{"id":14000,"date":"2016-12-05T15:00:29","date_gmt":"2016-12-05T15:00:29","guid":{"rendered":"https:\/\/www.wellable.co\/blog\/2016-12-05-5-statistics-reveal-employee-financial-health-getting-worse\/"},"modified":"2022-11-02T09:45:59","modified_gmt":"2022-11-02T13:45:59","slug":"2016-12-05-5-statistics-reveal-employee-financial-health-getting-worse","status":"publish","type":"post","link":"https:\/\/www.wellable.co\/blog\/2016-12-05-5-statistics-reveal-employee-financial-health-getting-worse\/","title":{"rendered":"5 Statistics Reveal Employee Financial Health Getting Worse"},"content":{"rendered":"<p><span style=\"font-size: 18px;\">Despite the long economic recovery in the United States and the strong performance of the stock market, financial wellness is not improving for many individuals and it is resulting in stress.\u00a0 According to\u00a0the <a href=\"http:\/\/www.pwc.com\/us\/en\/private-company-services\/publications\/financial-well-being-retirement-survey.html\" target=\"_blank\" rel=\"noopener\">Employee Financial Wellness Survey<\/a> from PricewaterhouseCoopers (PwC), which tracks the financial well-being of full-time employed U.S. adults across the country, \u201cmany employees never fully regained stable footing\u201d after the Great Recession.\u00a0 Below are five statistics from the study that should make all employers concerned about the financial health of their employees and take action by incorporating financial wellness programs at work.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><!--more--><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><strong>Increased Financial Responsibilities<\/strong><\/span><br \/>\n<span style=\"font-size: 18px;\"> According to the survey, the percentage of employees providing financial support for parents or in-laws increased 6% from 2016 (22%) to 2015 (16%).\u00a0 Longer lifespans and lack of adequate long-term health care protection are increasing the financial responsibility onto the next generation.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><strong>Inadequate Emergency Savings<\/strong><\/span><br \/>\n<span style=\"font-size: 18px;\"> Employees are not satisfied with the amount of their emergency savings with 55% saying so compared with 51% in 2015.\u00a0 Women have it worse with 60% saying they don\u2019t have enough emergency savings set aside for unexpected expenses while 50% of men feeling the same way.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><strong>Rising Credit Card Balances<\/strong><\/span><br \/>\n<span style=\"font-size: 18px;\"> Employees are increasingly turning to credit cards to fill their funding shortfall.\u00a0 Forty-three percent of employees earning $100,000 or more consistently carried credit card balances in 2016.\u00a0 In 2015, only 32% did.\u00a0 Baby boomers have it worst.\u00a0 In 2015, 37% of boomers carried balances on their credit cards while 46% did so in 2016.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><strong>Underwater Mortgages<\/strong><\/span><br \/>\n<span style=\"font-size: 18px;\"> Eighteen percent of employees who own homes and carry a mortgage said that the outstanding balance of their mortgage is greater than the current value of their home.\u00a0 Of the 18%, 59% have attempted to modify the terms of their mortgage with their lenders (consistent with 60% last year) and 33% have received a foreclosure notice within the last 24 months (also 33% last year).<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><strong>Financial Stress<\/strong><\/span><br \/>\n<span style=\"font-size: 18px;\"> Financial stress is the biggest source of stress for employees with 45% saying that it was their biggest stressor in their lives.\u00a0 Health concerns (15%), their jobs (20%), and relationships (15%) also topped the list.<\/span><\/p>\n<p><span style=\"font-size: 18px;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter\" style=\"display: block; margin-left: auto; margin-right: auto;\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2022\/08\/ews-employees-say.png\" alt=\"Employees say financial stress impacts their health, relationships, productivity and attendance.\" width=\"555\" height=\"300\" \/><\/span><\/p>\n<p><span style=\"font-size: 18px;\">\u00a0<\/span><br \/>\n<span style=\"font-size: 18px;\"> Financial wellness programs are just beginning to become staples of employee health programs. \u00a0For organizations looking to incorporate financial wellness into their benefits offering for the first time, there are a number of budget friendly options to choose from.\u00a0 For those employers with a 401 (k) plan, the plan administrator should have free financial wellness resources for their clients to use.\u00a0 There are also a number of advocacy groups and wellness vendors that offer a free financial wellness seminar\/webinar.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>5 Statistics Reveal Employee Financial Health Getting Worse<\/p>\n","protected":false},"author":1,"featured_media":14001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-14000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-facts-and-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Statistics Reveal Employee Financial Health Getting Worse | Wellable<\/title>\n<meta name=\"description\" content=\"5 Statistics Reveal Employee Financial Health Getting Worse\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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