More Employees Have Access to Financial Planning Benefits Through Work

Posted: Sep 18 2024

While financial stress among U.S. employees remains high, access to financial planning benefits through work has doubled since 2023, according to PNC Bank’s annual survey on financial wellness in the workplace.

Sixty-eight percent of employees surveyed said financial stress negatively affects their overall mental health, with respondents spending around three hours a week worrying about their finances at work. Three in five respondents said they are living paycheck to paycheck. Among employers, three in four respondents said workers’ financial stress negatively affects their operations.

Access to financial planning benefits through work has expanded since 2023, with 28% of employees saying they now have access to benefits compared to 14% last year, according to PNC. Thirty-six percent of employers offered financial education in 2024, compared to 30% last year. Employees were also asked why they do not work with a financial professional, with most saying professionals either cost too much or they don’t have enough money to afford their services. Many workers also said they did not know how to find a professional.

To read more, visit: https://www.pnc.com/content/dam/pnc-com/pdf/corporateandinstitutional/organizational-financial-wellness/organizational-financial-wellness-workplace-report.pdf