“Financial stressors are not only negatively impacting employees, but are costing employers. Stressed employees are found to be less productive, take time off from work to deal with their finances, and are more likely to cite health issues caused by financial stress. These findings are concerning and potentially significant for companies looking to evaluate the return on investment of a financial wellness program," said Kent E. Allison, Partner & National Practice Leader. 

A significant driver of this stress, at least in younger people, is student debt. The report said that 81 percent of those with student loans vs. all other employees are stressed about their finances, 64 percent find it difficult to meet household expenses every month, 57 percent use credit cards for monthly necessities they can't otherwise afford, and 55 percent are distracted by finances at work. The study also found that younger employees are withdrawing money from their retirement plans more than they have in previous years. 51 percent of Millennials and 57 percent of Gen X-aged workers withdraw retirement funds for unexpected expenses, while 22 percent of Millennials and 18 percent of Gen X withdraw retirement funds for medical bills.