Nearly three-quarters (70 per cent) of U.S. employees say financial stress negatively impacts their work performance, according to a new survey by YouGov and YuLife Insurance Agency Inc.
The survey, which polled more than 1,200 workers, found a third (32 per cent) of all respondents and 42 per cent of employees aged 18 to 35 said financial stress is impacting their mental and physical health.
More than half (53 per cent) said they’d be uncomfortable telling an employer about their financial stress, a percentage that increased to 67 per cent among respondents aged 55 and older. Just 14 per cent of employees said they’d feel very comfortable discussing financial stress with their employer.
Read: Two-thirds of U.S. workers say financial stress increased in 2022: survey
Two-thirds (66 per cent) of respondents said they’re concerned about the rising cost of living, while respondents aged 45 to 54 cited inflation as their No. 1 concern. More than half (55 per cent) of all employees said they’re worried about finances, a percentage that increased to 63 per cent among women and respondents aged 18 to 24.
The survey also found 45 per cent of respondents said it’s an employer’s responsibility to improve employees’ financial well-being. However, just 13 per cent said their employer has a comprehensive set of financial well-being policies and initiatives, while a quarter (23 per cent) said their workplace has none.
Two-thirds (66 per cent) of all employees and 73 per cent of workers aged 18 to 24 said they’re more likely to apply for a job if the employer can support their financial well-being.
Read: Employers using debt repayment benefits to retain employees, alleviate financial stress