Your employees are losing sleep. What is so dire that it’s keeping them up at night?
The neighbor blaring music? Maybe for some.
Indigestion? Hopefully not.
A looming work deadline? Not if you, their employer, prioritizes work-life balance. Ahem.
A recent study revealed the number one WORRY keeping American workers up at night: COVERING MONTHLY EXPENSES.
Even as the economy and lingering inflation weigh heavy on people’s minds, their biggest worries strike closer to home. Upon examining their personal finances, Americans today are concerned about: their ability to afford the basics like rent and food, savings vs. debt, raises vs. inflation, and the cost of necessities vs. discretionary income. This year, 41% of Americans are even more stressed about finances than they were in 2024.
What does this mean for employers wanting a stable and productive workforce?
It’s no secret that workforce stress is reaching crisis levels with too many talented workers coming to work distracted, burning out or leaving employment in order to cope. Money worries are particularly prevalent today AND particularly distracting.
By becoming part of the solution, you’ll free up your workforce’s attention so they can succeed at their jobs, and you can become a valued partner and advocate for the long term.
Financial Worries Lead to Lost Productivity and Increased Churn
Stress is haunting your employees from all directions. Common sources include: parenting, caregiving (or both at the same time), the workplace, and worsening physical and/or mental health. On top of all that, the worst might just be financial stress, which 63% of HR professionals agree decreases employee performance. These are huge worries, with 24% of employers aware of workers who are facing eviction, major medical costs (23%), food insecurity (19%) and homelessness (12%).
Nearly 75% of American workers say they are living paycheck-to-paycheck, their personal debt is getting worse, they are facing declining real wages, and looming generational inflation.
All this financial strain isn’t only affecting workers, it’s also hitting employers where it hurts. In the past few years:
- Employees lose an average of 7 hours of productivity per week due to their financial stress, costing employers $183 billion per year.
- 92% of leaders believe they provide enough financial guidance, support and tools to employees, compared to 56% of employees who believe the same.
- 65% of workers say their financial stress negatively impacts their sleep, mental health (55%), physical health (44%) and relationships (40%).
- Employees who are stressed about finances are significantly less likely to feel like they belong at the company, feel energized at work, and recommend their employer to friends and family.
- People who are NOT financially stressed are 3x more likely to be happy at work.
Savvy businesses are learning they have to step up and tackle the financial pressures head on. Many are implementing financial wellness initiatives. Some give training in financial literacy, others provide assistance programs (EAPs) to help in a financial crisis. One business even set up an emergency fund to cover immediate financial surprises.
At Access Perks, our favorite way to support employees is by helping them stretch their paychecks, alleviating stress by making sure there’s enough in their budget to cover the basics and beyond. Read on to learn how.
Where Employee Benefits Can Make the BIGGEST Impact: Discretionary Spending
The average American household budget first must cover a number of non-discretionary expenses. Housing, utilities, healthcare, etc. are essential and recurring costs that have to be paid, no matter one’s financial situation. These are also called fixed expenses because there is little to no flexibility, meaning people can’t choose how much, where, when (or if) to pay.
All other spending is classified under discretionary expenses because of the range of choices at the consumer’s discretion. Your workers can choose an option that fits into their budget, or even choose to go without when needed. Discretionary expenses include food (both groceries and dining out), clothing, household items, travel, entertainment, auto services and more. Notice how many discretionary expenses are still considered necessities.
On average, a little over half of consumer expenditures are discretionary, though some are predicting this percentage will fall as prices for the basics soar. Still, this represents a grand opportunity. Employers can show they care by giving their workers better options for where and how much to spend. How?
One popular answer is: employee discount programs. An effective discount program supports your workforce’s current spending habits by helping them save on everyday essentials. The more opportunities employees have to cut costs on routine purchases, the more those savings add up over time.
Imagine how much further their paychecks can stretch if they save on every purchase that makes up the majority of their budgets. That’s how you make an impactful difference, helping to calm their number one worry.
3 Strategies to Support Employee Wellness By Stretching Their Paychecks
More than ever, workers want to know their employer listens to them and cares about them. Perhaps that’s part of the reason why employee wellness has become an absolute must-have in the last few years. Employees demand it, businesses are prioritizing it and studies are showing the benefits that arise from a caring holistic wellness initiative – with financial wellness being a major component.
Quality employee discount programs are a great way to show care. It’s not just a benefit, valuable savings can be the solution that makes life easier, more affordable and less stressful. Employee discount programs are inclusive, addressing the needs of workers of all ages and financial situations. Here are some strategies to ensure your employees know you care about their wellbeing:
Prioritize Deals That Matter (Local, In-Store & Everyday Essentials)
No matter the state of the economy, members value discounts that help them stretch their budgets AND deals that bring luxuries into affordability while still allowing for the occasional treat. However, truly connecting with people who are struggling with finances takes a bit more. The best discount programs offer savings where consumers are already spending their money. So, where are they spending their discretionary money?
About 85% of disposable income in the U.S. goes toward in-store purchases, according to the U.S. Census Bureau. The remaining 15% spent online largely funnels into retail giants like Amazon and Walmart – companies that rarely participate in discount programs. That means a membership benefit focused mainly on online discounts, even if it includes thousands of retailers, will only be useful for a small fraction of members' overall spending.
Access Perks Helps Employees Save More, More Often
Access runs the nation’s largest private discount network, and is the only provider with the reach to deliver savings on virtually every discretionary expense. With discounts at over a million brick-and-mortar locations, members can save on everyday essentials like clothing, home improvement, auto services, wholesale clubs, hotel stays, and dining. The result? More relevant deals, more opportunities to save, and more value packed into every membership.
Communicate with Empathy
Communicating care takes more than just numbers. Sure, it’s powerful messaging to add up the numbers and show just how far workers can stretch their paychecks. However, communicating care and commitment to employee wellness involves more. Financial health is a crucial component of holistic wellness, which is a top priority for many employers this year.
Right now, people are under financial strain, and they notice when organizations acknowledge their struggles. Real, lasting engagement happens when workers feel understood. That’s why so many employers are shifting their messaging, focusing less on generic perks and more on real-life impact. They make it clear that benefits are designed to help members save on what matters most. More importantly, they paint a picture of how much easier and less stressful life can be when members take full advantage of what’s offered. Studies show this approach works. Empathetic messaging is a top driver of long-term loyalty, which means it also plays a major role in keeping employees productive and engaged.
Access Perks Helps Employers Connect with Team Members
HR professionals have so much on their plate. Access helps by providing educational resources that resonate with workers. Employers can choose from ready-to-use marketing content that highlights trending deals and seasonal savings, including targeted email campaigns that can be sent by your team or by Access Perks on your behalf. Plus, you can take advantage of testimonials, case studies, and data-backed insights to help implement strategies that work. The more members see their organization truly understands their financial concerns, the more likely they are to engage with and appreciate the benefits available to them.
Select a Discount Program Provider That Delivers Real Value
Most employers choose to partner with providers to add quality employee benefits. Just know that not all discount programs — or their providers — are created equal. First and foremost, the right program should offer substantial, everyday savings that your team will find genuinely useful. Beyond that, there are other qualities to look for as well. For example, it should be simple to access and redeem all discounts, without unnecessary hoops to jump through. Strong customer support should be in place to ensure a seamless experience, and robust tracking and reporting help both members and organizations see the real financial impact. Most importantly, a great program should strengthen your business, ensuring members recognize their employer as the source of these valuable savings.
Want to see if Access Perks is the right partner to help you increase engagement and offer real financial relief? Meet with an expert.
Conclusion: Show Genuine Care By Understanding and Addressing Financial Worries
Right now, your workers are stressed and stretched. It’s affecting their ability to bring their best to work. Employers who do nothing to address this will not only lose time to workers unable to give their best while on the clock, they may lose their best workers to businesses who show more genuine care.
By acknowledging their financial worries and working to solve them, you don’t just help them bring their best to work, you become a valued partner in achieving financial stability. Better yet, you might just help them get the best night’s sleep they’ve had in a long time.
Want to see how the right employee perk can transform your benefits package? Learn more here.
