For a lot of American workers, dealing with personal finances is a lot like the anxiety they feel about going to the dentist: they know it would be better to go and get it over with but the fear of what they may find out can be overwhelming.
Stress about money pervades every age, income level and gender, a new survey from Charles Schwab Corp. showed. It even affects the ones who are saving for retirement. People don’t know where to start and they don’t think they can manage their daily money issues on their own, said Nathan Voris, managing director for Schwab’s Retirement Plan Services.
Most people work every day, so that worry is spilling into their jobs. In fact, employers may be the biggest losers, facing losses of up to $250 billion anually over people stressing about money issues, according to a new survey from Mercer.
As a result, organizations are looking for a superhero-like remedy and are paying a lot of attention to financial wellness. In general, financial wellness is a holistic financial plan tailored to a person’s needs today and tomorrow. Plans can offer budgeting, debt repayment, short- and long-term savings goals or other financial issues affecting workers.
With the growing demand, the number of companies offering plans is increasing dramatically too, said Joe Miller, president of Shortlister, a consulting firm that tracks companies offering all types of wellness plans. Of the 39 financial wellness companies tracked by Shortlister, 10 have cropped up in the past three years. “It is a constant process for us to chase down and find out who the new vendors are,” Miller said. “There is an opportunity here, and you’re seeing lots of folks enter the market.”