Employee Financial Stress Diminishes Productivity

Your employees’ financial stress is costing you money.

Almost half of working American adults have trouble paying their household expenses on time, causing them increasingly higher amounts of stress, according to a 2011 survey conducted by PriceWaterhouseCoopers1. When workers are financially stressed, they are less productive and feel less able to be “present” at their jobs. The bottom line is they’re not doing their best work.

How does employees’ financial stress inhibit productivity?

Unable to pay bills, save for unexpected expenses, or save for retirement, workers are spending valuable company time dealing with their financial woes (as much as 20 hours per month per employee2), and the stress can lead them to be less reliable, patient, and productive, as well as increase healthcare costs (an estimated 75 percent to 90 percent of all doctor visits are stress related.)

How can FlexWage help?

By offering your employees the FlexWage payroll card, you can help them get back on track to financial wellness and increase their productivity at the same time. The FlexWage payroll card includes WageBank, which allows employees access to their earned but unpaid wages ahead of their scheduled paydays, eliminating the need to use alternative financial services or credit cards and thereby reducing their financial stress.

Cision PR Newswire. (2018, June 30). Cash and debt management issues prevent employees from saving for retirement; nearly half of working U.S. adults find it difficult to pay household expenses on time. Cash and Debt Management Issues Prevent Employees From Saving for Retirement; Nearly Half of Working U.S. Adults Find it Difficult to Pay Household Expenses on Time. https://www.prnewswire.com/news-releases/cash-and-debt-management-issues-prevent-employees-from-saving-for-retirement-nearly-half-of-working-us-adults-find-it-difficult-to-pay-household-expenses-on-time-120272259.html

2 “The Importance of Workplace Financial Education to Employers” by Dr. E. Thomas Garman, published in the American Express Guide to Workplace Financial Education and Advice, 2004.