73% Of Workers Say Finances Top Stressor, EBRI Study Finds

By Susan Rupe

Workers are stressed over their finances, and they are looking to their employers to help them, a panel said during a recent webinar.

The Employee Benefit Research Institute and Greenwald Research released results of their 2020 Workplace Wellness Survey, which showed workers are financially stressed since the onset of the pandemic and want their employers to support them in their financial well-being.

Nearly half (46%) of workers surveyed said they are highly or moderately concerned about their household’s financial well-being, the survey showed. Two out of three workers said they feel stressed when thinking about their financial future. However, a similar share believes they have enough savings to handle an emergency expense.

Seven in 10 workers said they need their employer’s help ensuring they are healthy and financially secure, and more than six in 10 said it is their employer’s responsibility to do so.

So, are employers doing anything to help their workers achieve financial security? The survey showed four in 10 workers believe their employers are doing a very good or excellent job in helping them improve their financial and emotional well-being. But only three in 10 said their employer’s effort to help them during the COVID-19 pandemic has increased.

Health and retirement plans are the workplace benefits that contribute most to workers’ feelings of financial security, the survey showed. The top-rated benefit was a traditional pension or defined benefit plan, with health insurance coming in second place. Those two benefits were followed by retirement savings plans and life insurance.

One in three workers was given an opportunity to participate in a financial wellness program at work, EBRI said. Among workers who are offered a financial wellness program, four in 10 participate.

When it comes to financial wellness, workers are most interested in retirement education and advice. One in four want to learn about managing health costs in retirement or building emergency savings.

With 73% of Americans saying their finances are their top source of stress, worker financial insecurity affects all aspects of worker well-being, the survey indicated. Financial stress manifests as headaches, insomnia, depression, anxiety and muscle tension, and can lead to high blood pressure or heart attacks.

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.