In a new report, “Financial Stress and the Bottom Line,” PwC finds that it is very beneficial for companies to offer financial wellness programs, as they alleviate workers’ financial stress, boost their productivity, avoid higher health care plan use and help workers save more for retirement and health care.

“Our research is showing that financial stressors are not only negatively impacting employees but are costing the employers,” says Kent Allison, a partner and national practice leader with PwC. “Stressed employees are found to be less productive, take more time off to deal with financial matters, are more likely to leave the company for higher compensation, and are more likely to cite health issues caused by financial stress. These findings evidence a direct correlation between an employee’s financial well-being and a company’s bottom line and may help justify an investment in a financial wellness program.” Truly successful financial wellness programs change people’s everyday behaviors and have lasting effects, PwC says.

This year, PwC surveyed 1,600 workers and discovered that 53% feel financially stressed. Employees reporting financial stress tend to be younger and are more likely to be female; 35% of Millennials and 44% of Gen X say they are financially stressed, compared to 21% of Baby Boomers. Fifty-nine percent of women say they are financially stressed, versus 41% of men.

Among those who are financially stressed, 72% say they could not cover an unexpected expense, 71% say they consistently carry credit card debt, 67% say they struggle to pay their bills each month, and 48% are using their credit cards to pay for monthly essentials.

Asked how this financial stress is impacting them, 28% say it is impacting their health, 23% say it is affecting their relationships at home, 22% say it is impeding their productivity at work, and 12% say it is causing them to occasionally miss work. Fifty percent say they spend three or more hours each week dealing with personal financial issues.

Among those earning less than $75,000 a year, 49% say they find it difficult to meet their monthly household expenses, compared to 32% of those making $75,000 or more a year. Only 34% of those in the lower income bracket say that if they were out of work for an extended period of time, they would be able to meet basic expenses, compared to 61% of those in the $75,000 and up income bracket. For those making less than $75,000, 60% say they find dealing with their financial situation is stressful, compared to 43% of those in the higher income bracket.