Reflecting a national trend, Capital Region employees are literally getting sick over money. Very sick.
One in four employees are in serious financial distress. As many as 80 per cent of employees waste 12-20 work hours per month worrying about finances. The cost of this loss of productivity is estimated to be $7,000 per employee per year. (Source: CorporateWellnessMagazine.com)
How do employees handle their financial issues?
- 90 per cent are losing sleep over their finances.(CorporateWellnessMagazine.com)
- 86 per cent report they are experiencing some degree of financial stress. (BenefitsPro.com)
- 70-90 percent of doctors visits, according to employees, are related to stress; health concerns include insomnia, ulcers, migraines, back pain, depression and heart attacks. (CorporateWellnessMagazine.com)
- 71 per cent would have found it difficult to meet their financial obligations if their paycheck was delayed for even one week. (CorporateWellnessMagazine.com)
- 26 per cent do not pay all of their credit card bills on time. (CorporateWellnessMagazine.com)
- 46 per cent have less than $10,000 saved for retirement and only 42% have calculated how much money they will need in retirement. (ebri.org)
If each employee only slightly increases his or her financial stability, the result could contribute as much as $450 per employee per year to the bottom line of the company. Employers can cut health care costs by $300 for each employee who improves his or her financial behaviors and financial well being. (Professor So-Hyun Joo, Texas Tech University, “Workplace Financial Education Improves Financial Well-Being;” E. Thomas Garman, president, Personal Finance Employee Education Foundation, Inc.)
Dave Balog teaches financial wellness for groups and families. For a free booklet on family money basics, write firstname.lastname@example.org or call 646 667-4254.