Resources for Employees Facing Financial Stress

Financial stress never seems to go out of fashion, no matter how the economy is doing. People simply worry about money for all different reasons, and it can take a toll on mental health.

This stress invades the workplace and can have a negative impact on employee productivity and company culture. Even employees who are satisfied with their work and compensation may be struggling with financial stress and the mental health challenges that always seem to accompany it.

What are the Main Financial Stressors?

Financial anxiety manifests differently for everyone. People worry about different financial issues based on their own priorities, values, lifestyle, goals, and past struggles. Managers need to keep in mind that financial stress is really a catch all term, so the best support strategies will vary by employee.

Some common financial issues that cause stress include:

Concerns about debt

How much debt someone has. Their struggle to get out of debt or fear of getting into debt, can all cause individuals to experience stress.

Concerns about the economy

Inflation, rising prices, and high interest rates have an effect on buying power and long-term goals.

Not having enough money in savings

Whether it’s retirement contributions or personal savings, many people worry about accumulating enough wealth to support their future. Or, people feel they’re in a constant cycle of saving but having to then spend it on unexpected expenses such as a home repair, car accident, or legal issue.

Fear of a medical event

The cost of medical procedures or a medical emergency can have a huge impact on someone’s finances. And many people worry about how they will handle this if it happens

In many cases, the biggest money worries affecting employees involve the future rather than the present. People are so worried about what might happen, they unintentionally harm their financial and mental wellbeing in the present.

Does Financial Stress Cause Mental Health Issues?

Researchers have not determined a clear answer on whether financial stress causes mental health issues, mental health issues cause financial stress, or if the two just seem to happen together without one causing the other.

Regardless, employees who are dealing with financial stress and/or mental health challenges are less able to bring their best selves to work. People who are under a great deal of stress tend to be more distracted during the workday and have a negative attitude. They might be absent from work more often, or they might come to work when they are sick due to fear of losing pay. Organizational culture and productivity suffer as a result.

According to the Financial Health Network, almost half of Americans are stressing out about finances, which increases their chances of facing mental health issues.

EAP Resources for Financial Anxiety and Mental Wellbeing

An EAP Solution like Carebridge provides supervisors and HR managers with a variety of tools to help employees manage their financial stress. No matter how a particular employee is struggling, our specialists will connect them to beneficial resources.

Carebridge can help employees improve their mental health and financial wellness through:

  • Financial education specialists
  • Life coaching and goal setting
  • Mental health counseling
  • Legal consultations
  • Work-life services
  • Mindfulness practices

Contact a member of our team to learn how Carebridge EAP can support your employees with improving their financial and mental health!