Financial Wellness Case Study Compilation by Enrich
Collection of financial wellness case studies.
Evidence based case studies analyzing the effects of implementing a financial wellness program at your organization.
According to the American Psychological Association (APA), money continues to be the biggest cause of stress amongst Americans. A poor sense of financial concepts coupled with an ever-growing array of financial responsibilities contribute to the aches and pains of millions of hard-working Americans.
In a country where financially distressed employees spend up to 20 hours per month negotiating with creditors, paying bills and discussing financial issues, employers are beginning to understand the importance of a financially informed workforce.
The Occupational Safety and Health Administration (OSHA) estimates the medical cost of stress to be upward of $300 Billion per year, making it a serious workplace hazard. The medical expenses incurred by employers come in the form of high health insurance premiums, increased absenteeism, and decreased productivity.
In fact, the burden of employing financially stressed employees is shocking. According to a survey by PricewaterhouseCoopers, 97 percent of employees have been impacted by their finances while at work.
Such behaviors cost employers an average of $8,875 per employee per year. Additional research indicates that addressing the issue of low financial wellness amongst employees can yield beneficial results.