64% of workers say financial stress has affected their relationships and nearly three-quarters have missed social opportunities.

Financial Planners


Finn Revealed in BrightPlan 2023 Wellness Barometer SurveyAmid economic uncertainty, societal stress surges, impacting employee well-being and organizational success

San Jose, California, May 4, 2023 /PR Newswire/ — bright planis the leader in total financial wellness and today announced the results of its third annual report. wellness barometer survey Regarding employee health. One of the survey’s key findings is that an overwhelming 92% of his employees feel stressed about their finances. And he 76% of executive and HR leaders report financial stress.This high level of stress is impacting the overall well-being and productivity of employees and could nearly hurt U.S. employers. $200 billion every year. *

A majority of those coping with financial stress said their mental and physical health deteriorated (72% and 60% respectively), and 64% said it affected their social well-being (e.g. relationships with friends and family) said to have given 72% of respondents skipped important events such as weddings and birthdays, declined invitations for drinks and food, and missed opportunities to spend time with family, friends and co-workers because they couldn’t afford it. Missed.

Uncertain economic conditions are the number one cause of financial stress, with both employees and leaders concerned about:

  • High inflation (96%)
  • Likelihood of recession (93%)
  • Rising interest rates (90%)
  • Market volatility (89%)

These concerns are reflected in a notable shift in how leaders rank their biggest HR-related challenges this year. Supporting the overall well-being of employees emerged as the top challenge, along with career growth and development (both 53%). This is in stark contrast to the challenges leaders faced a year ago, where attracting and retaining talent and engaging employees topped the list.

the cost of financial stress
In addition to impacting employee health, economic stress negatively impacts people’s engagement (50%) and productivity (48%) at work. Respondents said that, on average, he loses more than one day of work each week due to financial stress. $200 billion every year. *

Notably, executives and HR leaders are much more likely than employees to say that financial stress has made them less productive at work, with executives spending an average of 16.8 hours per week and HR leaders spending an average of 12.4 hours per week. reporting a loss.

“Although the effects of economic stress on people’s mental and physical health are well established, few studies have examined how this affects our relationships and social health. Martin de Beer, Founder and CEO of BrightPlan. “Employers need to recognize that when workers feel financially stressed, it affects all aspects of well-being and ultimately job performance and engagement.”

Fiscal reserves are low
The survey shows that overall financial well-being is poor and financially unprepared. Most respondents (85%) are in debt, and 48% have more debt than they can manage. More than a third have no emergency savings or only up to two months’ worth, and 52% say he saves less than 10% of his income each year, or none at all.

Low financial literacy is also a factor. However, the survey revealed that most people are unaware of their lack of financial knowledge. Only 18% of respondents correctly answered at least 4 of his 5 basic financial literacy questions, while 73% consider themselves to be ‘high’ or ‘very high’ in financial literacy. increase.

Utilization of benefits is a challenge
95% of leaders agree their company should offer financial benefits, but nearly three-quarters of employees are satisfied with the financial benefits available No, not many use it. Aside from matching retirement benefits (used by his 87% of employees receiving this benefit) and company stock options (used by 58%), less than half of employees take advantage of other financial benefits. .

“By not taking advantage of benefits, workers are missing out on an important opportunity to improve their financial situation,” he said. Dan Shovel, Managing Partner, Workplace Intelligence. “Employers need to improve the quality of these benefits and also make sure they know what is available to their employees. We found that about 1 in 4 people are unsure if their company can provide benefits.We will provide them.”

Employer trust is declining
When it comes to diversity, equity and inclusion (DE&I), 81% of respondents say their company is doing well. But the sense of trust, safety and belonging is fading. Only 63% of workers trust HR and upper management (down from 83% in 2022) 64% believe their organization cares more about profit than employee well-being.

To see the full results, 2023 BrightPlan Wellness Barometer Survey ReportRegister with . May 11th webinar A live walkthrough of our findings.

About Bright Plan

BrightPlan is the leader in total financial wellness. The company offers comprehensive global solutions that address all aspects of employee financial well-being at all stages of life, helping HR teams improve the employee experience and make talent more attractive, retained and engaged. make it possible. The unique combination of digital platforms and financial planners enables employers to deploy at scale while providing personalization to their employees. The company is the first digital investment advisor to be certified for Fiduciary Excellence by the Center for Fiduciary Excellence (CEFEX). For more information, see: Brightplan.com.

Disclosure:

BrightPlan, Walr, and workplace intelligence from February March 2023This included executives, HR decision makers and employees from a variety of industries including technology, healthcare, financial services, education, manufacturing, energy, accounting and government.

*There are 1206,000 knowledge workers in the United States with an hourly wage of $38.6Source: Federal Reserve Economic Dataset, Bright Plan. For more information, full report.

BrightPlan LLC is an SEC-registered investment advisor providing digital and human investment advice to US residents. Registration does not imply a particular level of skill or training, nor does it imply approval by the SEC. BrightPlan is not registered with, and does not provide, any international organization that provides investment advice to non-US residents. BrightPlan is a registered trademark of BrightPlan, LLC. BrightPlan has been certified by the Center for Fiduciary Excellence, LLC (“CEFEX”) as meeting the criteria for investment advisory fiduciary practice.

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