The Society for Human Resource Management (SHRM) recently issued the results of its 2014 survey, Financial Wellness in the Workplace, which asked 400 HR managers about employees’ financial attitudes and challenges.
Seventy percent of HR managers said that employees worrying about money were impacting job performance and productivity in the office. As for what, specifically, was troubling workers, over 40% of survey respondents said that a general inability to cover personal expenses was causing stress. And nearly 40% said that their company’s employees were struggling financially now more than they were when the economy went into recession in 2007.
When asked whether employees were facing more money challenges now as compared to one year ago, 25% of HR managers said that they were.
One way HR personnel know that employees are facing financial troubles is when they ask to take out a loan against their retirement savings or request a hardship withdrawal from retirement funds. In the past year, respondents said 60% of the employees they supervise had asked to take out a loan, and 44% had requested hardship withdrawals.
Financial wellness workshops help, but are costly
To help employees better deal with financial stress, many companies strive to provide education programs with the goal of teaching workers financial wellness principles. But such programs cost money to run, and some companies feel they cannot afford such an expense. They are worth the money, say finance experts. Shawn Gilfedder, CEO of McGraw-Hill Federal Credit Union, which sponsored the SHRM study, said, "Companies can and should take action to help employees effectively address their financial concerns, which will help improve the lives of workers and their families and also help strengthen company performance.”
HR workers thought that if their companies offered financial wellness education, Baby Boomers would be the most likely to participate, at a rate of 70%, followed by Generation X, at an anticipated rate of 53%.
When it comes to retirement planning seminars, HR folks thought 77% of Baby Boomers would be eager to participate in such an event, compared to 44% of Generation X workers—for whom retirement is further in the future.
Gilfeddersays that if companies offer financial education, they will reap the rewards. Reducing employee stress, higher employee loyalty retention and greater company productivity are the main benefits of financial wellness education.
Read Also Related News
Bankrate has recently conducted a survey of U.S. consumers’ payment habits amid the coronavirus. According to it, the number of Americans paying for grocery purchases with credit cards increased significantly in April and reached 46%....
The coronavirus pandemic has caused significant damage to the economy of the country and the whole world. No wonder that spending habits of Americans have also undergone some changes. For example, since the borders of many countries has...
Recently U.S. News & World Report - a multi-platform publisher of news and information, conducted an online credit card debt survey with more than 1,000 adult respondents. It turned out that a huge number of American cardholders were...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...