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Financial wellness emergency! Workers spend hours a week at work grappling with finances

Employers should provide in-person group education meetings, as well as access to financial consultants and advisors to help employees make informed personal financial decisions, recommends a new survey.

By Tom Gresham | May 31, 2023 at 08:25 AM
Man drowning in debt

A new survey from Financial Fitness for Life, which provides financial education to employees, demonstrates how seriously financial concerns are weighing on employees and affecting their time in the workplace.

The company’s first annual Financial Wellness Survey found that 50% of employees spend an average of 2.5 hours per week grappling with personal finances while at work, taking a toll on their productivity and well-being. In addition, 75% of respondents to the survey reported experiencing moderate to extreme financial stress.

Among the reasons for that stress are that 64% said they are not prepared for emergencies, and 80% said that they are struggling to effectively plan for retirement. Meanwhile, more than half said they do not have a budget or have not reviewed their budget in the past six months, and only 27% think they have adequate insurance coverage.

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