Survey Finds About Half of American Workers are Suffering from Financial Stress

Written by FinFit on May 1, 2023.
Posted in Press Releases.
BOSTON, Ma., May 1, 2023 /PRNewswire/ — With inflation and escalating healthcare costs continuing to plague American workers, financial stress is on the rise and now impacting about half of employees, according to a survey by FinFit with Salary Finance. Inside the Wallets of Working Americans, the Fifth Annual Report found that financial stress does not discriminate based on income – almost 60 percent of those making under $55,000 feel financial stress, but nearly 40 percent of those making over $200,000 feel it, too.

FinFit, which recently merged with Salary Finance, is the most comprehensive financial wellness platform available to US employers. Its platform includes products that help alleviate financial stress, increase employee retention, and improve productivity for Fortune 100 companies and small businesses.

Four out of five workers said that the rising cost of consumer goods over the past year impacted them, according to the report. In addition to the cost of inflation, healthcare costs continue to rise, with the average American family spending 20 percent more in premiums. More than one-fifth of American workers have unpaid medical bills and close to a quarter are skipping preventative medical appointments because of the cost.

Adding to the financial stress is the cost of caregiving. More than 20 percent of workers are financially supporting other family members in addition to their own children and more than 50 percent said that caregiving has had a significant enough impact that they had to borrow money from elsewhere. At the same time, childcare costs have escalated over the course of the past three years. In three out of four regions of the U.S., center-based child care for an infant is more than the cost of housing.

The impact of financial stress on workers is not just impactful at home, but also significant in the workforce. Seventeen percent of workers have sleepless nights – up almost four percentage points from last year – 86 percent experience anxiety, and nearly 60 percent suffer from depression. Six out of 10 workers with financial stress plan on leaving their jobs.

American workers are getting hit on all fronts, Charles Lattimer, Chief Wellness Officer, FinFit, said. The impact is substantial, often resulting in high levels of anxiety and depression. Most employers are dedicated to offering the right benefits for workers and the market is flush with financial benefits that help workers achieve financial independence. It’s incumbent on employers to supplement what they are already doing to help their workers persevere through these trying economic times.

The report is available for free here.

About FinFit: FinFit was established in 2008 and currently services over 500,000 organizations across the United States. The company’s SaaS-based model provides holistic financial wellness services that include a personalized financial assessment, premier educational resources, online money management tools, financial coaching, financial solutions, early wage access, spending and savings accounts, student loan services, and a member rewards program. Focus on creating positive, healthy financial behaviors and products to support behavioral change has proven to reduce financial stress and increase employee retention by more than 25%.

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