Now is a great time to increase employee awareness of employer-sponsored resources that can help reduce stress and improve overall well-being.
Budgeting, debt management, and credit-related issues are among the most common challenges that cause financial stress. But even longer-term planning goals, like saving for college or retirement, can create stress due to a lack of information or simply not having a plan. In a recent study, 67% of MSA members said they lack three months of savings to cover living expenses, and nearly 4 in every 10 mentioned that inflation greatly impacts their ability to pay their monthly bills.¹
Finances can also cause stress in relationships. While making long-term plans can help a couple look forward to a future together, it can also be stressful if it raises conflict. According to a recent study by the American Psychological Association (APA), 55% of adults who reported money as a significant source of stress said money is a cause of fights or tension in their family.²
The APA also reported that over 25% of adults said: “…most days they are so stressed they can’t function.”² In addition to addressing financial stressors, support for mental health is also important. This is why Employee Assistance Programs (EAPs), with their mental, emotional, physical, and financial well-being resources, are so important. MSA (My Secure Advantage, Inc.) has been the primary financial well-being provider within EAP programs for over 35 years.
Some good news? In a recent MSA financial well-being survey, members working with a Money Coach reported a 90% average improvement in financial well-being and a 30% average decrease in time distracted at work due to financial stress.³ Less financial stress at work and home leaves more time for self-care and healthy behaviors like exercise, meditation, or using wellness program benefits through an employer.
As you consider ways to improve the mental and financial well-being of employees, make sure you reach out to MSA to learn about the outcomes our Money Coaches are helping employees achieve. Learn more about empowering employees to take charge of their financial futures by visiting mysecureadvantage.com/why-msa.
¹ Pulse Survey report. MSA. November 2022, 1029 MSA members.
² “Stress in America 2022: Concerned for the Future, Beset by Inflation.” American Psychological Association, American Psychological Association, Oct. 2022, https://www.apa.org/news/press/releases/stress/2022/concerned-future-inflation.
³ My Secure Advantage, Inc., January 2023. Based on MSA member self-reported data, when member is working with a coach on this specific issue, from 1/1/21 – 12/31/22.
The Influence Personal Finance has on Employee Health Related Outcomes Numerous studies have examined the impact of stress on both physical and mental health, and have found correlations between stress and poor health outcomes. Stress has also been linked to absenteeism from the workplace, as well as decreased productivity. There are also many surveys that […]
Discover how overall health and well-being are transformed when employees seek educational guidance through the employee financial well-being solution, My Secure Advantage®.
50% of employees with health insurance had higher healthcare expenses this past year, according to EBN magazine.1 What’s more is the higher costs are pushing employees to make poor financial decisions that not only prove harmful for their current situation but for their future as well. With employees’ financial and general well-being in question – […]
Can a financial wellness program yield an ROI that is meaningful to your company? The financial health of your employees directly affects their well-being, and in turn, the ways they work. According to a report published by the FINRA foundation, 60% of Americans feel anxious about their personal finances. This means that money is often […]