A new survey by PNC Bank examines the financial health and wellness of today’s workforce.
PNC’s second annual report on the subject entitled, “The Evolving Needs of the Multigenerational American Workforce,” features responses from more than 1,000 U.S. workers and more than 500 U.S. employers.
Overall, the survey found that employers are continuing to feel the squeeze financially with the increased costs of benefits, worker retention and recruiting. Employers also recognize that their workforce, which now spans four generations. Is more stressed about their personal finances.
Specifically, it found that 78 percent of U.S. employers say their workers were financially stressed compared to 71 percent in 2023. However, worker stressors vary from generation to generation.
Among the key findings, the report said Gen Z (76 percent) is the most stressed about personal finances, followed by Millennials and Gen X (72 percent), and Boomers (59 percent).
Further, the top financial goal of Gen Z is strengthening their credit rating, while Millennials, Gen X and Boomers all prioritize saving for retirement. Further, Gen Z said it was more likely to stay with an employer that offers more financial wellness benefits (92 percent), followed by Millennials (85 percent), Gen X (72 percent) and Boomers (64 percent).
Also, Gen X workers are the least likely generation to have worked with a financial planner, with the majority sharing that they do not have enough money to justify using one.
“The varying financial goals and priorities across America’s generationally diverse workforce shows how important it is to offer a mix of benefits that can appeal to a wide range of employee needs,” Kaley Keeley Buchanan, senior vice president and head of PNC Organizational Financial Wellness, said. “In order to hire and retain great people across generations, which is critical to bringing diverse thinking and experience to your workforce, you must understand their needs and appeal to them. PNC’s Organizational Financial Wellness team offers businesses in-demand benefits to help meet the needs of their diverse workforces and improve productivity, performance and loyalty.”
In addition, it is not surprising that Gen Z and Millennials are the most concerned about student debt. Overall, 30 percent of U.S. workers surveyed who have student loan debt say they are “at a standstill” until it is paid off. This increases to 40 percent among Gen Z workers.
additionally, 60 percent of U.S. workers surveyed say they are living paycheck to paycheck. This sentiment is highest among Gen Z and Millennials. Finally, 33 percent used a financial professional in the last three years.