Annual Financial Wellness in the Workplace Report
Highlights Workplace Stressors, Benefits Needs and Financial Goals
Across Generations
PITTSBURGH, Aug. 28,
2024 /PRNewswire/ -- PNC Bank today released
findings from its second annual Financial Wellness in the
Workplace Report entitled, "The Evolving Needs of the
Multigenerational American Workforce," which summarizes survey data
and in-depth interviews from more than 1,000 U.S. workers and more
than 500 U.S. employers to better understand the financial health
and wellness of today's workforce.
Perhaps unsurprising in the current turbulent macroeconomic
environment, the survey findings show that employers are continuing
to feel the squeeze financially with the increased costs of
benefits, worker retention and recruiting. Employers also recognize
that their workforce – now spanning four generations – has
increased challenges and stress about their personal finances, with
78% of U.S. employers saying their workers were financially
stressed compared to 71% in 2023. The survey findings also
demonstrate that worker stressors vary greatly from
generation-to-generation, especially for sought-out employee
benefits and personal financial goals.
Notable findings include:
- Gen Z is the most stressed about personal finances. Of
surveyed U.S. workers, personal finance stress was highest with Gen
Z (76%), followed by Millennials (72%) and Gen X (72%), then
Boomers (59%).
- Top financial goals vary by generation. Gen Z's top
priority is strengthening their credit rating, while Millennials,
Gen X and Boomers all prioritize saving for retirement.
- Benefits play a larger role in retaining Gen Z and
Millennial workers. The likelihood of staying with an employer
that offers more financial wellness benefits was highest among Gen
Z (92%), followed by Millennials (85%), Gen X (72%) and Boomers
(64%).
- Gen Z and Millennials are the most concerned about student
debt. Results indicated student loan debt is difficult, with
54% of respondents saying it's the most challenging debt to
tackle.
- Gen X workers surveyed were the least likely generation to
have worked with a financial planner, with the majority sharing
that they do not have enough money to justify using one.
"The varying financial goals and priorities across America's
generationally diverse workforce shows how important it is to offer
a mix of benefits that can appeal to a wide range of employee
needs," said Kaley Keeley Buchanan,
senior vice president and head of PNC Organizational Financial
Wellness. "In order to hire and retain great people across
generations, which is critical to bringing diverse thinking and
experience to your workforce, you must understand their needs and
appeal to them. PNC's Organizational Financial Wellness team offers
businesses in-demand benefits to help meet the needs of their
diverse workforces and improve productivity, performance and
loyalty."
Additional notable findings include:
- Three in 10 U.S. workers surveyed who have student loan debt
say they are "at a standstill" until it is paid off. This increases
to four in 10 among Gen Z workers.
- In the last year, access to financial planning benefits doubled
for American workers surveyed. Notably, 28% had access to financial
planning benefits in 2024 compared to 14% in 2023. One in three
used a financial professional in the last three years.
- Three in five U.S. workers surveyed say they are living
paycheck to paycheck. This sentiment is highest among Gen Z and
Millennials.
As the needs of the talent market evolve, so should the way that
businesses address them, if they want to attract and retain talent
to effectively drive business performance. PNC Organizational
Financial Wellness can help companies develop and implement
innovative, tailored benefit programs that work well for them and
for the talent they want to recruit and retain. More findings,
including the complete report and related information are available
at pnc.com/WorkplaceReport.
PNC Bank, National Association, is a member of The PNC Financial
Services Group, Inc. (NYSE: PNC). PNC is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit
http://www.pnc.com.
Methodology
The PNC Financial Wellness in the
Workplace Report 2024 was conducted with employees and employers.
The Employee Survey was conducted online with a national sample of
1,001 employees ages 21–69 who work full-time at companies with
100+ employees. The sampling error is +/- 3.0% at the 90%
confidence level. The Employer Survey was conducted online with a
national sample of 500 employers with 100+ employees and annual
revenues of $5 million or more. The
sampling error is +/- 4.4% at the 90% confidence level. The study
was conducted by Willow Research (https://willowresearch.com/), a
market research firm. Birth years are defined as: Gen Z 1997-2012,
Millennial 1981-1996, Gen X 1965-1980, Boomer 1946-1964.
DISCLAIMER: This report was prepared for general
information purposes only and is not intended as specific advice or
recommendations. Any reliance upon this information is solely and
exclusively at your own risk. NOTE: The sum of percentages may not
add to the total due to rounding.
CONTACT:
Christina Davis
(214) 871-1259
christina.figg@pnc.com
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SOURCE PNC Bank