New MassMutual study finds widespread worry among employers about employees' financial woes

www.massmutual.com

According to a new study, 8 in 10 employers say their workers are struggling financially as they wrestle with retirement savings, personal and tuition debt, and medical costs. With over 50% of employees looking for support from their employers when it comes to financial wellness, employers themselves are now looking for new benefits to offer their workers in support of their financial wellness. Now, let's not be fooled. Given the low unemployment rate and high cost of replacing hourly workers, employers need to do all they can to retain workers. Paying for employees to go back to school, letting employees access their wages before payday, and providing mental health and wellness benefits are just some of the things employers are starting to do. While certainly encouraging, these practices aren't yet pervasive enough to have widespread impact. Workers are still being mistreated by companies big and small, particularly those in low-wage work and there's not much they can do about it. More needs to be done on behalf of hourly employees across the board.

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