REPORT SHOWS FINANCIAL WELLNESS PROGRAMS HELP BOTH YOU AND YOUR EMPLOYEES/MEMBERS

The watchdogs at the Consumer Financial Protection Bureau (CFPB) have produced a report suggesting workplace financial wellness programs can save employers more than they spend on such programs. Nick Thornton’s article, posted September 29, 2014, on BenefitsPro.com, points out that although it was careful to couch its estimate, the CFBP said companies may be able to save up to $3 for every $1 they spend on financial wellness. The CFBP cited research in its report that seven out of 10 Americans claim financial stress is the most common type of stress they experience. That reality extends into the workplace, negatively affecting job performance and potentially leading to health issues that can increase absenteeism and even workers’ compensation and disability claims, according to the report.

Data shows that roughly one in five employees admitted they had skipped work in the past year to deal with a financial problem.

Other research shows the majority of Gen Xers (53 percent) say their finances are stressful to negotiate, and 29 percent said it’s at the point at which they are distracted at work.

About a quarter of workers across all generations say stress over personal finances distracts them at work. Human resource managers are noticing the effects, according to the CFPB report. Sixty-one percent of HR professionals blame financial stress for negatively impacting work performance; 22 percent said financial stress has a “large impact