into your workplace. By investing even a small amount to help them take control of their finances and their future, you can increase your teams’ performance and boost your bottom line.