American workers are financially stressed—and they want their employers to do more to alleviate that stress, according to a new Financial Wellness Survey out today from Qualified Plan Advisors, a subsidiary of Prime Capital Investment Advisors.
“Employers need to answer the call and take action to help minimize the financial stress felt by their employees.”
Makila Hennig, Prime Capital Investment Advisors
Younger workers are particularly stressed about their finances, the second annual survey found. Employees under 30 years old report experiencing the most stress at an alarming 78%, compared to 68% for all workers. And more women (71%) than men (62%) report having financial stress.
Seven in 10 (70%) believe their employers should assist them in achieving financial well-being, and 65% state that financial wellness programs are a key factor in job selection.
The survey assessed the financial health and behaviors of employees within 75 organizations across 15 industries revealing the impact of financial stress on today’s workforce and spotlighting the critical role of employers in employees’ overall financial well-being.
“Financial stress impairs employees’ overall health and career success. Employees are actively looking to their employers for support to improve their financial well-being,” said Makila Hennig, Director of Financial Concierge at Prime Capital Investment Advisors. “Employers need to answer the call and take action to help minimize the financial stress felt by their employees. Financial wellness programs have shown to increase employee satisfaction and productivity, while creating a culture of support.”
Mental health issues (31%) and sleep problems (31%) are the top areas affected by financial stress. Personal relationships and physical health are also impacted. The survey also found 80% carry debt, with mortgages, credit cards, and student loans being the most common. Further, 64% said they lack sufficient emergency savings.
Over 65% of survey respondents express that they are lacking confidence in understanding their current investment strategies’ ability to meet their retirement goals—which jumps to 72% for women compared to 52% of men. And 72% of employees either find themselves off course in achieving their retirement objectives, have yet to establish a retirement goal, or possess a goal but harbor uncertainty regarding their progress toward it.
The QPA Financial Wellness Program provides a variety of solutions designed to improve employee benefits by offering educational resources and addressing poor financial habits. This empowers employees to take charge of their financial futures. The program’s effectiveness is shown through high participant satisfaction and decreased stress levels, highlighting QPA’s dedication to enhancing financial well-being throughout the workforce.
Overland Park, Kan.-based Qualified Plan Advisors has been delivering employee education for over 20 years. Its team of investment management professionals works with plan fiduciaries to implement investment and retirement savings strategies intended to make a difference in participants’ futures.
Visit here for a more detailed overview of the survey findings and to learn about the QPA Financial Wellness Program.
SEE ALSO:
• More Americans Feeling ‘Financially Well’ This Year
• Investors Report Concerns Over Hitting ‘Magic Number’ for Retirement
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.
