Nearly Two Thirds of Employees are Financially Stressed, 70% Expect Employers to Help

By Business Wire On May 21, 2024

Qualified Plan Advisors’ second-annual Financial Wellness Survey finds levels of financial stress remain elevated across American workplaces

America’s workforce is financially stressed out and it’s impacting nearly every aspect of their lives. Qualified Plan Advisors (QPA), a subsidiary of Prime Capital Investment Advisors, today revealed the findings of its second annual Financial Wellness Survey.

Key Findings:

68% of American workers experience financial stress, with employees under 30 years old experiencing the most stress at 78%.
Mental health issues (31%) and sleep problems (31%) are the top areas affected by financial stress. Personal relationships and physical health are also impacted.
80% carry debt, with mortgages, credit cards, and student loans being the most common.
70% believe their employers should assist them in achieving financial well-being, and 65% state that financial wellness programs are a key factor in job selection.

“Financial stress impairs employees’ overall health and career success. Employees are actively looking to their employers for support to improve their financial well-being”

The survey assessed the financial health and behaviors of employees within 75 organizations across 15 industries revealing the impact of financial stress on today’s workforce and spotlighting the critical role of employers in employees’ overall financial well-being.

“Financial stress impairs employees’ overall health and career success. Employees are actively looking to their employers for support to improve their financial well-being,” said Makila Hennig, Director of Financial Concierge at Prime Capital Investment Advisors. “Employers need to answer the call and take action to help minimize the financial stress felt by their employees. Financial wellness programs have shown to increase employee satisfaction and productivity, while creating a culture of support.”

The QPA Financial Wellness Program provides a variety of solutions designed to improve employee benefits by offering educational resources and addressing poor financial habits. This empowers employees to take charge of their financial futures. The program’s effectiveness is shown through high participant satisfaction and decreased stress levels, highlighting QPA’s dedication to enhancing financial well-being throughout the workforce.

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