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Financial stress is wreaking havoc on your employees’ happiness and productivity. Even prior to COVID-19, many workers spent hours every week worrying about personal finance concerns like debt, retirement readiness, and even hitting long-term goals like saving for college. Those stressors not only impacted individuals, American businesses also lost $500 billion annually as a result. According to a March 2020 Betterment for Business report, 77% of millennials and Gen Z savers say that thinking about their finances causes them stress.

The economic impact of the ongoing global pandemic has likely only increased your employees’ financial anxiety, with factors such as reduced salaries and spousal unemployment weighing on them. A recent survey by Edelman Financial Engines found 46% of workers are “extremely” or “moderately” concerned about their household income in the COVID era, with their top concerns including retirement savings, job security, and health care costs. It’s more important than ever for employers to prioritize the financial health of their employees.

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