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Which generation suffers from financial stress the most?

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by Mariel Rubinstein
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Stressing about finances in the workplace affects most employees.

In a recent financial wellbeing survey by Neyber, 33% of employees said that financial worries are their biggest concern.

But which generation suffers the most?

Financial stress affects millennial employees considerably more than others.

A new study from the Bank of America has found that millennials are much more likely to spend time at work worrying about their money compared to their older colleagues.

On average, 67% of millennials say that financial stress makes it difficult to be productive and focus on their work. In comparison, only 32% of baby boomers struggle with this.

The study also found that millennials spend an average of 4 hours at work a week thinking about their finances. That’s double the amount of time spent by those from Generation X and 4 times the amount of time spent by baby boomers.

Half of UK employees want their employers to provide financial support and help them manage their finances.

Lisa Margeson, Head of Retirement Client Experience and Communications at Bank of America Merrill Lynch, said,

"Having access to educational content that is personalised and relevant, along with access to professionals that can help their employees navigate their financial lives, creates a culture of wellness, not dissimilar from what many companies do now around their healthcare benefits,".

Learn more about what financial wellness here

 

Posted: 18/10/2017

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