A recent Mental Wealth survey by Laurel Road, KeyBank’s digital banking platform for healthcare and business professionals, found that 72% of Americans under the age of 40 — Millennials and Gen Z — say managing their finances is a strain on their mental health.
The survey also suggests that the strain can be alleviated through financial education, as 79% said they would feel less stressed if they were further educated on topics such as student loan repayment, debt repayment, understanding investment options, and smart money management. This is especially the case as these individuals navigate the uncertainty and risk associated with financial firsts such as purchasing a home, buying a car, or having a child. Many younger individuals haven’t had experience with interest rates, or the implication of rate increases with student loans, credit cards, and other variable rate loans.
Why is this important to you as an employer?
As Millennials and Gen Z will make up more than half of the American workforce by the end of this decade, recognizing younger workers’ need for financial education and addressing it as part of your health and wellness benefits can help set your company apart as an employer of choice. A 2022 VantagePoint study published by Forbes found that 6 in 10 job seekers say wellbeing benefits (financial, mental, social, physical, and career) are top priorities for them, with financial and mental wellbeing rated the highest. HR teams looking to differentiate their companies in today’s highly competitive hiring market would be wise to use financial education as one of their recruitment and retention tools. The good news is adding financial wellness to your employee benefits offering is easy to do with KeyBank’s complimentary service called Key@Work®. This comprehensive financial wellness program provides a unique solution to our business clients and their workers. While many financial institutions may partner with employers to provide banking discounts, Key@Work goes further by offering in-person and virtual financial education and banking resources that address the full spectrum of needs across an employer’s workforce demographics. Components of the program include:
- Flexible educational sessions for employees to learn about financial wellness and how to take control of their finances. We offer virtual, in-person, and hybrid options to ensure all employees can attend.
- A complimentary financial wellness review and personalized advice that is tailored to employees’ individual income levels, life stage, and financial goals.
- Digital tools and resources that enable employees to track their spending, set budgets, create goals, and document their progress.
- A full range of banking and financial products, including special banking discounts and cash incentives that support employees’ financial needs.
Offering a comprehensive set of personalized financial tools and resources shows current and prospective workers of all generations that your company is invested in their financial health and future. Let KeyBank help you enhance your benefits program with financial resources that can attract and retain talent, improve employee mental health, and drive performance that leads to better productivity for your business.