Financial Stress Causing Problems in the Workplace
Financial stress among employees is causing serious problems in the workplace. Stressed employees face health problems such as migraines (44%), hypertension (33%), ulcers or digestive issues (27%), and anxiety and depression (23-29%), which lead to an average of 11.3 lost days of productivity each year. But stressed employees are also more likely to have a workplace accident.
The annual Financial Stress Research by Financial Finesse divided respondents into two main groups: those who have manageable financial stress (some or none) and those with unmanageable financial stress levels (high or overwhelming).
People with manageable stress levels also tend to exercise good money management behaviors and have a strong financial plan in place to achieve long-term goals. Their stressed counterparts, though, feel as if their finances are out of control, and they have little hope of improving their situation. Those with unmanageable stress levels tend to live paycheck-to-paycheck, have expenses that exceed their incomes and/or have large debt balances and no emergency savings (only 16% of those with unmanageable stress have an emergency fund, compared to 59% of those with manageable stress levels).
The study also found:
- 80% of those with manageable stress levels have a handle on their cash flow, compared to 36% of those with unmanageable stress.
- Nearly all (95%) of those with manageable stress pay their bills on time, compared to 67% of their stressed counterparts.
- Women with children at home are more likely to be stressed than men with kids. 11% of women with minor children reported having overwhelming levels of stress, compared to 6% of women without kids. Men’s stress did not seem to be impacted by kids (6% with kids and 4% without reported overwhelming stress).
Fortunately, the report indicates employers are starting to understand the importance of having a calmer workforce. 89% of employers said they are very or moderately likely to implement or expand programs that would help their workers better manage their money.