New survey finds average American worker spends at least three hours per week worrying about finances at work, but employers can help with the support of their financial partners
Financial well-being at work is no longer just the concern of HR departments – one item among a list of employee benefits. Company leaders are coming to recognize the role of wellness as a key pillar of business strength. The latest findings from PNC’s 2024 Financial Wellness in the Workplace report shows that money is a significant stressor for both employees and employers, something that companies seek to solve. The data shows 78% of U.S. employers say their employees are financially stressed, and 85% of workers worry about personal finances while at work, impacting both their productivity and happiness.
“If your finances are a major source of stress, you’re going to be distracted and less productive at work, and we want to be able to solve that for our employers,” says Briana Hansen, SVP at Wintrust Financial, in Crain’s Chicago Business. “A robust financial wellness program improves employee engagement and fosters loyalty, while also providing an opportunity for employers to leverage these added benefits to create an employer of choice status.” The issue is so important that the FINRA Education Foundation created Financial Wellness at Work to help organizations identify the processes and partnerships for organizations to implement a successful workplace program.
“Work is where the biggest financial decisions are being made,” says Bobbi Rebell, a certified financial planner and founder of Financial Wellness Strategies, in U.S. News. To address the rising need for workplace financial wellness, Bank of America’s Workplace Benefits program integrates technology to help center employee goals. “Supported by industry research and our insights from working with millions of employees, the Financial Wellness Tracker is a proprietary assessment that calculates a financial wellness score based on where an employee is today.” The program includes personalized plans and financial education from Better Money Habits.
A partnership between PeoplesBank and Nymbus empowers people to build their financial futures. “In today’s competitive job market, comprehensive financial wellness solutions are no longer just a perk; they’re a necessity,” says Nymbus CEO Jeffery Kendall. “Our collaboration with PeoplesBank brings to life a vision where better banking serves the heartbeat of America’s workforce.” Going beyond banking accounts, the partnership includes “Employer-Led Bank” and “Union Workers Financial Services” programs. Kendall says, “This end-to-end solution enables PeoplesBank to craft unique banking experiences that resonate with employers and unions alike.”
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