Survey Reveals Financial Wellness Needs in the Workforce

PITTSBURGH, Pa. – PNC Bank has released findings from its second annual Financial Wellness in the Workplace Report.

The report, titled “The Evolving Needs of the Multigenerational American Workforce,” summarizes survey data and in-depth interviews from more than 1,000 U.S. workers and more than 500 U.S. employers to better understand the financial health and wellness of today’s workforce.

The survey findings show that employers are continuing to feel the squeeze financially with the increased costs of benefits, worker retention and recruiting. 

Employers also recognize that their workforce – now spanning four generations – has increased challenges and stress about their personal finances, with 78% of U.S. employers saying their workers were financially stressed, compared with 71% in 2023. The findings also show that worker stressors vary greatly from generation to generation, especially for sought-out employee benefits and personal financial goals.

“The varying financial goals and priorities across America’s generationally diverse workforce shows how important it is to offer a mix of benefits that can appeal to a wide range of employee needs,” said Kaley Keeley Buchanan, senior vice president and head of PNC Organizational Financial Wellness. “In order to hire and retain great people across generations, which is critical to bringing diverse thinking and experience to your workforce, you must understand their needs and appeal to them.”

Findings from the study include:

Gen Z is the most stressed about personal finances. Of the surveyed U.S. workers, personal finance stress was highest with Gen Z (76%), followed by millennials (72%), Gen X (72%) and baby boomers (59%).

Top financial goals vary by generation. Gen Z’s top priority is strengthening their credit rating, while millennials, Gen X and baby boomers all prioritize saving for retirement.

Benefits play a larger role in retaining Gen Z and millennial workers. The likelihood of staying with an employer that offers more financial wellness benefits was highest among Gen Z (92%), followed by millennials (85%), Gen X (72%) and baby boomers (64%).

Gen Z and millennials are the most concerned about student debt. Results indicated student loan debt is difficult, with 54% of respondents saying it’s the most challenging debt to tackle.

Gen X workers surveyed were the least likely generation to have worked with a financial planner, with the majority sharing that they do not have enough money to justify using one.

Other findings include:

• Three in 10 U.S. workers surveyed who have student loan debt say they are “at a standstill” until it is paid off. This increases to 4 in 10 among Gen Z workers.

• In the past year, access to financial planning benefits doubled for American workers surveyed. Notably, 28% had access to financial planning benefits in 2024, compared with 14% in 2023. One in 3 used a financial professional in the past three years.

• Three in 5 U.S. workers surveyed say they are living paycheck to paycheck. This sentiment is highest among Gen Z and millennials.

The full report can be viewed HERE.

Pictured at top: Photo by Yan Krukau. (Pexels.com)

Published by The Business Journal, Youngstown, Ohio.