Part 2: Why Financial Wellness Matters More Than Ever

The Current Financial Stress Landscape

Recent studies show that financial stress affects the majority of American workers:

• 78% of employees live paycheck to paycheck
• Financial stress is the leading cause of employee distraction at work
• 2 in 5 workers report missing work due to financial stress
• 60% of workers report that financial worries impact their job performance
• Companies lose an estimated $500 billion annually due to financial stress-related productivity losses

The Environment

Despite the flurry of tools and data available to individuals, environmental factors are making it easier to accumulate debt and money-related stress.

• New Buy-now-pay-later entries into the market make it all too easy for people to spend beyond their means, increasing financial stress. Those using BNPL tend to carry on average $453 more in personal loan debt and $871 more in credit card debt than similar consumers who don’t use the service. 
• New constraints on healthcare coverage make it even more difficult to avoid accumulating medical debt with one ailment. 41% of all adults—including many workers—report holding some form of medical or dental debt.

The Workplace Impact

When employees struggle financially, organizations feel the ripple effects:

Reduced Productivity: Financially stressed employees spend up to 20 hours per month at work dealing with financial issues, from taking calls about overdue bills to researching solutions online.

“Questis takes the pressure off of my HR department to have financial conversations with our employees. Questis even turns our employees’ financial emergencies into opportunities for education and real progress.” - Sonja, Director of HR

Increased Absenteeism: Financial stress often leads to physical and mental health problems, resulting in more sick days and medical leave.

“I recently had my car repossessed and had no way of getting it back. I asked HR to terminate my employment in order to gain access to my 401k with hopes of being rehired afterward. Luckily, instead of terminating me, my HR leader directed me to Questis where my coach helped me to find another way to quickly access funds and get my car back. I now have an emergency savings account that will protect me from situations like this in the future.” - Questis User

Higher Turnover: Employees may leave for higher-paying positions or companies offering better financial benefits, increasing recruitment and training costs.

At Questis, our extensive list of Certified Financial Coaches are ready to provide personalized advice tailored to your unique needs. Enjoy unlimited coaching sessions at no extra cost to tackle financial challenges whenever they arise. Whether you’re navigating a major life event or just need a quick question answered, expert help is always within reach.

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