The Employee Financial Wellness Survey is a publication from PwC’s employee financial education and wellness practice. It tracks the financial well-being of full-time employed US adults.
Find out what employee financial stress may be costing your company in our Special Report: Financial stress and the bottom line.
This special report, based on the results of our 2017 Employee Financial Wellness Survey, delves into data around stress and its impact on the financial well-being of both the employee and employer.
Our findings evidence a correlation between an employee’s financial well-being and a company’s bottom line and may help justify an investment in a financial wellness program.
“Financial stressors are not only negatively impacting employees, but are costing employers. Stressed employees are found to be less productive, take time off from work to deal with their finances, and are more likely to cite health issues caused by financial stress. These findings are concerning and potentially significant for companies looking to evaluate the return on investment of a financial wellness program.”
Nearly one-third of all employees is distracted by personal financial issues while at work, with almost half of them spending three hours or more each week handling personal finances at work.
Fifty-three percent of all employees are stressed about their finances. Those who are stressed are more likely to be distracted by their finances at work, miss work on account of their personal financial issues, and cite health issues caused by financial stress.
More Millennial and Gen X employees are withdrawing money from their retirement plans than in prior years.
This trend is particularly concerning given the financial challenges younger employees will face in the future due to disappearing defined benefit pension plans and rising medical expenses.
Student loan debt continues to have a dramatic effect on employee financial well-being.
Among the 40% of Millennials and 31% of Gen X employees with student loans, we find rising numbers who say that their loans are having a significant impact on their ability to meet other financial goals—45% of Millennials (up from 35% last year) and 42% of Gen X (up from 31% last year).
PwC EnvisionTM, our new mobile platform, proactively engages employees to change and sustain behaviors that improve their overall financial wellness.