Financial Worries Are Linked to Stress

Michael J. O’Brien writes on Human Resource Executive Online that financial worries are linked to stress, underperformance and absentee for employees. “The research revealed that financial worries, which are strongly linked to stress, ultimately have an impact on people’s ability to perform their best work. In fact, 28% of people who are struggling with their finances admitted that it prevents them doing their best at work. In addition, higher levels of absenteeism can occur in employees with financial concerns. The survey found that people who are not worried about their finances reported they took an average of 1.9 absence days from work per year, whereas employees who are struggling financially are absent for an average of 3.5 days per year. Further, those who are struggling financially report being highly distracted on the job 12.4 days per year on average, compared to 8.6 days for those not worried about their finances. ‘Financial security is a top-of-mind issue for employees,’ said Shane Bartling, senior retirement consultant at Willis Towers Watson. Financial worries can have a negative impact on an employee’s personal and work life, and inevitably affect productivity, employee engagement and satisfaction.” (hreonline.com)