Financial Stress Rising Among Younger Workers

Rising financial concerns among younger generations of workers are forcing them to take “drastic measures to bring balance to their lives,” according to Prudential Financial, Inc.’s latest Pulse research survey, “Generational Gap Grows: Work & Money Outlook Divided.”

If the current trajectory holds “their outlook is bleak,” according to the report, with negative effects for businesses and organizations including lost productivity, absenteeism, and employee attrition.

Dreams Deferred

55 percent of millennials say that debt keeps them from achieving their financial goals like buying a home and having children. Meanwhile 33 percent of millennials and 32 percent of Gen Z workers report struggling to accomplish their goals due to student loan debt.

It gets worse: Half of millennials say they typically run out of money and rely on credit cards or family for financial support. An even greater share, 65 percent of millennials and Gen Z workers, report receiving financial support in the past two years from family. And the kicker, four in ten millennials and Gen Z workers report having no emergency savings at all.

Especially troublesome for employers: 41 percent of millennial workers and 44 percent of Gen Z workers believe job hopping is their best option to improve their financial situation, compared to 36 percent of all workers.

Personal Finance Coaching An Untapped Resource

While most employers now offer some form of financial wellness benefit, Personal Finance Coaching remains a largely untapped resource for businesses and organizations nationwide. So, if you’re here then you’re a smart leader. Good work.

Only one in four (24 percent) HR professionals say their employer offers Financial Coaching to all employees. Meanwhile, most of the coaching that is offered is not personal to the employee. It is typically delivered via digital tools or generic group training sessions.

Ongoing Relationships = Ongoing Impact & Sustainable Value

TrustPlus Personal Finance Coaches work one-on-one with your employees on an ongoing basis to optimize debt, strengthen credit, and build savings. These ongoing relationships lead to ongoing impact for employees and sustainable value for employers.

Our award-winning, proprietary, approach blends human connection with action-oriented tools and workplace products. TrustPlus Personal Finance Coaches demystify personal finance with empathy. Available on-demand via email, text, phone, or Skype, TrustPlus supports your workers with customized help on everything from debt collections to tax credits, direct deposit to budgeting (nearly 70% of millennials and Gen Z workers do not keep a formal budget).

Schedule a time to speak with a TrustPlus financial health and productivity expert about how TrustPlus can help you capture the benefits of a financially healthy workforce—turning that bleak outlook into a bright one and a source of strength for your business or organization.