How Financial Stress Hurts Work Performance

By Dennis McCafferty  |  Posted 2016-05-31 Email

The majority of employees in a recent PwC survey said they face constant financial stress, and, for many, it's taking a toll on their work performance. The resulting "2016 Employee Financial Wellness Survey" reveals that a significant number of professionals spend several hours a week thinking about and/or dealing with financial issues while on the job. Among other lingering concerns: the inability to build enough emergency savings to cover unexpected expenses or to build sufficient retirement savings. The situation isn't expected to improve, as most employees feel the next generation of workers will face even worse circumstances. And it doesn't help that many professionals feel that they're on their own in dealing with this issue, because they don't get the sense that their employer cares about their financial well-being. "After several years of improvements, this election year marks the first time we are seeing a downward slide in many of the key indicators of employee financial wellness," according to the report. "Despite having moved away from the edge of the financial cliff brought on by the Great Recession, many employees never fully regained stable footing due to cash flow and debt challenges and their lack of emergency savings." An estimated 1,600 U.S. workers took part in the research.

Dennis McCafferty is a freelance writer for Baseline Magazine.

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