GuideSpark Study Shows Over 75% of U.S. Employees Affected by Financial Stress

February 8, 2016

 

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81 Percent Less Likely to Leave a Company that Helps Improve Personal Financial Standing

MENLO PARK, Calif., Feb. 8, 2016 – GuideSpark, the leader in workforce communications, released survey results that emphasize the growing importance employees place on financial wellness services and benefits when choosing a new job, staying in their current job and on their overall well-being.

Overall highlights include:

  • Employees feel impacted by financial stress (75 percent).
  • Many employees are less likely to leave a company if they perceive it as helping them improve their financial standing (81 percent).
  • Millennials expect employers to play a role in helping them prepare for their financial future (87 percent).

“To date, little has been studied about the importance of financial wellness to millennial job satisfaction and workplace decision making,” says GuideSpark co-founder Jon Wolff. “This survey shows that employees in general are under tremendous financial pressure, and millennials are concerned. Employers that relieve some of that pressure, beyond salary, are bound to be rewarded with increased productivity for Gen-X workers, retirement readiness for boomers and attractiveness for millennials.”

Complete survey results include:

  • 78 percent of employees would chose to join a company that offered financial health benefits over one that didn’t.
  • 81 percent of employees would be less likely to leave a company that was helping them improve their financial standing.
  • 87 percent of millennials say their company should play a role in helping them prepare for their financial future.
  • According to employees, the top benefits of a financial wellness program are:
    • Reduce financial stress (81 percent)
    • Appreciate their company more (76 percent)
    • Lower their healthcare costs (65 percent)
    • Improve their physical health (62 percent)
    • Enable them to focus more on their jobs (56 percent)

Employees surveyed say the following areas give them the most financial stress:

    • Saving enough to meet retirement goals (69 percent)
    • Having enough cash savings to cover the employee and their family if one loses their job (68 percent)
    • Being financially prepared for expected life changing events (i.e. marriage, new child, job change) (63 percent)

The GuideSpark Financial Wellness survey was conducted in September 2015. Of the 362 respondents, 54 percent were women, 46 percent were men, 20 percent were millennials and 37 percent were aged 55 and older. Fifity-two percent were individual contributors (non-managers), and 22 percent had incomes above $100,000.

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