Reducing Employee Financial Stress for a Healthier Workforce and Bottom Line
By Eli Oake-Libow
Key Relationship Mgr., Employer Broker Relations
Liberty Mutual Insurance
A recent survey shows that employees spend five to 13 hours per month worrying about their personal finances while at work. For employers, this translates into a nearly $250 billion loss in healthcare, productivity, and lost wages every year.1
Financial stress is at its highest level in five years.2 Exactly what are employees feeling stressed about? While every situation is different, the most common monetary challenges facing employees typically include:
- Heavy debt
- Vanishing pensions
- Retirement savings
- High student loan debt
- Increasing healthcare premiums
- Out-of-pocket health expenses such as deductibles, copays, and coinsurance
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