Nearly Two Thirds of Employees are Financially Stressed, 70% Expect Employers to Help

Qualified Plan Advisors’ second-annual Financial Wellness Survey finds levels of financial stress remain elevated across American workplaces

America’s workforce is financially stressed out and it’s impacting nearly every aspect of their lives. Qualified Plan Advisors (QPA), a subsidiary of Prime Capital Investment Advisors, today revealed the findings of its second annual Financial Wellness Survey.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240521744437/en/

Key Findings:

• 68% of American workers experience financial stress, with employees under 30 years old experiencing the most stress at 78%.
• Mental health issues (31%) and sleep problems (31%) are the top areas affected by financial stress. Personal relationships and physical health are also impacted.
• 80% carry debt, with mortgages, credit cards, and student loans being the most common.
• 70% believe their employers should assist them in achieving financial well-being, and 65% state that financial wellness programs are a key factor in job selection.

The survey assessed the financial health and behaviors of employees within 75 organizations across 15 industries revealing the impact of financial stress on today's workforce and spotlighting the critical role of employers in employees’ overall financial well-being.

“Financial stress impairs employees' overall health and career success. Employees are actively looking to their employers for support to improve their financial well-being,” said Makila Hennig, Director of Financial Concierge at Prime Capital Investment Advisors. “Employers need to answer the call and take action to help minimize the financial stress felt by their employees. Financial wellness programs have shown to increase employee satisfaction and productivity, while creating a culture of support.”

The QPA Financial Wellness Program provides a variety of solutions designed to improve employee benefits by offering educational resources and addressing poor financial habits. This empowers employees to take charge of their financial futures. The program's effectiveness is shown through high participant satisfaction and decreased stress levels, highlighting QPA's dedication to enhancing financial well-being throughout the workforce.

Visit here for a more detailed overview of the survey findings and to learn about the QPA Financial Wellness Program.

About Qualified Plan Advisors

Qualified Plan Advisors (QPA) has been delivering employee education for over 20 years. Its team of investment management professionals works with plan fiduciaries to implement investment and retirement savings strategies intended to make a difference in participants’ futures. Our participant-driven approach provides fiduciaries and other plan sponsor representatives with a proactive approach to risk management that focuses on participants’ best interests. Our advisors don’t merely hope your employees will be okay in the future; they work with them in a way to drive better outcomes.

About Prime Capital Investment Advisors

Prime Capital Investment Advisors provides a client-centric team approach to full-service financial planning, including fee-based asset management and wealth management through its Prime Capital Wealth Management brand. Through its Qualified Plan Advisors brand, the firm also provides retirement plan advisory services, as well as plan participant education. PCIA currently has 70 locations throughout the United States, with investment advisor representatives serving clients across the nation. Advisory products and services offered by Investment Adviser Representatives through Prime Capital Investment Advisors, LLC (“PCIA”), a federally registered investment adviser. PCIA: 6201 College Blvd., Suite 150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management ("PCWM") and Qualified Plan Advisors (“QPA”). Certain services may be provided by affiliates of PCIA. For more information, visit www.pciawealth.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521744437/en/