By now most employers are aware that employees’ overall financial wellness is an area they should be focusing on. But there’s one specific demographic that needs the most help here.
Nearly a quarter (24%) of employees admit their personal finances have been a distraction for them while at work.
And 39% say they spend three or more work hours per week dealing with personal-finance issues. That’s according to PwC US’s 2014 Employee Financial Wellness Survey.
High balances, financial anxiety
The good news is this: For most workers, their overall financial picture seems to be steadily improving.
The bad news: For one demographic, financial issues have increased significantly.
The study found that 51% of Gen Y or Millennial workers (those between the ages of 21 and 32) consistently carry balances on their credit cards, up from 37% last year.
Plus, 41% of these employees have trouble meeting household expenses on time each month, up from 30% last year.
What’s worse, this was the only employee group to see a percentage increase in both of these categories, according to PwC.
Sixty percent of Millennials also reported having financial anxiety, compared to just 36% of Baby Boomers and 53% of Gen-X workers.
Where you can help
So now may be a good time to tailor your financial wellness efforts to the Millennials you have on staff.
Here are some aspects to consider:
- Personal finance help. Many 401(k) providers can help with key topics like basic budgeting and debt management.
- Stress and depression counseling options. Whether it’s talking up the company’s EAP or directing workers to various counseling resources, it’s critical to let workers know about these options.