Financial Wellness:

According to a 2014 survey done by PwC, the generational gap in employee financial health is growing.  PwC’s Employee Financial Wellness Survey tracks the financial and retirement wellbeing of working U.S. adults nationwide. This year it incorporated the views of over 2,100 full-time employed adults.

While a 2013 survey showed that Generation X carried the heaviest financial burden, the 2014 results find that Generation X employees, along with Baby Boomers, appear to be recovering faster than Millennials (Generation Y). Employees benefitting most from the market gains are those who have savings and equity in their homes rather than those who are more reliant on their current incomes.

Key findings of the PwC Survey:

  • Cash and debt: While Baby Boomers and Gen X employees have shown improvements, Gen Y employees who find it difficult to meet monthly household expenses increased to 41%. Of those Gen Y employees who carry credit card balances, 39% find it difficult to make their minimum payments.
  • Retirement: Overall retirement confidence rose to 40%. The percent of Gen Y employees who think it’s likely they’ll need to use money from their retirement plans for other expenses increased to 34%.
  • Financial stress: 24% of U.S. employees admit that personal finances have been a distraction at work. 60% of Gen Y employees report financial stress.
  • Healthcare: Healthcare costs are one of the biggest retirement concerns for 33% of U.S. employees. 59% of employees think that health insurance costs will increase as a result of the Affordable Care Act. Less than half of Baby Boomers are confident they’ll be able to cover medical expenses in retirement.

GTHCC’s goal is to empower people to make educated decisions to improve their financial wellbeing.

Drawing upon the diverse skill sets and talents of its Congregation, GTHCC will offer classes on “financial wellness.” These sessions will help to ensure that its members, and members of the community, have the wherewithal to combat financial peril.