A new report finds that 79 percent of employers believe their workers face “persistent” financial problems, including high credit card, childcare, and other consumer debt; medical expenses; and problems saving for retirement. The 2019 MassMutual Workplace Financial Wellness Study found that larger employees were more likely to express concern about their workers’ financial health.
According to employers who responded to the survey, there were several factors that indicated monetary struggles—including employee conversations with managers, failure to participate in workplace retirement plans, taking loans from those plans, working second jobs, and asking for pay advances, among other considerations.
Fifty-seven (57) percent of employers say that their workers are asking them for financial help. The larger the employer, the survey finds, the more likely that is to happen.
Further information regarding survey findings is available HERE.