Sleep impacts the overall wellbeing of your organization, and money-related stress is preventing your employees from getting enough.
According to a 2019 survey by Bankrate.com, more than half of American adults are losing sleep over financial stress.
What’s even more startling is that compared to previous years, this problem is getting worse.
For employers, this raises some serious concerns. Quality sleep is something we, as humans, can’t go without if we want to perform at our best.
Not getting enough quality sleep impairs our ability to:
- Think clearly
- Make decisions
- Solve creative problems
- Regulate emotions
These are all essential functions we rely on in the workplace.
Under-rested employees can lead to avoidable mistakes, diminished productivity, workplace accidents, and most importantly, a team that isn’t bringing their best selves into the office every day.
And, studies report that these impacts amount to more than $138 billion in costs for employers. Ouch.
But here’s the good news...employers are uniquely equipped to solve this problem.
Why Are We So Stressed About Money?
To find the solution, employers should first ask a question that cuts to the root of the problem.
“Why are so many of us stressed about money?”
It turns out, we’re lying awake at night worrying about fundamental areas of our finances. Top concerns include affording everyday expenses, saving for retirement, health care bills, and paying off credit card debt.
While this tells us what people are stressed about, it still doesn’t answer the question of why.
Your employees aren’t clear about how to budget, manage debt, or save for their competing goals.
As a result, they are overwhelmed by the daily stress of their finances, and it’s because “The Fundamentals of Money” was never a required course in school.
The problem stems from a lack of clarity and understanding.
The solution is financial education that guides your employees to make smart decisions with their money.
Traditional Financial Education Isn’t Working.
Workplace financial stress is on the rise, so it’s clear that traditional approaches to financial education aren’t working.
Most programs narrowly focus on helping employees with their 401(k) and benefit choices. These two decisions matter, but hardly account for someone’s complete financial situation.
There’s also the issue of who is offering financial advice to your team.
You want independent financial professionals who are held to the fiduciary standard, which simply means they’re required to act in your employees’ best interests.
Their job is to educate your team and provide personalized advice - not sell them financial products.
To truly impact your team’s money mindset, a holistic approach to financial wellness is what’s needed.
One that gives them the confidence to budget, save, invest, and pay down debt - all in alignment with their personal goals.
How Employers Can Help Fight Financial Stress Related Insomnia.
Employers can help reduce this #1 source of stress for their employees by making the decision to bring financial wellness to their workplace in 2020.
When you empower your team to make better financial decisions, you help them alleviate stress, sleep better, and feel confident about planning for their future.
Beyond improved productivity, you’re sending a powerful message to your team and future hires that their wellness matters. It's not just a strong employee benefits play, it's a truly impactful business strategy.
About the Author:
Anthony is a Financial Planner for LearnLux who works virtually with clients located all over the United States. He particularly enjoys working with Young Professionals who are navigating important financial decisions for the first time. His approach is to offer practical advice & education that helps people feel confident about tackling their financial goals. Anthony calls Chicago home. When he’s not working, he enjoys exploring the city’s unique neighborhoods by train, bike, or on foot.