Employees Seek Additional Financial Wellness Training
January 28, 2023
By Heather Nezich, courtesy SBAM Approved Partner ASE
Due to inflation, 78% of employees want more support from their companies, and getting financial wellness benefits at work is important to 77% of U.S. employees across industries, according to a new survey from TalentLMS.
Of the 1,000 U.S. employees surveyed, only 5% say they have met their financial goals, with inflation (62% of respondents) and insufficient income (48% of respondents) being the two main obstacles in reaching their goals. In addition, talks of a recession have made seven in 10 employees more concerned about their financial wellness.
Other key findings include:
- Due to money-related stress, 49% of employees have experienced mental health struggles, and 45% have physical health issues.
- 68% of employees are more likely to stay longer at their current job if their employer offers them financial wellness benefits.
- 66% of Millennials, 59% of Gen Z, and 47% of Gen X employees have experienced mental health struggles due to money-related issues.
- Going out, shopping, and entertainment are the three main areas employees have reduced spending in response to inflation.
- 73% of employees are getting financial wellness benefits from their employer, while 51% are receiving financial wellness training at work.
- 1 in 4 employees would like to be financially prepared to retire before they turn 50. But less than half (49%) feel they are on track to meet their financial goals and retire by the desired age.
- 73% of employees who are getting financial wellness training from their company say it is helping them feel more safe and secure.
- Financial wellness training improves job satisfaction: 83% of employees who got it are satisfied with their job, as opposed to a satisfaction rate of 63% who did not receive training.
When it comes to financial wellness benefits, retirement planning, investment programs, and emergency savings are the top three financial wellness benefits employees would like to receive from their employer.
Only 45% of employees agree that their employer is doing enough to improve their financial wellness. 68% of employees are more likely to stay longer at their job if their employer offers financial wellness benefits. 8 in 10 employees getting financial wellness benefits from their company are satisfied with their job.
View the report in its entirety here.