FinFit's May Newsletter

As we embrace Mental Health Awareness Month this May, it's crucial to shine a light on the silent but significant contributor to declining mental wellbeing: financial stress. Studies reveal a staggering reality, financial worries are intricately linked to mental health struggles, affecting millions worldwide. Whether it's the constant worry of looming debt, the pressure of living paycheck to paycheck, or the uncertainty of financial stability, these stressors can have a heavy toll on emotional and psychological health.?

Research underscores the gravity of the situation, showing that financial stress is positively associated with depression. Such statistics support the urgent need for collective action, particularly from employers who can play a pivotal role in helping alleviate some of this burden. By offering robust financial wellness programs, access to emergency credit, and providing resources for financial literacy, employers not only cultivate a healthier work environment but also bolster employee productivity and satisfaction. As we stand together to prioritize mental health this month and beyond, let's recognize the interconnectedness of financial wellbeing and mental wellbeing, working hand in hand to create a more supportive and resilient future for employee health.?

Financial wellbeing in the news??

• Expensive medical bills are becoming a top financial concern, causing many to forgo care, with two-thirds of young adults reportingly skipping medical appointments due to high healthcare costs. (Business Insider)?
• 85% of stressed workers report their finances playing a factor, with 34% saying that stress impacts their overall health and wellbeing. (Lincoln Financial Group)?
• People under financial strain have an almost 60% greater risk of developing serious health problems, higher than any of the other stressors. (TIME Magazine)?

The latest from FinFit??

• Curious about the financial shifts shaping employee satisfaction this year? Check out the top three benefits transforming employee financial wellbeing in FinFit’s sponsored HR Dive article.??
• Read our latest blog post this Mental Health Awareness Month, shedding light on the profound impact of financial stress on mental wellbeing and actionable insights to help you navigate employee financial stress.?
• Tune in to this episode of The Millennium Live podcast featuring FinFit's Chief Commercial Officer, Michael Woodhead! Michael chats about the critical role of employee financial health in today's workplace and shares insights on how to empower organizations through employee benefits.?

This month's money story

Did you know??

Among financially stressed employees who are distracted at work because of their finances, 56% spend three hours or more per week at work dealing with or thinking about issues related to their personal finances.?