An estimated 60% of illness is directly or indirectly caused by financial stress, costing most large and medium sized companies millions of dollars per year in health care expenses. Because of the serious health risks that employees with financial stress face, and the potential effects this has on employers and our economy as a whole, we have compiled this report to gauge employees’ perceived levels of financial stress and their causes.
Summary of findings:
- Financial stress is continuing to decrease in a trend seen since 2010. Poor money management skills continue to be the key driver of employee financial stress.
- The key demographic groups most vulnerable to financial stress were women, employees ages 30 -44, and middle-income Americans making $60,000-$74,999 per year.
- Married employees actually had lower levels of financial stress compared to single employees.
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