The Impact of Financial Stress

    According to a survey done at CreditWise from Capital One, finances are a leading cause of stress. 73% of people surveyed have more stress from finances than from work, family life, or politics. When looking younger generations, this increases to 82% of people. As this younger generation enters the work force, it is important for employers to recognize this stress and understand the impacts that it can have on employees. 

    An article by the Mayo Clinic explains the human stress response well. When experiencing stress of any kind, our adrenaline and our cortisol levels are increased. This elevates heart rate and blood pressure, as well as increasing sugar in the bloodstream to allow us to react faster. Cortisol also also alters the immune system's ability to respond and it suppresses digestion and growth process.While important in fight-or-flight situations, these effects can be damaging over time.

Long term stress can lead to:

    - anxiety 

    - depression

    - digestive problems

    - headaches and migraines

    - muscle tension and pain

    - heart disease, heart attack, high blood pressure and stroke

    - Sleeping problems and insomnia

    - weight gain

    - memory and concentration impairment

    These health risks for employees can lead to higher costs for the companies they work at. People who are stressed about their finances often use work time to manage personal issues, and tend to be less engaged in their roles. They are also more likely to miss work because of personal and health concerns. Many of these individuals, however, are hopeful that their finances will improve over the next year (53% of people) and 59% of respondents said they would like to learn more about financial tips and improving their credit score.

    This is where employers come in. By offering financial coaching as part of an employee benefits package, employers can recognize this stress in employees and properly support them. With coaching, employees can receive the help they need to stabilize and improve their financial state, leading to a decrease in stress and the associated health issues. By helping your employees with their finances, companies are enabling employees to improve in their positions, have higher satisfaction, and be more attentive to their roles on the job.

If you want to learn more, visit our website at https://financiallyfitemployees.com/