Paul’s Perspective:
Understanding these generational shifts in financial stress is critical for employers and business leaders planning for workforce resilience, employee benefits, and retention strategies. A proactive approach to employee wellbeing can help reduce workforce instability, boost morale, and improve company performance—even in uncertain economic times.
Key Points in Article:
- 49% of Americans lack enough savings to cover a $400 emergency expense.
- Gen Z and boomers reported the highest concerns over job loss and outstanding debts.
- Rising inflation is eroding pay gains, with average household debt up 13% year over year.
- Households with insufficient savings are more likely to cut spending and delay essential purchases.
Strategic Actions:
- Assess the financial wellness of your workforce and identify high-risk groups.
- Review and enhance employee benefit programs focused on emergency savings and debt management.
- Educate employees on financial planning and resources available to them.
- Monitor inflation and adjust compensation or support programs accordingly.
- Integrate financial wellness initiatives into broader employee retention strategies.
Dive deeper > Full Story:
The Bottom Line:
- More Americans are struggling to build emergency savings as inflation, debt, and job insecurity continue to rise.
- This financial pressure is impacting both boomers and Gen Z, highlighting a growing challenge for workforce stability and wellbeing.
Ready to Explore More?
We work closely with leadership teams to create custom strategies that strengthen workforce financial wellbeing and enhance overall business resilience. Let’s talk about how our approach can support your company’s goals in challenging economic conditions.