It may or may not surprise you to learn that financial stability (or instability) has a significant effect on your employees’ overall health and wellbeing.
From job loss and pay cuts to market volatility, COVID-19 has greatly increased economic anxieties, with the number of individuals reporting high levels of financial stress more than doubling in the wake of the coronavirus pandemic.1
What’s more concerning is that, in a time when organizations are struggling to recover from the
impact of COVID-19 on business, the financial woes experienced by employees are contributing to delayed healthcare, decreased engagement and causing work quality to suffer.
Overcoming this period of widespread financial stress will take more than government stimulus bills and pay raises. Employees are looking for ways to be better prepared in the event of any future hardships, and that means learning how to manage, budget and wisely spend their income and savings, all while coping with money-related stress.