News: These workers are most worried about money: study

Compensation & Benefits

These workers are most worried about money: study

Much has been said about the advantages of working remotely. Beyond these notions, however, many remote workers are worried about their finances, according to one report.
These workers are most worried about money: study

People who work remotely tend to be more anxious about money than those who work hybrid or full time in the office, a new study says.

Much has been said about the advantages of working remotely on employees, such as higher productivity and better work-life balance. However, a new report by global insurance company MetLife suggests that there are also disadvantages to the work setup, especially on the mental health of workers.

The study found that more than half (55%) of remote workers said they feel highly anxious about their finances. By comparison, 46% of hybrid or full-time office workers had the same problem.

Money concerns are also causing a lot of stress on remote workers, as 53% of them claim they will reach their financial “breaking point” soon. Meanwhile, 41% hybrid and on-site workers said they were on the same boat.

Read more: Public sector workers want THIS more than money

The importance of benefits selection

For MetLife Senior VP of Group Benefits Bradd Chignoli, a significant part of remote workers’ financial worries stems from how they choose their benefits.

“Benefits play a major yet often overlooked role in employees’ overall financial health. A lack of understanding of benefit options is only compounding the financial insecurity remote workers feel today,” Chignoli said.

“Benefits can provide financial stability in times of economic turbulence and, when used the right way, are a tool that can even lighten employees’ financial burdens and anxiety.”

Employee benefits can help workers have better financial well-being. Forty-three percent of all workers surveyed said they were able to use their benefits when they experienced financial troubles this year, according to the study. An additional 44% said their benefits helped improve their financial health overall.

Read more: Wasting money? Boss gets flak for buying lottery tickets instead of improving employee welfare

To help workers feel more secure about their finances, they need to have a better understanding of open enrollment. They would be able to utilise their benefits more wisely and avoid enrolling in the wrong type for them. This is where having a reliable line of communication between employers and employees is crucial.

“We’re at a critical moment in the employee-employer relationship. As we look to build more inclusive cultures and further support today’s workforce – including how and where our employees work – benefit communication is vital,” MetLife VP for Workforce Engagement Jenn Kischell said. 

“In today’s volatile economic environment, ensuring workers understand and use their benefits is more important than ever for employees’ well-being, as well as overall retention.”

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Topics: Compensation & Benefits

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