53% Employees report experiencing financial stress in the workplace. We see an even higher percentage of millennials admitting to this stress at 65%.
46%
46% Employees say they spend 3 hours a week or more thinking or dealing with personal finance issues at work. This results in wasted effort from all parties involved.
51%
51% of Millennials and 57% of Gen X employees withdraw from their retirement account for unexpected expenses.
67%
67% of employees struggle to pay bills every month, 71% carry month to month credit card balances, and 57% couldn’t cover a $500 unexpected expense.
72%
72% of employees say that they would use financial wellness services if their workplace offered it, BUT 52% of those individuals said they find it embarrassing to ask for financial help.
Cost To Employers
✱ 2010 Federal reserve study shows that $230 billion per year is lost due to a lack of productivity from financially stressed employees.
✱ 53% of workers report financial stress and 46% of those stressed admit they spend at least 3 hours a week dealing with personal financial matters in the workplace.
✱ With 10,000 employees that is almost 2,500 employees. Each employee reported losing 3 hrs. per week.
✱ 46 work weeks in a year given an average corporate salary of 17.25 hr equates to a total of $5.95 Million per year lost to financial stress (or $2,400 per employee).
✱ This also doesn’t include Absenteeism (12% of employees admit to missing work occasionally due to financial worries).
✱ This number increases if majority of employees are millennial.
Partner with us to help your employees feel more empowered with their finances.
✔ Private Community Group and Resources for your organization or company.
✔ Dedicated Member Support & Money Coach to help with company specific questions around benefits, retirement and other important money questions.
✔ Exclusive money classes and workshops made just for your organization.
✔ Assistance with your companies retirement and benefit packages and more.
✔ 24/7 Access to our community of asipring 1st Gen Millionaires.
✔ Proactive money updates, Alerts & Insights to hold them accountable & keep them informed, educated and inspired.
✔ Access to Build Your Money Team Network so employees can connect with experts one-to-one if desired.
✔ Access to Unlimited Advice Channels.
✔ Access to #Ask Penny, unlimited private money Chat to get your questions answered from a real a financial coach, not a bot.
✔ Money milestones Achievement tracking to track the progress of hitting their financial goals.
✔ Money Challenges just for your employees and organization.