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Infographic: Rethinking financial wellbeing for today’s diverse workforce

Health and Benefits|Inclusion and Diversity|Retirement|Talent|Wellbeing

March 16, 2021

Employees want more resources to manage their financial wellbeing and retirement readiness. Explore survey findings.
Rethinking financial wellbeing for today’s diverse workforce - description below

Panel 1: Many employees face a precarious state – 37% overall are experiencing financial distress1. Which groups cite the most distress?: 60% - disabled, 57% - Gen Z, 52% - LGBT+, 47% - African American/ Black, 46% - poor/fair health.

While financial situations for 54% have remained stable through the pandemic: 24% say theirs have worsened, 36% have taken on more debt, 46% are saving less, and 29% withdrew large amounts from retirement savings

Panel 2: Behavioral health connections 65% of financially struggling employees report suffering from anxiety or depression versus 19% of those unworried. This group reports difficulty controlling spending and is 6X more likely to assume addictive habits than those unworried.

Percentages indicate frequently engage in: Poor eating habits: 39% - struggling2, 10% unworried3; drinking too much: 21% - struggling, 3% - unworried; regular exercise: 36% - struggling, 44% - unworried; sleep 7 hours/night: 37% struggling, 49% unworried.

Issues appear worse for Gen Y and Z: 59% suffering from anxiety and depression, with addictive habits, are financially struggling.

Panel 3: Employees want flexibility and help managing costs and savings. Only 36% say employer-provided resources are meeting their needs. Where do they want help?: 53% - saving for retirement; 26% - access to short-term loans; 40% - guidance and advice on managing finances. Who's seeking guidance and advice?: 59% - financially struggling4, 47% African American/black, 51% disabled, 49% Gen Y.

Panel 4: Boost productivity and make a positive impact. Employees in a better financial situation than their counterparts have: Higher engagement (46% vs. 24%), lower presenteeism (12.7 days lost vs. 22.7)

Call to action for employers: When designing financial wellbeing and retirement programs, take an inclusive approach and consider your employees’ diverse needs. Implementing an employee listening strategy, investing in tools and mental health resources, and encouraging employees to use them can go a long way toward reducing their stress and boosting healthy outcomes.

1 Indicates borrowed from friends/family, been unable to pay bills and carrying over interest charges

2 Living paycheck to paycheck, struggling to control spending, and suffering from anxiety and depression

3 Not living paycheck to paycheck, in control of daily spending, and not suffering from anxiety and depression

4 Living paycheck to paycheck and struggling to control spending

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