It’s no secret that personal finances are a leading source of stress for millions of Americans. But a survey finds employees’ financial worries are a major problem for employers, too.
Nearly six in 10 (59%) admit they regularly deal with personal financial matters during the workday, and 36% repor missing at least a partial day of work because of a personal financial situation—or the stress that comes with it.
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“Money has been most Americans’ leading source of stress for much of the past decade,” says Dean Debnam, CEO of Workplace Options, the sponsor of the survey. “So while it’s not a complete surprise to see this trend manifest itself in the workplace, the degree to which personal finance issues are impacting productivity is striking.”
The overwhelming majority of respondents (86%) report some level of individual stress or anxiety as a result of personal financial matters, with 48% saying they suffer from moderate or significant money-related stress.
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Younger workers were by far the most likely age group to report missing work because of personal finances or associated stress. Survey results for those who reported missing at least a partial workday are as follows:
- 61% of millennials (age 18 to 29);
- 32% of those age 30 to 45;
- 44% of those age 46 to 65; and
- 35% of those older than 65
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Similarly, more millennials than any other age group (74% compared to 59% overall) deal with personal finances during the workday. Millennials also are the most likely (43% compared to 20% overall) to report suffering from significant stress and anxiety due to personal financial issues.
“A lot of employers are now offering some sort of financial well-being support to employees,” she adds. “It’s clear that the younger employees are the ones who need these programs the most.”