3 Reasons for Financial Stress Among U.S. Workers
It’s no secret that Americans are more stressed out today than nearly any other time in the country’s history. And the biggest source for that stress? Money. According to a survey by a prominent bank, 44% of Americans said that money was the dominant source of stress.
This extends to the workplace environment as well.
In fact, money is one of the main reasons employees leave companies. Fortunately, solutions like Spentra's payroll card can help alleviate some of this stress. Let’s take a look at these reasons for financial stress and what you can do about it.
Biggest Reasons for Financial Stress
Money issues work their way into every area of our lives, including work. Many employees leave companies for better-paying jobs each year. But what are these reasons for financial stress, specifically? Here are some that the common U.S. worker has to deal with on a daily basis:
- Debt: From student loans to credit cards, more and more American workers are drowning in debt. According to Debt.org, American household debt hit a record $13.21 trillion in 2018. Regardless of age, education, ethnicity and family type, many people experience debt in some form or fashion.
- Bills: Recurring bills are another issue for U.S. workers. These bills can be for household utilities, rent, medical issues or something else. When a person can’t pay these bills, they can also incur hefty late fees. Avoiding bills is probably a reason only eight percent of people over age 35 are getting recommended preventive health services, according to Reuters.
- Unexpected Situations: Financially costly mishaps and accidents occur as well, as do other unexpected situations (e.g. large home repair, car breaks down, etc.). Financial issues are one thing, unexpected financial issues are another, as more than half of Americans have less than $1,000 in savings.
What You Can Do About It
As an employer, how do you alleviate these stresses for your employees? Not many companies are in a position to increase pay for all employees, but there are other solutions. One of them is Spentra. The ultimate pay access solution, Spentra’s Money Earned feature allows employees to access up to 50% of their net wages at the time of request at no cost to the employer. This helps them avoid late fees, pay down debt, address unexpected situations and more. Interested in alleviating some of the financial stress your workers may face every day? Contact us today to learn more about Spentra.