Nearly seven in ten Millennials and Generation Z Americans report that stress surrounding their personal finances has negatively affected their productivity at work, according to a survey released from the National Association of Personal Financial Advisors (NAPFA). In fact, 87% of working Americans reported feeling stressed about their finances, and nearly one-third (32%) reported spending half an hour or more a workday thinking about their finances.
The same survey reports that 74% of working adults sense that their coworkers are stressed about their finances due to an increase in inflation, and nearly four in five (79%) believe that employers should be more aware of their employees’ financial struggles. Further, almost seven in 10 (69%) respondents stated they would perform better at work if their employer offered more financial wellness benefits, with more than four in five (81%) Millennials and nearly three-fourths (74%) of men in agreeance.
“Due to the serious impacts of inflation and other current financial stressors, consumers desire assistance and understanding from their employers regarding financial wellness,” says Geoffrey Brown, CAE, NAPFA CEO. “Consumers can more easily navigate these financial concerns and best utilize financial wellness programs from employers with the help of a Fee-Only financial planners.”
NAPFA Consumer Survey data also reveals that the increase in financial stress is causing Americans across generations to question their financial future. Amid inflation concerns and financial stressors, survey data also reveals Americans are contributing less to their retirement:
The survey reveals that retirement plans provided by employers are not substantial enough for employees financial planning goals, creating uncertainty for many Americans.
“Fee Only financial planners can help consumers significantly improve their retirement planning,” says Brown. “Before beginning the search for a financial planner, determine what you want to accomplish by working with an advisor, and then utilize resources such as NAPFA’s Find an Advisor tool to search for an advisor with a technical focus area of retirement planning.”
While employee-sponsored financial plans are a great benefit for employees, financial wellness benefits that focus on financial literacy and personalized, vetted advice from a personal financial advisor can help employees navigate their financial future.
It is becoming increasingly important that Americans work with a professional they can trust to help them navigate their financial future. Fee-only financial planners are affordable, regulated, and fiduciaries, meaning they put the client’s interests above their own.