The vast majority of employers offering a workplace retirement plan are concerned about their employees' financial well-being, especially in the areas of credit-card debt, housing costs and the inability to save for emergencies.
Employers believe their workers are primarily struggling with credit card and other consumer debt, housing costs and the inability to save for emergencies, according to the MassMutual survey. Medical costs, childcare expenses and difficulty in saving for retirement rank closely behind.
Further, almost half of Americans don't have a rainy day fund to cover expenses for three months in the event of sickness job loss or an economic downturn. A quarter of Americans have medical bills that are past due.According to a Bank of America, 53% of firms now offer a workplace financial wellness program, more than twice the number from four years ago.
Employees can improve their situation by taking stock of where they lie on the spectrum of financial wellness, according to Morabito.
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