86% of Employees Are Financially Stressed — 3 Perks They Need Beyond a Paycheck
Written by
Tina Nazerian
Edited by
Nicholas Morine
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Despite having a job, you might not feel financially secure. If you’re working and worried about your financial situation, it’s not just you. According to a new survey by SoFi at Work in partnership with CITE Research, “86% of employees say they feel increasingly stressed about their finances.”
Overwhelmingly, employees don’t feel they have the finances to navigate what life might throw at them — bad or good. Specifically, the research revealed that nearly “two out of three workers feel unprepared to handle a major unexpected expense, such as a car repair or replacing a broken appliance.” Additionally, 40% “are stressed about not having enough money for a major life expense, like buying a car or paying for a wedding.”
Given these concerns, it’s easy to see why 47% of employees indicated that building an emergency savings fund takes precedence. Money in the bank can give you peace of mind no matter what circumstance you’re suddenly faced with. For 40% of those surveyed, tackling credit card debt and saving for a personal expense are also top priorities.
But What About Perks Which Could Help Alleviate This Stress?
Employees want their employers to help them navigate financial challenges, and not necessarily just in the form of a bigger paycheck.
Over 90% of those polled “are eager for their HR departments to start offering the newly government-approved benefit that allows employers to match employees’ student loan payments with contributions toward their retirement plan.”
Then, there are employer-sponsored emergency savings plans — 43% of employees would like one. Finally, 35% of employees want to learn more about finances and become more financially literate, per the study. To increase their financial knowledge and literacy, workers noted that they are “likely to turn to HR leaders and their managers to find financial education resources.”
Companies that offer these three perks can show their existing employees and job seekers that they care about their financial wellbeing. Doing so may retain existing workers and draw in top talent.
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