As a business owner or HR professional, you’re constantly looking for ways to boost productivity, reduce turnover, and improve employee engagement. One area that often goes overlooked—but carries a significant impact—is your employees’ financial wellbeing.
Research shows a direct connection between financial stress and reduced productivity in the workplace. The good news? Financial education programs can help reverse this trend, benefiting both your employees and your bottom line.
The Impact of Financial Stress on Productivity
- Significant distraction: According to a PwC Employee Financial Wellness Survey, one in three full-time employees say that money worries negatively impact their productivity. On top of that, employees under financial stress spend an average of three or more hours per week dealing with personal financial issues during work hours.
- Widespread problem: A 2023 survey found that 78% of Americans live paycheck to paycheck, a dramatic increase from the previous year. That stress often translates into reduced focus and lower performance at work.
- The cost to businesses: The cost of financial stress is estimated at over $1,900 per employee per year due to lost productivity, absenteeism, and turnover (Financial Health Network). For a company with 500 employees, that can mean hundreds of thousands of dollars in hidden costs annually.
The Benefits of Financial Education
- Improved focus and engagement: Financially secure employees are more focused at work. In fact, financially stressed employees are six times more likely to say their productivity is negatively impacted and seven times more likely to report attendance issues (SHRM).
- Reduced absenteeism and turnover: A CuraLinc Healthcare study found a 34% increase in lateness and absenteeism among financially stressed employees. They’re also twice as likely to be job hunting compared to financially stable peers.
- Better retirement outcomes: The Retirement Savings Survey found that employees with access to financial education are more likely to contribute to retirement plans and build stronger savings habits.
Holistic wellness: Financial literacy is a key component of overall wellness. Lower stress levels lead to better mental and physical health, fewer sick days, and a more resilient workforce.
Building Confidence Through Financial Education
At BAS Financial, we believe that empowering employees with financial knowledge creates lasting benefits for them—and for your business. In fact, we’ve written about behaviors that help boost financial confidence, which highlight how small changes in habits can have a big impact on long-term financial stability. Bringing that kind of knowledge into the workplace through structured presentations can create a ripple effect of positive change.
A Win-Win Opportunity
Offering financial education as an employee benefit demonstrates your commitment to supporting your team beyond just a paycheck. It’s not only a way to reduce stress and increase engagement—it’s also a strategic move to protect your bottom line from the hidden costs of financial stress.
Take the Next Step
At BAS Financial, we offer complimentary financial education presentations tailored to the needs of your employees across the country. These sessions are designed to reduce stress, improve financial literacy, and help your team focus on what matters most—both at work and at home.
👉 Schedule a time with me today to discuss how financial education can benefit your organization and your employees.
Contact Us
For personalized financial planning and asset management services, visit us at one of our convenient locations:
San Diego Office:
5405 Morehouse Drive, Suite 245
San Diego, CA 92121
Irvine Office:
2875 Michelle Dr, Suite 110
Irvine, CA 92606
To schedule a consultation, please call our office at (909) 307-4945 or email us at bradly_stevens@pacificadvisors.com. We look forward to helping you secure your financial future.
Material discussed is meant for general informational purposes only and is not to be construed as a recommendation or advice. Please note that individual situations can vary therefore, the information should be relied upon only when coordinated with individual professional advice.