Why the American Workforce Needs Financial Wellness Education
The secret of getting ahead is getting started
- 67% of surveyed workers said that money is a significant source of stress. High levels of stress can strain cognitive abilities, which can lead to poor decision making. (American Psychological Association, 2016)
- Nearly 50% of surveyed workers identify covering basic living expenses as their most common financial challenge. (IFEBP: Financial Education for Today’s Workforce, 2016)
- 78% of full-time employees live paycheck to paycheck, including 10% of those who earn more than $100,000 a year. (CareerBuilder, 2017)
- Nearly 33% of employees say that their personal finances distract them at work. Of those, 46% say they spend at least three hours per week at work thinking about or dealing with their finances. (PricewaterhouseCoopers, 2016)
- 36% of employees report missing work to deal with personal financial matters or from the stress caused by personal financial matters. (Public Policy Polling, 2015)
- 46% of adults are not prepared for an emergency situation; respondents report that they would have to borrow or sell something to cover an unexpected $400 expense. (The Federal Reserve, 2016)
- 1 out of 5 employees have borrowed from their retirement plan in the past three years. Of those, 37% said they did so to pay for general household expenses. (Purchasing Power, 2016)
- 36% of Americans don’t save anything for retirement.
- 80% of people age 30-54 believe they don’t have enough saved for retirement
- Average length of retirement, 18 years.
The will to win, the desire to succeed, the urge to reach your full potential … these
are the keys that will unlock the door to personal excellence. Confucius