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Tom Garman: Stress, Work and Finances

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Employer’s Losses Due to Employee Financial Worries

Consider an employer with 1,000 employees who earn an average of $50,000. Most of those employees are probably doing fine with their personal finances. They are getting through life paying their bills on time, saving cash for emergencies, and putting away money for retirement. However, some of those employees are experiencing financial worries. Over twenty years ago such an employer typically had 150 of their 1,000 workers who were experiencing various degrees of personal financial distress that impacted their employer’s bottom line. The employer was losing money due to an average of a very conservative 10% loss in productivity. Click here to read the rest of Tom Garman's article.

 

Nearly Everyone is Stressed About Work and Finances

The American worker is stressed out about work, finances and debt like never before, according to a new Fidelity Investments survey. The solution may be for U.S. companies to take a stronger hand in crafting more comprehensive and inclusive wellness programs to ease that pain.

Stress related to work and finances impacted just about all employees who took the survey, regardless of age, gender or income. Nearly all respondents (98%) reported feeling stressed in the past three months, with “job” and “finances” topping the list of the biggest stress points for employees. Read more at Employee Benefit News.

      

PFEEF’s mission is to provide support to organizations and their employees as they take charge of their financial well-being. 

The Employee Survey and Personal Financial Wellness Scale™ (PFW Scale™) is an eight-question, self-report measure of perceived financial distress and financial well-being. Questions on the PFW survey require people to evaluate their current financial situation.

The instrument measures how people are doing along a continuum extending from negative to positive feelings about and reactions to their financial situations. The tool has been scientifically determined to be a valid and reliable measure of personal financial wellness and is considered to be the gold standard of measurement in the industry.

Click here for more ways to better handle financial stress and for useful links on managing personal finances.
The PFW Scale™ is an effective way to evaluate employee financial stress. Click here to learn how your organization can benefit by using the Personal Financial Wellness Scale™
Personal Financial Employee Education Fund (PFEEF)
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