Skip to main content

The Manual may earn a commission when you buy through links on our site.

Survey: Amid inflation and recession fears, this is what employees really want

Reality check: Financial wellness support is more important to workers than many so-called 'perks'

With inflation growing faster than wages, the steady stream of news about high-profile companies laying off workers by the thousands, and the ever-present threat of an economic recession, workers of all ages are feeling the pressure. Financial insecurity is taking a massive toll on Americans. And while employers are in an ideal position to ease these worries, according to a recent survey from TalentLMS, Enrich, and Tapcheck, they’re doing very little to actually help their employees. Read to learn about the financial concerns of today’s workforce and how financial wellness support in the workplace can help.

stressed out man looking at laptop while at work
Image used with permission by copyright holder

Financial worries take a toll on workers

This new joint research project takes a closer look at financial wellness programs offered by employers and how well they meet the needs of their workers. Researchers surveyed 1,000 employees from a variety of industries, generations, and locations around the US. They found that the majority of workers are feeling financial pressure.

Around 70% of survey respondents said that they were growing more worried about their financial well-being due to the threat of recession. Additionally, less than half of workers said they felt financially stable.

And these stressors are causing mental and physical health problems, too. Almost half of the employees have experienced mental health issues and 45% have had physical health problems due to money-related stress. It’s clear that workplaces simply aren’t doing enough to ensure their staff’s mental, physical, and financial wellness.

group of workers shaking hands and supporting each other
Image used with permission by copyright holder

Workers want more support

Because of US inflation and other economic insecurity, 78% of survey respondents said they felt it was important to receive support from their companies on financial matters. And yet, employers don’t appear to be listening. The data found that only 45% of workers thought their companies were doing enough to boost their financial wellness.

Providing more support not only helps workers, but it can benefit businesses too. Workers are less likely to quit their jobs in search of higher-paying ones when their employers offered more support. In fact, 68% of workers were more likely to stay at their job longer if their employer offered financial wellness benefits.

So how can employers provide better financial support to their workers? Here’s what respondents from different generations had to say about the types of benefits they’d like to receive.

  • Across the board, retirement planning was the most desired benefit.
  • Younger generations also wanted emergency savings assistance.
  • Baby boomers were the only generational group to prioritize medical care cost planning.
  • Only millennials picked financial coaching and advising as one of the top three most important benefits, and only Gen Z chose meal allowance in their top three.
  • Receiving guidance on monthly spending from employers was only appealing to younger workers (62% of Gen Z vs. 37% of boomers).

Most people depend on their employers for their financial security. They chose to spend so much of their time and energy working for this very reason. And yet, the data shows that companies are continually letting down their workers in this regard—and it takes more than a financial toll. Workers’ mental and physical health is suffering because of it. But by offering a bit of extra support and financial wellness benefits, employers can improve their workers’ overall well-being immeasurably.

Editors' Recommendations

Shannon Cooper
Former Digital Trends Contributor
Shannon Cooper has written about everything from pet care and travel to finance and plumbing in her seven years as a writer…
This is what really happened to FTX: A breakdown of the crypto crash
This is what the fallout from the massive FTX failure could be
what happened to ftx

This past week was another painful reminder that history repeats itself. In just one week, the FTX crypto exchange, founded by Sam Bankman-Fried and valued at more than $30 billion (per CNN), collapsed to $1 billion in just a few days before Bankman-Fried filed for bankruptcy on Friday, November 11. With investors left bereft, holding empty money bags, the cry had all the makings of bank runs that helped to spur the Great Depression almost 100 years prior. The crypto crash was only missing the newsboys on the corner, calling out, "FTX insolvent! Investors busted!"

 

Read more
This Viral Reddit Chart Shows How Bad Inflation Really Is
Current Inflation Is Impacting More Than Our Gas Prices
Red stock graph chart

According to Google Trends data, Americans are searching the word "recession" more than at any other time since 2004. This makes sense, given the current collision of rising prices, elevated unemployment, and a reeling stock market.

Last week, the S&P 500 entered bear market territory — a decline of 20% or more from recent highs, and the exchange's January heights. This now two-quarter fall broaches the symbolic (and psychological) hurdle that defines an economic recession. Last Friday, the Bureau of Labor Statistics announced that the consumer price index — a significant inflation gauge — rose 8.6% through May, marking its highest jump since December 1981.

Read more
The 11 best Ryan Reynolds movies – Deadpool, Buried, and more
As a Ryan Reynolds fan, you must see all of his top films listed here
Ryan Reynolds as Deadpool in Deadpool and Wolverine.

"I don’t expect success. I prepare for it." Wise and self-fulfilling words from our guy, Ryan Reynolds, one of Canada’s sweethearts. Born in Vancouver, British Columbia, Reynolds dreamed of getting out of there early in his life, not to abandon his family or hometown, but to act. True to his words, he and a fellow Vancouver actor impulsively took to the road one night with one destination: Los Angeles. After taking the first step in following his dreams, his car was stripped and robbed on his first night in L.A. Did that stop our fearless protagonist? Indeed not. After just a few months, Reynolds was landing roles all over town, working whenever he could. Five years later, he finally got a leading role with a recognizable name, a college comedy called Van Wilder: Party Liaison. That movie didn’t make our list today, but it's only because Reynolds has been busy making an array of better movies ever since.
Most would agree that Ryan Reynolds brings a familiar presence in both appearance and demeanor to most of his films, but when you get a frame that fits just right, you get some great Ryan Reynolds features. That is why we’ve compiled a list of the best Ryan Reynolds movies. It should also be known that these movies were chosen for the movie quality and watchability, not just for the most Ryan of the Reynolds’ performances.

Just Friends (2005)

Read more