The financial stability of U.S. employees slid backwards for the first time since the Great Recession, according to a survey of employees by Willis Towers Watson. Only 35% of workers surveyed say they are satisfied with their financial situation this year, a sharp drop from 48% two years ago.
The 2017 Global Benefits Attitudes Survey is a biennial survey that gauges how workers around the world are feeling financially. It found that more than one-third of U.S. workers believe their current financial concerns are negatively affecting their lives, compared with just 21% two years ago; and 59% worry about their future finances. In 2015 that figure was just under half at 49%.
Savings is on the decline and debt levels are on the rise, says Vincent Antonelli, a senior consultant in Willis Towers Watson’s New York City office. Rising housing costs are another major financial concern of most employees.
One interesting thing about the survey is that it “connects the dots between employees who are financially struggling and the impact it has on job performance,” he says.
Willis Towers Watson pays close attention to a group of survey respondents who are struggling financially. It finds that there is a correlation between employees that have financial worries and those who report poor physical health, are not highly engaged at work, are absent from work frequently and are more likely to work past age 70. “This has implications for employers’ healthcare costs and succession planning,” he says.
Read more at: https://www.benefitnews.com/news/employers-tackle-low-participation-rates-in-financial-stability-programs