Bank survey: Inflation adding to workers’ financial stress

Most U.S. employees say they have been negatively affected by inflation and worry about their finances while at work, according to a new survey by PNC Bank. Nine in 10 respondents reported being hurt by inflation, saying that their ability to set aside money for savings and cover necessities has been significantly affected. Nearly as many respondents admitted to worrying about personal finances on the job, with 43% saying they believe such concerns affect their work productivity. Employees report spending more than 150 hours on average annually worrying about their finances.

Employers were also polled, with 75% saying that workers’ financial stress negatively affects their businesses, according to PNC. Ninety-six percent of employers surveyed believed that their ability to offer financial wellness benefits improves employee retention. That was a sentiment shared by workers, with 80% of employees reporting that financial wellness offerings may make them want to stay with their current employer, although less than 15% reported having access to financial education and counseling tools.