44% Of Full-Time Employees Worry About Their Personal Finances During Work Hours
Purchasing Power White Paper Examines How Employers Can Improve Employees' Financial Wellness
ATLANTA, Aug. 1, 2013 /PRNewswire/ -- More than four in ten (44%) American full-time workers say they worry about personal finances during work hours. And what should be of a concern to employers looking to improve engagement and productivity, 29 percent of American full-time workers recently said they spend time dealing 3with their personal finances during work hours, and of those, 46% spend an average of 2-3 hours per week at work dealing with their financial issues.[i] The financial well-being of employees affects both their health and their productivity. Employers who adopt financial wellness benefits and programs help employees ease financial stress and be more productive, which ultimately improves the company's bottom line.
Those are among the findings of a white paper released today by Purchasing Power. "Financial Wellness: The Addressing the "9 to 5" Impact of 24/7 Financial Stress" uses proprietary and industry research to explore the financial wellness of American workers. The paper examines what employees are saying about the state of their financial well-being today and how employers benefit from employees' improved financial wellness. It also discusses the role of financial wellness benefits that employers can provide in achieving financial well-being.
Responding to a nationwide survey, over four in ten (44 percent) of those who are employed and/or their spouse is employed full-time report they are much or somewhat better off financially today than they were one year ago. Yet, 28 percent have trouble meeting monthly household expenses and 44 percent say they don't have at least $2,000 in emergency savings for unexpected expenses that occur.[ii] The nationwide survey was conducted online by Harris Interactive® on behalf of Purchasing Power from June 20-24, 2013, among 2,048 U.S. adults ages 18 and older, of whom 1,029 are employed full-time and/or whose spouse is employed full-time.
In the same survey, those who are employed full-time were asked how their finances affect them at work in terms of worrying and spending time dealing with financial issues. Their answers suggest that financial concerns can impact their focus and productivity at work:
- 44 percent of full-time employees indicate they worry about their personal finances during work hours.
- 46 percent of full-time employees who spend time at work dealing with personal finances say that on the average they spend 2-3 hours per week at work dealing with personal finances.
"Stress over money takes both a mental and physical toll on workers, impacting health-related costs and reducing productivity by a significant number. Employees' financial problems become the employer's problems as well," says Richard Carrano, President and CEO, Purchasing Power. "When employers help employees with their financial wellness, it pays off. Employees experience a better financial well-being and feel less stress. For employers, the result is productive workers who are engaged and focused, and an increased bottom line," he adds.
To address their employees' financial well-being, employers are offering financial education and financial wellness programs at work in an attempt to help employees change their money behaviors and increase their financial literacy, including on-site money management and financial planning seminars.
Among the employee benefits being added to provide a financial safety net are employee purchase programs, which provide employees with a method of obtaining household items and educational services through payroll deduction. Offered through the workplace as a voluntary benefit, an employee purchase program promotes disciplined purchasing through manageable payments and pre-set spending limits and controls to prevent over-spending.
"Employers are already aware of how voluntary benefits help drive business goals. Adding a comprehensive financial wellness benefit can be an influential recruitment and retention tool," Carrano concludes.
The complete white paper, "Financial Wellness: Addressing the "9 to 5" Impact of 24/7 Financial Stress" is available in the Employer Resources section of the Purchasing Power website.
About Purchasing Power, LLC
Headquartered in Atlanta, GA, Purchasing Power is one of the fastest-growing specialty e-retailers in the market offering a leading voluntary benefit program. Purchasing Power differentiates itself from traditional e-commerce retailers through its unique payment plan value proposition, strategic benefit broker partnerships, internal marketing expertise and superior customer service. Purchasing Power is a Rockbridge Growth Equity, LLC Company. Over 6 million people have access to Purchasing Power, and since it was founded in 2001, the company has fulfilled over $1 billion in customer orders from employees and members of leading companies and organizations across the U.S., including Fortune 500 companies and government agencies. For more information, visit www.PurchasingPower.com
This survey was conducted online within the United States by Harris Interactive on behalf of Purchasing Power from June 20-24, 2013 among 2,048 adults ages 18 and older, among which 913 are employed full-time and/or have a spouse who is employed full time and 671 are personally employed full time. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Diana Mulhall, firstname.lastname@example.org.
[i] Harris Interactive and Purchasing Power Survey, June 20-24, 2013.
SOURCE Purchasing Power, LLC
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