Financial problems put workers’ physical health at risk
According to the Personal Finance Employee Education Foundation (PFEEF), one out of three school, hospital, and technology employees reported they were so sad or down they could not perform the tasks expected of them at work—and that their depressive symptoms were directly related to high levels of financial distress.
The PFEEF also found that financially unhealthy employees are also likely to be less physically healthy. Financially stressed employees were found to be more likely to smoke, eat unhealthy diets, be overweight, and are less likely to exercise regularly.
The downside to the employee is obvious; however, there are also significant consequences for the employers. For example, financially stressed employees are often less productive and miss work more often. In fact, PFEEF’s Director of Research estimates that financially stressed employees waste 12 to 20 hours of work time per month dealing with personal financial matters.
In other words, an individual’s bottom line directly impacts their employer’s bottom line.
If you are an employer, it is worth your time and effort to improve your employees’ financial wellness. Thankfully, there are organizations that offer free workplace counseling and education. If you’d like more information about implementing an employee fiscal fitness program, contact MMI’s education division.