The increasing importance of financial wellness and student loan repayment options
Financial wellbeing programs are becoming part of the “mainstream strategy” for most companies, as employers realize that these programs can solve for employees’ productivity, physical and emotional health, and other financial stressors.
Financial stress affects a lot of people. A recent PricewaterhouseCoopers study showed:
52% of employees are stressed out about dealing with their financial situation.
45% of employees say that financial matters cause them the most stress in their lives.
millennials feel increased financial stress more than any other generation surveyed.
employees impacted by student loans are in worse shape than other employees.
This stress is creating employee productivity issues. For instance, nearly half (45%) of those who are distracted by their finances at work say they spend at least three work hours each week thinking about or dealing with issues related to their personal finances.
To help, employers are starting to invest in financial well-being programs for their employees, along with student loan repayment options. These programs not only help employees, but are proving to be a useful retention tool for employers.
According to a Life Delayed survey conducted by American Student Association, 76 percent agreed that their choice to take a job would be considerably affected or decided based on an employer's willingness to offer a student loan repayment program.
Overall, it is becoming more clear that it’s in the best interest of employers to offer financial tools and education to their employees.
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