Financial stress affecting the majority of US employees

Financial stress is reaching alarming levels among the American workforce. According to a new report from SoFi at Work, 86% of employees say they are stressed about their finances, up 10% from last year. The increased cost of living is causing many to struggle with debt, student loans, and saving for retirement simultaneously. As a result, nearly half of employees report issues with sleep, motivation, and mental health.

With finances dominating mindshare, productivity takes a hit. Employees spend an average of 14 hours per week dealing with money matters. As financial anxiety mounts, nearly 40% of employers have observed a negative impact on output. Still, most HR leaders don't fully grasp how to help. Only half of companies offer emergency savings benefits, while just 20% have implemented student loan matching.

Clearly, the time has come for employers to make financial wellness a top priority. With 60% of HR leaders looking to increase financial benefits budgets next year, change is on the horizon. But truly supporting employees requires more than just offering new perks. It means meeting people where they are and providing tailored resources at pivotal financial moments. Employees' financial fitness can no longer be ignored. The data shows it has become an imperative for recruitment, retention, and productivity.