Employee Financial Wellness Survey
The National Financial Educators Council has released the results of its annual employee financial wellness survey. This survey is designed to provide data that help quantify the links between employee financial health and work experience, job satisfaction, and productivity.
Results indicate that personal finances have an impact on workers. Nearly half said they would have a more favorable opinion of their employer if the employer offered financial literacy programming and close to one-third said they would attend a financial education program if it were offered.
Five Top Priorities for Employee Financial Wellness
Report: Where Do People Look For Financial Guidance?
In the evolving post-pandemic workplace, one topic that’s earning increased attention is the need for companies to address their employees’ financial well-being. While it’s no secret that dealing with money issues is stressful, most employers now understand that it’s also time-consuming – eating into worker productivity and increasing absenteeism.
The NFEC’s annual employee financial wellness survey quantifies the feelings of workers as related to their personal finances. Each year, the data are updated to provide greater insight into the connection between a person’s financial situation and his or her employment.
The results indicate clear connections between people’s financial situations and their work experience. There was a total of 1,503 responses to 3 survey questions and the results were gathered between August 15 and 18, 2022. Following is a synopsis of the questions asked on the NFEC employee wellness survey:
Would you be more productive at work if your personal financial situation were more secure?
(582 respondents)
51.6% responded ‘Yes’
48.8% responded ‘No’
Would you have a more favorable opinion of an employer that provided personal finance education training?
46.3% responded ‘Yes’
53.7% responded ‘No’
Would you be more content with your salary if other areas of your personal financial situation improved?
47.6% responded ‘Yes’
52.4% responded ‘No’
Past Results (September 2021)
The NFEC’s annual employee financial wellness survey quantifies the feelings of workers as related to their personal finances. Each year, the data are updated to provide greater insight into the connection between a person’s financial situation and his or her employment.
The results indicate clear connections between people’s financial situations and their work experience. There was a total of 1,747 responses to 3 survey questions and the results were gathered between August 12 and September 1, 2021. Following is a synopsis of the questions asked on the NFEC employee wellness survey:
Survey Results
Would you have a more favorable opinion of an employer that provided personal finance education training?
(583 respondents)
45.6% responded ‘Yes’
54.4% responded ‘No’
Would you be more content with your salary if other areas of your personal financial situation improved?
(582 respondents)
50.4% responded ‘Yes’
49.6% responded ‘No’
Would you be more productive at work if your personal financial situation were more secure?
(582 respondents)
53.5% responded ‘Yes’
51.6% responded ‘No’
Past Results (September 2020)
Results of this survey demonstrate that personal finances have an impact on people at work. Of the over 2,000 respondents to the survey: 55.2% would be more content with their salary if their finances were in better shape, 53.5% would be more productive at work, 44.9% would have a more favorable opinion of their employer if they offered financial wellness programming and almost 1/3rd (31.4%) said they would attend a financial education program if their employer offered.
The NFEC is committed to conducting financial literacy research to illuminate the connection between financial literacy levels and income. The initial survey results are being collected as part of a research project and to share with others in the financial literacy industry.
Survey Results
Would you have a more favorable opinion of an employer that provided personal finance education training?
(500 respondents)
44.9% responded ‘Yes’
55.1% responded ‘No’
Would you be more content with your salary if other areas of your personal financial situation improved?
(501 respondents)
55.2% responded ‘Yes’
44.8% responded ‘No’
Would you be more productive at work if your personal financial situation were more secure?
(503 respondents)
48.4% responded ‘Yes’
51.6% responded ‘No’
If your employer offered personal finance education training at your workplace, how interested would you be in attending?
(502 respondents)
31.4% responded ‘Very Interested’ or ‘Somewhat Interested’
18.5% responded ‘Neutral’
50.1% responded ‘Not Interested’ or ‘Not Interested at All’
Financial Background Check in Workplace Surveys
The NFEC’s commitment to conducting employee financial wellness surveys to illuminate the connection between income and personal finance. The initial survey results are being collected as a part of a project and to share with others in the financial literacy industry.
In the most recent employee financial wellness survey, conducted between August 15th and 17th 2017, 501 small/medium business owners and managers across the United States were asked, “Has your company conducted a credit or financial background check as a condition of hiring or giving a promotion?” The results indicated that 25.9% answered “Yes.”
The results of this business owner survey align with a 2016 survey where NFEC asked employees, “Has an employer or potential employer ever conducted a credit or financial background check as a condition of hiring you or giving you a promotion?” Of the 1,100 respondents 26.3% answered “Yes”. In 2 past surveys, the NFEC asked 3,514 individuals, “Have you ever been turned down for a job or promotion as a result of your credit or financial background?” 4.08% answered “Yes” those aged 18-24 and 45-54 reporting over 5%.