Financial Wellness & Workplace Productivity
How does financial wellness impact workplace productivity? It’s simple: financially healthy employees are safer, happier, and more focused, leading to increased morale, decreased absenteeism, lower healthcare costs, and higher retention rates.
A study by the McKinsey Global Institute found that more than one-third of U.S. employees are stressed about their finances. Similarly, a Morgan Stanley study revealed that 78% of employees experiencing high financial stress admit it distracts them at work. In our own surveys, nearly 90% of employees reported at least one financial problem, with 40% citing work as a significant source of stress.
Financial stress doesn’t just hurt employees—it takes a toll on your business too. Stressed employees are less productive, less satisfied, and more likely to leave, resulting in costly turnover. Worse, financial stress contributes to mental and physical health issues like depression, anxiety, and burnout, further decreasing productivity and increasing healthcare expenses.
Financial Wellness Improves Workplace Productivity
When employees are financially stressed, they may bring that stress to dangerous work environments, increasing the likelihood of accidents. This is especially concerning in industries like construction, where safety is paramount. But no matter the industry, financially stressed employees are more prone to distraction and errors.
The good news is that financial stress can be addressed effectively in the workplace. Financial wellness programs help employees manage their money, reduce stress, and regain focus. These programs have been shown to improve productivity by up to 5% according to Harvard Business Review, while also reducing injuries, absenteeism, and turnover.
Save Millions with Financial Wellness
Encouraging financial wellness doesn’t just benefit employees—it saves businesses millions. A financially confident workforce is more engaged, productive, and loyal. These programs are cost-effective, simple to implement, and improve company culture for businesses of all sizes, from small teams to enterprises with 200+ employees.
Start fixing workplace financial stress today. By supporting employee financial wellness, you’ll build a safer, healthier, and more productive workplace while protecting your bottom line. Invest in financial wellness to supercharge workplace productivity.