This is an excerpt from this Industry Tech Insight article.
In today’s day and age, there are numerous reports of increasing anxiety levels, low motivation, and exhaustion. But have we ever thought that the people struggling with those problems are the same people showing up to work at various organizations? This is not about a few employees just having a bad day. These are heavy troubles that take a toll on how the employees operate at work—most of these troubles are rooted in financial stress.
A recent study by Ceridian and the Financial Wellness Lab of Canada shows that 82% of employees worry about their money problems while at work in North America. Of these, 23% worry about it at work for more than an hour a week. It shows that personal finances are the number one cause of employee stress. It is more critical than workload, health, and relationship problems combined. This leads to an estimated loss of productivity of 664-billion-dollar U.S. per year for North American companies.
The market is growing, and with an economic context that will remain difficult, employers and their employees will be actively looking for solutions to solve the issue. Last year, 97% of employers said they were responsible for their employees’ financial wellness. And 74% of employees said employers must offer financial wellness benefits.