For most American workers, an empty wallet is not just a pain in the neck, but also an albatross around it, according to a new survey.
The annual John Hancock Financial Stress Survey found that American workers are even more stressed out over money this year than they said they were last year.
The survey, released Tuesday, found that 69 percent of American workers—an increase of three percentage points over last year’s survey findings—are experiencing moderate to extreme stress as a result of their finances.
Nearly three-quarters of respondents (72 percent) indicated that they worry about personal finances during their workday, costing employers up to $2,000 per employee every year in lost productivity, the survey concluded.
The survey found that 60 percent of respondents experience physical and psychological symptoms associated with their stress, including lack of sleep and a feeling of being overwhelmed.
The John Hancock survey found five key financial stressors among employed Americans. The number one greatest financial worry, according to 76 percent of respondents, was saving for retirement. Tied with saving for retirement was stressing out over college loans (76 percent).
Two-thirds of respondents had more immediate financial worries: 64 percent said they stressed out over affording their monthly rent payments. Fourth on the list of financial stressors was overall current financial situation, accounting for 62 percent of respondents’ worries. Last on the list was saving for emergency situations, which 59 percent of respondents said preoccupied their thoughts most.
According to the survey, 86 percent of respondents said they felt there was a stigma associated with not being financially “well.”
Three in five respondents said they believed that getting financial advice at work would reduce their stress, and 65 percent said it would help them start saving more for retirement.
Those respondents identified four top financial issues for which they said they needed advice: