Personal financial struggles can impact employee performance by making it difficult to focus and causing physical health issues and absenteeism, according to a new survey from the International Foundation of Employee Benefit Plans.
Organizations in the U.S. and Canada reported their employees’ biggest sources of financial stress were credit cards and debt (66 percent); saving for retirement (60 percent); saving or paying for their children’s education (51 percent) and covering basic living expenses (48 percent).
To combat financial stress, some companies are offering financial education for employees — which can have a positive effect: 67 percent of organizations that offered financial literacy programs feel their initiatives have been successful.
Curious what type of financial literacy programs are most popular — and how many organizations budget for financial education for employees? View the full survey results here.