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Rising financial stress among younger generations of American workers is impacting workplace productivity, mental health, and overall well-being across the workforce, despite employers’ best efforts to put these worries at ease.
PNC’s 2024 Financial Wellness in the Workplace Report highlights an alarming 76% of Gen Z workers are stressed about their finances — leading Millennials (72%), Gen X (72%), and Boomers (59%) who feel the same way.
This concern is not an individual issue either. The majority (85%) of all workers worry about personal finances during work hours, and employers are increasingly aware of this. The data reveals 78% of employers say the stress is negatively affecting their operations.
The implications of such financial distress are profound, costing U.S. businesses approximately $40 billion in lost productivity in 2022 alone.
However, many companies are reported to be improving their organization’s benefits to reduce the stress experienced by employees.
The survey found companies have been expanding their benefit offerings, including retirement match programs, financial planning services, and lifestyle spending accounts — but the challenge across the workforce remains an uphill battle.
Much of the financial stress experienced by employees is deeply rooted in broader economic issues such as rising living costs, stagnant wages, and high levels of student debt. These systemic problems are impacting the future of work by making it difficult for workers to achieve a certain level of financial stability.
Even with improved benefits from employers, the underlying causes of financial stress mostly persist, continuing to influence early career choices in the workforce. Experts believe addressing financial wellness in the workplace is not just about offering additional benefits, but to support the workforce’s financial stability.
“The varying financial goals and priorities across America’s generationally diverse workforce shows how important it is to offer a mix of benefits that can appeal to a wide range of employee needs,” said Kaley Keeley Buchanan, senior vice president and head of PNC Organizational Financial Wellness.
The negative impact of rising financial stress on the future of work is far-reaching, as it challenges the ability of employers to successfully attract, retain, and engage a diverse, multigenerational workforce.
