77% of workers say credit card debt is a problem, while 45% say they're distracted by financial stress on the job, per the 2024 Workplace Wellness Survey from Employee Benefit Research Institute and Greenwald Research. We explore why smart employers are turning to financial coaching to boost profits and impact in our latest article (link in first comment). TLDR: Personal, data driven, solves for interconnected issues. The virtue of personal financial coaching is that it is tailored to each member of your team, solving for diverse individual challenges amidst systemic ones like inflation, high interest rates, and the rising costs of financial services themselves. Employers who prioritize 1x1 financial coaching prioritize what data are telling us about reducing employee financial stress (literacy alone isn't enough), changing behavior, and creating a supportive culture where people can thrive. #CreditCardDebt #humanresources #benefits #financialcoaching
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We've recently explored how employees' financial worries impact a company's bottom line. Financial stress is pervasive, affecting workers across all income levels. A Financial Finesse report revealed that 27% of workers endure high financial stress, and even six-figure earners are not immune. Here's the hard truth: - Financially stressed employees are over twice as likely to seek new employment. - They're 55% more distracted at work by their finances. - The cost? Billions in lost productivity. The psychological toll is equally heavy, as financial pressures lead to anxiety, depression, and cognitive impairments. The result? A workforce struggling to maintain focus and efficiency. But there's a silver lining. Employers can turn the tide with financial wellness programs, offering tools like emergency savings accounts to boost resilience and empower workers. By addressing financial stress head-on, businesses support their employees and strengthen their foundations. Let's not underestimate the power of financial wellness in unlocking our teams' full potential. Our latest piece thoroughly examines financial pressures at work, their effects on employees, and strategies for managing them effectively. (Click the link in the comments to read the full article)
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Financial stress isn't just a personal issue, it’s a business issue that impacts performance across the board. According to a recent survey by Lifetime, nearly 40% of UK workers are losing sleep over financial concerns, with many avoiding discussions about their finances entirely. This anxiety leads to fatigue, reduced focus, and diminished productivity, all of which affect overall company performance. Over 80% of employees expressed a strong desire for financial wellbeing support from their employers, emphasising the need for financial education in the workplace. Read the full article here: https://bit.ly/3YQri0P #FinancialWellbeing #EmployeeSupport #WorkplaceWellbeing #HRLife
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What’s more expensive: helping employees save or losing them to financial stress? Financial stress isn’t just personal—it’s a workplace problem. Nearly 3 in 5 workers live paycheck to paycheck, and 68% say financial worries impact their mental health. This affects focus, productivity, and loyalty. Without a safety net, even minor emergencies can spiral into debt, absenteeism, and turnover. Employers pay the price in lost talent and higher costs. Emergency savings accounts (ESAs) offer a way out. These accounts empower employees to save consistently and tackle unexpected expenses without stress. By implementing ESAs, companies can reduce turnover, boost morale, and build a resilient workforce. Financial wellness is a necessity. Learn how ESAs create confident, focused employees. Full insights in our blog Link in comments.👇
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More and more employees say they would benefit from a workplace benefit that includes financial planning. Having worked and lived through the damaging effects of the Covid-19 pandemic, many people would have been forgiven for hoping that the next few years would bring a semblance of peace and prosperity. In many instances those hopes have been dashed. Knowing just what your money can or cannot do for you is a vital element of financial wellbeing, which is now recognised as the number one workplace benefit. But any financial wellbeing service worth its salt simply HAS to include the opportunity to put a PLAN in place that will safeguard an employee's financial future, and include their goals and ambitions. In Lifetime's latest Employee Survey, over half of workers (52.83%) said they would benefit from financial planning. That figure is up from 41.14% in Lifetime’s 2023 winter survey. https://buff.ly/3WRSGGY #survey #employeewellbeing #financialwellbeing #financialhealth #financialeducation #fridayfeeling #employers #GoodFriday
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According to research from Bank of America, U.S. workers' financial stress reached a 10-year high in 2023, with only 42 percent rating their financial health as good or excellent – a significant drop from previous years. But why should employers care about their employees' financial well-being? Because financial stress doesn't stay at home – it follows employees into the workplace, affecting their job performance and overall productivity. Workers struggling with money worries often find themselves distracted on the job, leading to decreased focus and engagement. Those who are struggling financially are also more likely to leave their current job in search of better opportunities, leading to higher turnover rates. As leaders, we cannot afford to ignore the financial well-being of our employees. Only 2 in 5 employers currently offer financial wellness programs, despite the overwhelming consensus that employers have a responsibility to support their employees in this area (76 percent of employees and 96 percent of employers). While some employers are taking steps to address financial stress by offering things like counseling, student debt repayment, and emergency savings options, more needs to be done. It's not enough to simply pay employees – we must also ensure that they have the tools and resources they need to thrive financially. We need to take meaningful action to support our team members during these uncertain times. This means providing comprehensive financial wellness programs that address the unique needs of our employees. It means offering resources and support to help them navigate financial challenges and build a more secure future. So, let's make a commitment to prioritize the financial well-being of our teams. Let's take proactive steps to support them on their journey toward financial stability. Full article: https://lnkd.in/eeqJnbD8 #PositiveHRPsychology #HumanResources #EmployeeEngagement #EmployeeSatisfaction #WorkplaceTransformation #HRInnovation #HRInsights #Leadership #LeadershipDevelopment #Wellbeing #PerformanceManagement #Performance #HumanResourcesManagement #HRManagement #TalentAcquisition #EmployeeDevelopment #WorkforcePlanning #HRStrategy #EmployerBranding #MentalHealth #DiversityandInclusion #Recruitment #WorkplaceCulture #CultureTransformation #Onboarding #SmallBusiness #Business #Startup #HR #FinancialWellness #FinancialWellbeing #Finances
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💬 I’ve been there... struggling with financial stress, and feeling like I had no where to turn for support. That's why I founded Bippit®, with a mission to provide every employee with expert financial guidance. However, our latest report on financial wellbeing has uncovered more issues than ever before from financial stress at work. After surveying thousands of employees, and hundreds of HR professionals, our research has found that certain groups, such as women and non-managers, are being left behind when it comes to financial support at work. 📊 Here are some of the key findings: - 28% of women worry about money daily, which is 3x more than men - 30% of non-managers experience daily financial worries, compared to just 13% of managers - 14% of women, and 19% of non-managers feel like they have nowhere to turn for financial support. These findings are not just statistics - they're a a call to action for business leaders and HR professionals. Financial wellbeing is no longer a “nice to have”, it’s a business strategy, to protect staff, retain your best people, and help them make the most of their compensation. So what can you do? 💡 Here are some ideas: - Ensure that your financial wellbeing support can reach all employees. - Try to normalise the conversation around money at work, so it's no longer "the elephant in the room". - Tailor whatever support you provide, so those who need it most aren’t left behind. Together, we can build workplace cultures where every employee, no matter their background or situation, can deal with their financial concerns and achieve their goals in life. 🛠 Download The Inclusion Edition and let’s start the conversation >>> https://lnkd.in/dJj6gxRs #FinancialInclusion #HRCommunity #FinancialWellbeing #WorkplaceWellbeing
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A Bankrate survey found that 60% of respondents reported their income hadn’t kept pace with rising living costs through 2023. 📊 Finances are one of the top contributors to employee stress. And, in turn, this stress follows them into the workplace, affecting their wellbeing and their performance. So, what can employers do to help alleviate money anxiety at work? Here are just a few ideas: - Financial education workshops - Expert financial counseling - Flexible Spending Accounts Dig into all 8️⃣ ways a wellness program can help employers address their employees’ financial wellbeing in the blog: https://hubs.ly/Q02ybpFG0 #financialwellbeing #mentalhealthawarenessmonth #moneyanxiety #wellnessatwork
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Latest data on why Financial Well-being is a Must-Have in today's workplace In our current economic climate, employers can't afford to overlook the critical importance of comprehensive financial well-being programs. 📊 Recent data shows why: • 84% of employers say financial wellness tools reduce employee attrition • 60% of employees believe it's their employer's responsibility to ensure their financial security A truly impactful financial well-being program should include: 1️⃣ Short-term financial advances 2️⃣ Budgeting and debt management tools 3️⃣ Long-term financial education Benefits of a comprehensive approach: ✅ Reduced employee stress and improved mental health ✅ Increased productivity and engagement ✅ Enhanced employee retention ✅ Improved overall company culture At Bridgeover, we're pioneering an integrated approach that combines immediate financial relief with AI-powered alerts and financial education, ensuring employees not only survive financial challenges but thrive in the long term. Is your organization prepared to meet the evolving financial needs of your workforce? Let's discuss how a holistic financial well-being program can transform your workplace! #FinancialWellness #EmployeeBenefits #WorkplaceCulture #EarnedWageAccess
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💸 Did you know? The #1 concern for American workers isn't career growth or work-life balance.... ...it’s simply covering monthly expenses. 💸 According to recent data from Mercer, employees across the U.S. are feeling the squeeze of rising costs. With everyday essentials becoming harder to afford, it's clear that financial wellness isn’t just a buzzword—it’s a necessity. Imagine if companies prioritized real solutions to help alleviate this burden. What if your employer offered benefits that could save you $2,000+ per year on bills you’re already paying? 👀 At Previ, we’re making it our mission to ease this struggle, helping employees put real money back in their pockets every month. Because financial security shouldn’t feel like a luxury. 🌟 How is your company addressing the financial stress of its employees?
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Our alumni partner, nudge, recently released their 2024 Global financial wellbeing report, with insights from 11,500+ people across 17 countries. The current state of financial wellbeing spans a range of emotions. People are feeling less anxious and more hopeful about their financial future and achieving their goals. Yet, 9 in 10 employees face at least one financial barrier to achieving their aspirations. This report uncovers how employers can remove these barriers and open a world of opportunity for their people. Download this report and find out: - Trends in the financial health, needs and desires of 11,500+ people around the world -How employers can remove the barriers stopping employees achieving their goals - The impact this has on employee wellbeing and the employer-employee connection #financialwellness #financialeducation #worldofopportunity
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https://mytrustplus.org/2024/11/13/credit-card-debt-is-a-problem-for-77-of-u-s-workers/