Money, Stress and Health: The American Worker’s Trifecta

Financial stress impacts health, relationships, and work productivity and attendance for employees in the U.S. It’s the American worker’s trifecta, a way of life for a growing proportion of people in the U.S. PwC’s 2016 Employee Financial Wellness Survey for 2016 illustrates the reality of fiscally-challenged working women and men that’s a national epidemic.

Some of the signs of the financial un-wellness malaise are that, in 2016:

40% of employees find it difficult to meet their household expenses on time each month
51% of employees consistently carry balances on their credit cards (with a large increase here among Baby Boomers since 2015, from 37% of Boomers to 46% of Boomers)
36% of those who carry credit card balances find it difficult to make the minimum payment on time each month
26% of employees use credit cards to pay for monthly necessities because they cannot otherwise afford them. This ranges from 31% of workers earning less than $30,000 a year to 22% of people earning over $100,000
Only 41% of employees would be able to meet their basic expenses if they were out of work for an extended period of time (36% of women vs. 45% of men).

Note that financial challenges are the top cause of stress across all generations in the U.S., from Millennials to Boomers. Millennials (37% of them) are most distracted at work by financial matters. The principal reason for Millennials’ financial stress is student loans: 42% of Millennials have a student loan, and 79% of the...

Source: Disruptive Women in Health Care - May 13, 2016 Category: Consumer Health News Authors: dw at disruptivewomen.net Tags: Consumer Health Care Cost Source Type: blogs