Employee Financial Wellness: 5 Financial Stress Statistics for 2020

Employee financial wellness: 5 financial stress statistics for 2020. How much financial stress costs employers and how employees really feel about financial wellness programs.

The latest Financial Stress Survey from John Hancock Retirement found that financial wellness programs improve job retention, stress levels, and job productivity. Financial wellness programs are now a component of employee benefits that employers can’t afford to ignore.

Employee Financial Wellness: 5 Financial Stress Statistics for 2020

Here are the top 5 most important findings from the report:

5. More than half of employees worry about personal finances at work at least once a week, causing workplace distraction and loss of productivity.
4. Only 18 percent of employees feel very confident in their ability to make the right financial decisions.
3. Loss of productivity combined with absenteeism from financial stress cost more than an estimated $1,900 per year, per employee, and total an estimated annual loss of $1 million for midsized employers and $19 million for large employers.
2. 77 percent of employees find financial wellness programs important.
1. 70 percent of employees feel like financial wellness programs have helped reduce their financial stress and increased their loyalty to their employer.

Financial Wellness Programs: Personalization Is a Must

Almost 90 percent of employers say they currently have or are developing a financial wellness strategy, but only 20 percent of employees claim their employer offers anything more than a limited financial wellness program, according to the report by John Hancock Retirement.

While most employees are experiencing financial stress, they’re all experiencing it in different areas and to different degrees. That’s why it’s increasingly important that employer solutions like financial wellness programs have capabilities for customization and personalization to make sure they can address each employee’s unique financial pain points.

Financial wellness programs, like Best Money Moves, are mobile, personalized, gamified and easy to use. Best Money Moves provides practical, unbiased help so employees can make smarter financial decisions.