By offering robust financial wellness programs, companies can help relieve this stress. In this guide, you will find everything you need to know about Financial Wellness 360®.
Financial matters is the top cause of stress at work for U.S. employees - and distracting them on the job.1 This translates to nearly a month of lost productivity annually, costing companies about 2.5 percent of the U.S. Gross Domestic Product (GDP).3
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of Americans can't cover a $400 emergency4
of those making more than $100,000 annually live paycheck to paycheck5
of employees are saving less for retirement than they think they should5
The need for financial wellness is clear, as demonstrated by the life insurance gap, the retirement savings gap, the student loan debt crisis, and high levels of financial stress.
Supporting financial well-being not only helps employees pay off debt, save for an emergency and get on track for retirement, but also achieve business results:
The link between financial wellness and productivity
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1. PwC's 9th annual Employee Financial Wellness Survey, PwC US, 2020.
2. Tatham, Matt. “Student Loan Debt Climbs to $1.4 Trillion in 2019.” Experian.com, July 24, 2019.
3. Macklin, Dan. “Businesses Losing $500 Billion Due to Employees' Financial Stress.” hrtechnologist.com, April 15, 2019.
4. “Report on the Economic Well-Being of U.S. Households in 2018,” Federal Reserve, May 2019.
5. “Despite improvement in their financial wellbeing, U.S. workers remain worried,” Willis Towers Watson press release, February 11, 2020.
Enrich by iGrad, CommonBond and Lifestyle Benefits are provided by third-party service providers. All such services and products are the sole responsibility of the service provider. The services are not affiliated with Securian or its group contracts and may be discontinued at any time. Certain terms, conditions and restrictions may apply when utilizing the services.
Lifestyle Benefit Services provided by Morneau Shepell, RedpointWTP, LLC and PricewaterhouseCoopers LLP are their sole responsibility. The services are not affiliated with Securian Financial or its group contracts and may be discontinued at any time. Certain terms, conditions and restrictions may apply when utilizing the services. To learn more, visit the appropriate website.
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