PNC Bank has released findings from its second annual Financial Wellness in the Workplace Report, which summarizes survey data and in-depth interviews from more than 1,000 U.S. workers and more than 500 employers to better understand the financial health and wellness of today’s workforce.
Perhaps unsurprising in the current turbulent macroeconomic environment, the survey findings show that employers are continuing to feel the squeeze financially with the increased cost of benefits, worker retention, and recruiting. Employers also recognize that their workforce—now spanning four generations—has increased challenges and stress about their personal finances, with 78% of U.S. employers saying their workers were financially stressed compared to 71% in 2023. The survey findings also demonstrate that worker stressors vary greatly from generation to generation, especially for sought-out employee benefits and personal financial goals.
Notable findings are below.
- Gen Z is the most stressed out about personal finances. Of surveyed U.S. workers, personal finance stress was highest with Gen Z (76%), followed by millennials (72%) and Gen X (72%), then baby boomers (59%).
- Top financial goals vary by generation. Gen Z’s top priority is strengthening their credit rating, while millennials, Gen X, and baby boomers all prioritize saving for retirement.
- Benefits play a larger role in retaining Gen Z and millennial workers. The likelihood of staying with an employer that offers more financial wellness benefits was highest among Gen Z (92%), followed by millennials (85%), Gen X (72%), and boomers (64%).
- Gen Z and millennials are the most concerned about student debt. Results indicate student loan debt is difficult, with 54% of respondents saying it’s the most challenging debt to tackle.
- Gen X workers surveyed are the least likely generation to have worked with a financial planner. Most share that they do not have enough money to justify using a financial planner.
“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,” says Kaley Keeley Buchanan, senior vice presdient and head of organizational financial wellness at PNC. “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.”
Three in 10 U.S. workers surveyed who have student loan debt say they are “at a standstill” until it is paid off. This increases to four in 10 among Gen Z workers. In the last year, access to financial planning benefits doubled for American workers surveyed. Notably, 28% had access to financial planning benefits in 2024 compared to 14% in 2023. One in three used a financial professional in the last three years. Additionally, three in five U.S. workers say they are living paycheck to paycheck. This sentiment is highest among Gen Z and millennials.
