ZayZoon’s State of Employee Financial Wellness Survey Finds Employees Who Struggle Financially Perform Worse at Work
2024年7月23日 - 10:00PM
ビジネスワイヤ(英語)
63% of HR professionals agree, highlighting
financial stress is not just a personal problem but a major
workplace issue HR leaders need to address
Today, ZayZoon, the Earned Wage Access (EWA) provider for small
and mid-sized businesses, published its annual State of Employee
Financial Wellness report. This report offers critical insights
from a survey of 5000 employees and 500 HR professionals in various
industries across the United States, exploring the profound impact
of financial stress on employee performance and organizational
success.
Financial Stress: A Workplace Epidemic
The report presents a stark reality: financial stress is no
longer a private issue but a significant business concern. 50% of
surveyed employees experience financial stress daily, which
employees and HR professionals alike noted negatively impacts
employee focus, morale, and overall work quality. 52% of surveyed
employees stated that they are stressed about their finances daily
or multiple times per day.
Data from ZayZoon’s new report shines a spotlight on the
seriousness of the situation:
- Severe Financial Situations: Over 61% of HR professionals noted
that employees live paycheck to paycheck, with significant numbers
facing eviction, medical costs, wage garnishment, bankruptcy, and
other strenuous financial challenges.
- Common Stressors: The primary financial concerns for employees
include paying bills (40%), rent/mortgage payments (17.6%), and
groceries (16.8%). Nearly 80% of employer respondents stated that
financial stress impacts employee morale and mental health.
- Limited Savings and Poor Credit: 58% of employees have no
savings for unexpected expenses, and 71% have poor to fair credit
scores, exacerbating their financial woes. Almost 30% of employee
respondents have $-600 left in their bank account every month and
more than half of the employee respondents have a negative balance
after paying their bills and required expenses each month.
“In an era marked by inflation, wage stagnation, and a
challenging job market, financial stress has become a significant
issue not just for individuals, but for businesses as well.
Financial stress infiltrates workplaces, leading to increased
absenteeism, reduced morale, and diminished productivity," said
Tate Hackert, co-founder and President at ZayZoon. "Our report
found that in the past year, employers have become increasingly
aware of financial stressors for their employees, including living
paycheck to paycheck, food insecurity, or even homelessness, making
it clear that employee financial wellness should be a priority in
the workplace."
Earned Wage Access: A Key Solution
EWA allows employees to access a portion of their earned wages
before payday, providing a critical lifeline for those facing
immediate financial needs. Employees need resources that prevent
them from relying on predatory practices like payday loans and
overdraft fees. The report highlights the necessity for
comprehensive financial wellness programs, which can significantly
reduce financial stress and enhance employee productivity. Nearly
half (47%) of surveyed HR professionals whose organizations use EWA
say it has made their operations more efficient.
About ZayZoon:
With ZayZoon, payday finally comes with the push of a button.
Employees can use ZayZoon to get paid part of their earned wages
when they need it. The platform also offers educational resources
and tools to help workers break the paycheck-to-paycheck cycle. And
it works. 89% of employees who use ZayZoon report less financial
stress and employers who offer ZayZoon boast a 29% reduction in
turnover. To learn more, visit ZayZoon at:
https://www.zayzoon.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240723896747/en/
Walker Sands for ZayZoon zayzoon@walkersands.com
262-352-4749