“When thinking about wellness, financial wellness is the first thing that comes to mind,” said no one ever.
Wellness is usually synonymous with physical health; however, employees actually regard financial stress as their number one concern—five times greater than personal health. So discounting financial wellness and its role in overall well-being is—to put it nicely—a tad ignorant.
Americans are struggling financially and feeling the stress, according to research:
- 85 percent of employees report some level of financial stress
- Seven out of 10 American workers say their most common cause of stress is financial stress
- Nearly half of Americans don’t have enough saved to cover three months’ worth of expenses
- 28 percent have no emergency savings at all
- Six out of 10 American adults lose sleep over at least one financial problem
Golden Opportunity for Employers
Workplace wellness programs hold the holy grail of opportunity when it comes to financial wellness. It is an essential aspect of overall well-being, and 72 percent of employees are interested in their employers providing programs to help them make financial decisions.
A Health and Money Matter
Financial stress is just as bad as any other type of stress, and can lead to headaches, high blood pressure, heart problems, depression, anxiety, and more—a recipe for increased healthcare costs. It’s estimated that 75 to 90 percent of doctor’s visits are due to stress-related ailments.
If a wellness program doesn’t offer a robust financial wellness option and budgeting tools, they’re doing it wrong. Employees of all income levels should be educated about the many misconceptions of budgeting. It’s more than counting pennies—it’s about setting financial goals and gaining financial freedom.
Many employees deal with financial stress, which leads to health problems and absenteeism that affect your bottom line in more ways than one. A holistic approach to workplace wellness, including financial wellness, is what dreams are made of. The American dream, for some.