Retirement Readiness Report | How financial stress impacts productivity
Hear from Edward Gottfried, Betterment at Work's Director of Product, about how employee financial stress affects productivity.
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Video Transcript
I think it's no exaggeration to say that in the last couple years, financial stress has really impacted workers and in particular younger workers. What we've found is that year over year, more and more young workers are feeling like it is too hard to save for retirement to the extent that they would like to.I'm Edward Gottfried, and I work in product at Betterment at Work. My team is responsible for the employee experience, employer experience, and everything that supports our benefits platform, including a 401(k), student loan management, and 529 offerings. Our recent retirement readiness report found that nearly four out of five employees reported that their finances cost them stress at work. Over half of employees reported that financial stress was impacting their job performance. And industry data shows that financial stress is costing employers 4.7 billion dollars a week in lost productivity.
At Betterment at Work, we're committed to supporting employers and helping their employees through financial stresses. It starts with a great 401(k). They need to meet employees where they are, which means both providing support for financial needs and stresses outside the 401(k), like student loans or short-term savings, but also providing those tools in a way that makes it as easy and engaging for employees to stay in control of their financial lives as possible.