Four years in the making, we’ve summarized our findings and recommendations on financial wellness.
The negative impact financial stress is having on businesses
Independent research showing the best ways to build financial wellness
The reason existing tools and solutions don't work for employees
Why a financial wellness solution backed by science will have the most impact on your business
In PwC’s 2018 Special Report: Financial Stress and the Bottom Line, over half of employees surveyed felt stressed about their personal finances — mostly because they couldn’t cover emergency expenses. Surveys from Bankrate and the Federal Reserve paint similar pictures. Among the 1,600 full-time employees in PwC’s study, half reported spending three or more hours each week dealing with personal finances at work, while 12% said they’ve missed work more than once to deal with money problems.
All this stress is bad for business. For an employer with 10,000 workers, PwC estimated the productivity cost of all this distraction to be as much as $3.3M per year — with an additional $166,000 for absenteeism.
Americans at all income levels live paycheck to paycheck, saving nothing for next week, let alone for their future. The best employers differentiate themselves by giving their people something that impacts them more than higher wages alone: tools for moving forward.