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By Alissa Green
Since Alliant specializes in providing financial wellness benefits to over 250+ national companies, we have a vested interest in keeping our (collective) fingers on the pulse of employee wellness data and research.
We see the importance of financial wellness every day at the office, and you probably do too. Just last week, Harvard Business Review shared an article noting that employees’ morning moods have a lasting effect on their productivity for the rest of the day.
Consider the type of mood you’d be in all the time if you were continually stressed out about your finances — and its impact on everything in your life.
Or, better yet, see the results from a recent employee financial wellness survey by consulting group PwC:
With 52% of employees stressed about their finances (according to PwC’s survey), financial wellness is no longer a nice-to-have benefit. It’s important for both employees and employers.
PwC also segmented financial issues by generation and, as you may have already guessed, Millennials are in the worst financial shape.
Nearly 1 in 2 Millennials find it difficult to meet their household expenses monthly is a shocking statistic. Of those, 37% say that those financial issues have been a distraction at work.
Keep in mind that as of 2015, there are more Millennials in the workforce than any other generation and these stats only grow in their significance.
Why are Millennials struggling more than any other group? Signs point toward the crushing burden of student loans. Solve student loans and you might just solve the main issue affecting Millennials at home and at the office:
How to solve for student loans? Helping employees be money smart through education is a good place to start.
For instance, college graduates with debt should consider whether student loan consolidation makes sense for them. Government and non-profit employees may also be eligible for loan forgiveness programs after making a certain number of payments.
It’s up to employers to decide what makes the most sense for them and their employees but the stats are clear: something must be done.
Alissa Green is the Digital Marketing Manager at Alliant. She has 10+ years experience writing/blogging and has written for Jezebel, The Onion, MyFirstApartment.com, and MyFirstCondo.com amongst other sites. The best piece of financial advice she’s gotten was from her mother, who says one should never try to beat the market (thanks, mom!). In her spare time, you can find Alissa enjoying the local comedy scene, exploring different Chicago neighborhoods, supporting the Chicago Humanities Festival and reading up on FinTech.
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