Press release
Principal® Survey Finds Businesses Are Growing While Employees Are Less Confident
The research reveals opportunities for employer support for employee financial well-being DES MOINES, Iowa--(BUSINESS WIRE)-- A recent survey from Principal
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nThe research reveals opportunities for employer support for employee financial well-being\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nA recent survey from Principal Financial Group® shows a disparity between U.S. employers and their employees in financial health and well-being. As employer sentiment and business health remains steady, there are opportunities for employers to support employee financial health.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230808629667/en/Second wave of insights for 2023\nAccording to the latest Principal Financial Well-Being IndexSM, while both employers’ and employees’ top concerns include rising costs and macroeconomic challenges, employers feel more satisfied with their business’s present financial situation than employees feel about their personal finances. And although employees and employers largely report they’re able to meet their respective financial obligations, that doesn’t translate into workers feeling as satisfied with their current financial situation. Only 34% of employees are “always” or “often” satisfied about their personal finances compared to more than 70% of employers who are “always” or “often” satisfied about their business’s finances.\n\n\n“As business owners continue to see growth, it’s important to recognize their employees may feel less confident about their financial growth and there are ways to provide greater support,” said Amy Friedrich, president of Benefits and Protection at Principal®. “Employer support could be offering financial wellness tools or providing a holistic benefits package that meets their employees’ needs. This support can be a key differentiator for employers, helping them retain talent, while also making a real difference in the financial lives of their employees.”\n\n\nAccording to the survey, nearly two thirds of employees wouldn’t be able to cover expenses for longer than three months if they lost their main source of income. When examining this trend based on demographic differences, over half (55%) of Gen Z and 44% of Millennial employees wouldn’t be able to cover expenses after the first month without their main source of income. Additionally, women are more likely to say that they couldn’t cover expenses for more than one week, while men are more likely to say they’d be abl...