The percentage of employees experiencing high or overwhelming financial stress grew to 23 percent in 2013, found a recent survey. Financial Finesse, a financial education provider, also reported that stress levels varied by demographic group.
People with incomes lower than $60,000, members of Generation X (ages 30-44), and women with minor children in the household were more likely to report financial stress. Among low-income women of ages 30-44 with minor children in the household, 58 percent reported high or overwhelming financial stress.
Stress levels increased between 2011 and 2013, despite improvements in investor and retirement confidence. Researchers noted: “fewer employees cite external factors like the stock market and U.S. economy as the main cause of their financial stress. Instead, more employees are citing internal factors like not having control over their finances or thinking that they will be unable to meet their future financial goals.”
Employer-sponsored benefits and financial education can help employees better manage financial stress. As any HR manager knows, a stressed employee is not a productive employee. USI Metro consultants can provide more information on what a sound benefits program can do for your organization.