The past year has placed unprecedented strain on the global workforce. With households suffering from hours being cut, jobs lost, unexpected medical costs, and more, the pandemic has shined a light on financial health.
2 in 5 households say their net income has declined by at least 25% since the pandemic began. This stress isn’t limited to those in lower-income brackets and hourly workers. Even households making above $100,000 are struggling to pay for basic expenses.
There are alarming consequences to this increased financial burden. Negative impacts on mental and physical health affect employee attention and performance while on the job, making workers less effective, with potentially dire outcomes—especially in industries like healthcare, where mistakes can be fatal.
To better understand employees’ financial health and what employers are doing to support it, Immediate, a financial wellness company, conducted two surveys in November 2020. One of 1,250 employees to assess their financial health status and challenges, and one of 200 employers to understand how they view and support employee financial health.
Key Takeaways from this Report:
- Employers—especially CEOs—significantly overestimate their employees’ financial wellness
- 90% of employees say financial concerns are having a negative impact on their physical and mental health, and on their job performance
- 80% of employees would prioritize an employer that offers an earned wage access solution when seeking new employment