It’s easy to believe there’s a strong connection between an employee’s financial situation and their performance at work, as studies have repeatedly shown financially stressed employees are less productive than their non-stressed colleagues.
More evidence emerged this week in the form or results from the latest annual employee financial wellness survey by the National Financial Educators Council. The survey, designed to provide data that help quantify the connection between a person’s financial situation and his or her employment, shows just how big an impact personal finances have on performance, and how financial wellness programs can address the problem.
Of the more than 2,000 respondents to the survey, 53.5% said they would be more productive at work if their finances were in better shape, and 55.2% would be more content with their salary.
Beyond that, 44.9% would have a more favorable opinion of their employer if they offered financial wellness programming, and almost one in three (31.4%) said they would attend a financial education program if their employer offered one.
“These results echo what we hear from employees across the country,” says Vince Shorb, CEO of the NFEC. “Employees are concerned about their finances and appreciate employers that provide access to high-quality financial wellness programming.”
The results of this survey provide data for employers to consider when evaluating the impact of employee financial wellness programs and the potential benefits for their team.
The survey is conducted annually in conjunction with Labor Day, which is set aside to honor the American labor force and recognize those people who contribute to strengthening our country. Labor Day was initially organized by a collaborative of trade unions and became a federal holiday in 1894. The holiday shines a spotlight on the role of the workforce in building a better tomorrow for Americans and for people around the world.
The National Financial Educators Council (NFEC) is a Las Vegas-based thought leader that provides financial education resources, personal finance curriculum and advocates for the spread of financial literacy. The NFEC is undertaking research efforts to examine financial attitudes, behaviors, and health across the U.S. and worldwide. Previous studies and results of nationwide financial literacy tests indicate strong correlations between people’s financial attitudes and behaviors and their financial aptitude.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.