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Financial stress for employees is not just a problem. It’s an epidemic. And it’s becoming a drain on our economy as a whole. A sobering report from Brightplan’s Financial Wellness Barometer revealed that American workers are losing on average 7.3 hours of productivity each week related to their financial stress, costing American employers nearly $200 billion per year.
This alarming statistic unfortunately shouldn’t come as a surprise. The challenges facing American workers, especially younger employees, are seemingly insurmountable. Consider this – research from the Federal Reserve Bank of Philadelphia shows that over one-third (34.9%) of American consumers said they are concerned about making ends meet, up from 28.7% a year earlier. The data also indicated that younger Americans have considerable angst as it relates to their finances with over 4 in 10 (41%) of those between 18 and 35 years saying they are concerned about making ends meet.
With stubbornly high inflation still at around 3%, hourly workers are continually facing the task of putting food on the table and a roof over their head. Over 3 in 4 (77%) of American households have some form of debt, and, according to the Federal Reserve Bank of New York, total
