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%.