Report
480
Number
Jun 26 2019

The Case for Workplace Financial Well-being: The View from Credit Unions

Financial stress is undermining your employees’ job performance, leading to absenteeism, and negatively impacting cognitive ability, productivity, and physical health—all of which have clear business costs. Workplace financial well-being programs have the potential to reverse these trends, if they can be focused on workers’ needs and implemented holistically.

Taylor C. Nelms
Taylor C. Nelms
Senior Director, Research
Filene Research Institute
Report Number 480

Executive Summary

What keeps your credit union staff up at night?

If you said “money,” you are right. Half or more of all workers—including more than half of credit union employees—admit to feeling stressed by their finances, and that stress is spilling over into their work, leading to the following effects:

  • Disengagement and decreased performance and productivity.
  • Increased absenteeism and turnover.
  • Poorer health and increased health-care costs.
  • Delayed employee retirement.

Many employers, including some credit unions, have responded by creating financial wellness programs to shore up employees’ financial health—and deliver cost savings, increased employee engagement, and ultimately enhanced value to their businesses. To realize these benefits, however—for employees and your bottom line—credit unions must deliver more than financial education. Instead, offer a holistic suite of financial services tailored to your employees’ needs and your organization’s capacities.

In addition to the research report, use this calculator to understand what financial stress is costing your organization.