Doubling down on financial wellness: The key to winning the talent war?

(Photo: Shutterstock)

Employers might say financial stress is best left outside the workplace, but that could be impossible for employees. A recent online survey of 1,210 American workers by insurance tech company YuLife, Stress to Success: Why financial wellness is the next frontier in employee benefits, suggests that a full 70% of employees say financial stress hurts their workplace productivity, while 32% of workers report financial stress strains their mental and physical health. Some two-thirds of employees said they were more likely to apply to a job if a company indicated a willingness to support their financial wellbeing.

The trend is especially noticeable amongst younger workers, with 42% of 18 to 24-year-olds and 37% of 25 to 34-year-olds reporting financial stress hurts their mental and physical health. Moreover, 66% of workers aged 18 to 24 believe that one’s employer is responsible for supporting their finances beyond just providing a salary, compared to 45% of working adults overall.