We’re stressed about financial stress. The vast majority of workers (69 percent) are stressed over their finances, costing companies approximately $2,000 per employee.
Most respondents admitted to worrying about personal finances while at work, with one-third doing so more than once per week.
John Hancock found that more than three-quarters of survey respondents cited lack of retirement savings as a leading factor affecting their stress, with nearly half reporting they worry about it “a great deal” and only 40 percent expecting to retire “about when planned.”
Rounding out the top five causes of financial worry were:
- college loans (76 percent),
- monthly rent payments (64 percent),
- lack of emergency savings (59 percent), and
- overall current financial situation (62 percent).
That financial stress is triggering both physical and psychological symptoms for about 60 percent of respondents, causing anxiety, lack of sleep and a feeling of being overwhelmed—all of which can affect a person’s productivity in the workplace.
“People need help managing competing financial obligations, and it is up to providers, advisors, and employers to offer participants a holistic approach to financial wellness,” Patrick Murphy, president and CEO of John Hancock Retirement Plan Services, said in a statement. “That is how we will help people achieve financial success, whatever that may mean to them.”
Helping employees reduce their financial worries shows promise for employers.
More than two in five respondents feel they would be more productive if they did not spend time worrying about their finances at work.
Three in five respondents think getting financial advice at work would reduce their stress and 65 percent believe it would help them start saving more for retirement.
When asked what financial issues they would like help with, three-quarters cited retirement income preparation aid, followed by Social Security and Medicare claiming (60 percent), and debt counseling (32 percent).