Stress surrounding personal finances of employee has negative affect on their productivity at work-Report

Stress surrounding personal finances of employee has negative affect on their productivity at work-Report

by admin November 02, 2022 November 02, 2022 No comments

Nearly seven in ten Millennials and Generation Z Americans report that stress surrounding their personal finances has negatively affected their productivity at work, according to a survey released  from the National Association of Personal Financial Advisors (NAPFA). In fact, 87% of working Americans reported feeling stressed about their finances, and nearly one-third (32%) reported spending half an hour or more a workday thinking about their finances.

The same survey reports that 74% of working adults sense that their coworkers are stressed about their finances due to an increase in inflation, and nearly four in five (79%) believe that employers should be more aware of their employees’ financial struggles. Further, almost seven in 10 (69%) respondents stated they would perform better at work if their employer offered more financial wellness benefits, with more than four in five (81%) Millennials and nearly three-fourths (74%) of men in agreeance.

“Due to the serious impacts of inflation and other current financial stressors, consumers desire assistance and understanding from their employers regarding financial wellness,” says Geoffrey Brown, CAE, NAPFA CEO. “Consumers can more easily navigate these financial concerns and best utilize financial wellness programs from employers with the help of a Fee-Only financial planners.”

NAPFA Consumer Survey data also reveals that the increase in financial stress is causing Americans across generations to question their financial future. Amid inflation concerns and financial stressors, survey data also reveals Americans are contributing less to their retirement:

  • Almost three in five (58%) working adults have contributed less money toward retirement due to inflation, with 69% of Millennials cutting their retirement contributions.
  • Nearly half of respondents (49%) reported that they were unsure of how much money they needed to retire comfortably, with 55% of Baby Boomers agreeing.
  • More than half (54%) of Baby Boomers, 80% of Millennials, and 72% of Gen Z believe they need to pay off all their debt before they can focus on saving for retirement.

The survey reveals that retirement plans provided by employers are not substantial enough for employees financial planning goals, creating uncertainty for many Americans.

Leave comments

Your email address will not be published.*

<br><br>You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Supportscreen tag