The Cost of the Financially Stressed [INFOGRAPHIC]

The Cost of the FINANCIALLY STRESSED According to the American Psychological Association (APA), the number one cause of stress is money. When employees find themselves in financial stress, it puts their health, job performance, morale, and even their ethics and integrity at risk - which can put downward pressure on an employer's bottom line. American Adult Financial Behavior by the Numbers 50% do not participate in employer-led 401(k) programs 40% carry 22% don't know how much they spend on food, housing, and entertainment credit card debt 77% live month to month paycheck to paycheck 29% can only handle emergencies by using a credit card 77% 56% 50% 41% 40% 32% 29% 28% 22% 21% 56% don't have a budget 28% do not 24 pay their bills on time 21% believe that winning the lottery is the most viable way to fund 41% grade themselves a C, D, or retirement 32% Fin personal finance have zero non-retirement savings The Real Cost of Stress in the Workplace W 80% Employees Affected by Financial Stress: or more Financial stress has been linked to reduced productivity, higher turnover, increased workplace accidents, and more. Reduced Unscheduled Absenteeism Overall Cost of Employee Productivity $760,000/year for large organizations $7,000/employee/year Stress to American Businesses $300 billion/year Increased Workplace Accidents $29,000/workplace accident Higher Employee Turnover HR Department Distractions $8,000/employee replacement 10% of HR department payroll According to Human Resources Magazine, more than 53% OF FINANCIALLY STRESSED EMPLOYEES SPEND TIME DEALING WITH THEIR FINANCIAL ISSUES WHILE ON THE CLOCK. The ROI of Increasing Employee Financial Literacy $450 In return for investing in employee financial education, employers can expect $450/employee in positive job outcomes and a return of $3 for every $1 spent in the form of: %24 financial behaviors Better overall Reduced absenteeism Higher participation Better employee in employer-provided benefits (401(k), FSA, HSA) job performance Higher employee engagement and commitment Better business stability during economic volatility to the company Reduced operating costs of $5,000 $348/sk Fewer personal financial distractions, saving up to sick $348 day on avérage $5,000/ employee/year By improving your employees' financial capability, you can lower the costly impact that financial stress can have on your business. Increase workforce participation in financial education programs by offering materials employees can access on their own time, at their own pace. Brought To You by Financial Fitness Group ( Sources: http://financialfitnessgroup.com/wp-content/uploads/2014/08/FFG_Economic-Ramifications.pdf http://www.wsj.com/articles/youre-not-getting-a-pay-raise-youre-getting-a-money-management-class-1428423285? mod=WSJ_hpp_MIDDLENexttoWhatsNewsForth