No matter what stage of life they are in, achieving financial security is a top priority for workers spanning multiple generations – and it’s highly important for employers too. When employees operate from a position of sound financial footing, the benefits are clear and measurable, both in terms of organizational performance and on a personal level.

This was a key takeaway from the 2024 Financial Wellness in the Workplace Report: The Evolving Needs of the Multigenerational American Workforce study, conducted by PNC Organizational Financial Wellness. The purpose of the study was to understand how financial responsibilities are impacting both American workers and employers, and what employers can do to improve their workers’ financial wellness, with an eye to the different sentiments and challenges of a multigenerational workforce.

“The goal behind this research was to help employers get a better understanding of the specific and varied needs of their workers, so that they can hire and retain great talent spanning multiple generations,” said Kaley Keeley, head of PNC Organizational Financial Wellness. “Having this understanding is critical, because offering the right employee benefits can play an important role in lowering stress and helping workers feel more financially secure. It can also help businesses fully optimize their benefits budgets, as many businesses continue to face financial pressures from the current macroeconomic climate.”

While employers and their workforce may agree that workers’ financial well-being is important, survey results show that opinions vary when it comes to what organizations should do to help workers achieve financial stability. And finding solutions that resonate with American workers today becomes even more complicated for employers when factoring in the varying needs of multiple generational divides.

From the American Employer Point of View: 

  • Three out of four employers say workers financial stress negatively impacts operations. Results showed that 78% of employers said they believe their workers are financially stressed, up from 71% in 2023, and employers have found that this stress level has an impact on the workplace.
  • Nine out of 10 employers say their financial position is better or the same as last year, but they feel more financially squeezed. In terms of the challenges contributing to this, 63% of employers cited increased benefit costs, 55% the higher cost of goods, 54% worker retention, 51% recruiting, and 46% maintaining competitive salaries – all increased levels as compared with survey results from 2023.
  • One in four employers and workers think more benefits can enhance a person’s financial security. Benefits were ranked the top way employers can help their workers feel more secure, followed by financial education, better communication about benefits, pay increases, and greater employer 401(k) contributions.
  • Survey results show more U.S. employers are offering financial education this year (36%) than last year (30%). More than half of surveyed workers across generations said they would use financial education benefits if offered.
  • The number of surveyed employers that offer retirement match increased to 52%, up from 46% in 2023, with 5% being the median match contribution. The majority of surveyed employers, 94%, offer retirement plans.

From the American Worker Point of View:  

  • Three hours per week is how long American workers spend worrying about their personal finances at work. Among women surveyed, 77% say they feel financially stressed, compared to 62% of men.
  • Three in five workers said they are living paycheck to paycheck. This sentiment is highest with Gen Z and Millennials.
  • Only one in three surveyed workers have used a financial planner in the last three years. Gen X workers were the least likely generation to have worked with a planner, at only 26%, with most survey respondents saying that it costs too much, or they don’t have enough money to use one as the most common reasons.
  • Only 25% of workers are “very confident” managing their debt. Over half of surveyed workers (54%) say student loan debt is the most challenging debt to tackle. Credit card debt was the most commonly cited type of debt, at 53% (average across all generations).

Though the data is plentiful and nuanced, there is a clear takeaway for employers, according to Keeley. “There are key priorities an organization can address to meet the needs of a multigenerational workforce. This is important at any time, but perhaps particularly now, given the challenges in the current labor market and economic climate. Thinking strategically about offering enhanced benefits that support American workers’ financial stability can be a win-win for both employers and their workforce.”

Webinar Replay: The Evolving Needs of the Multigenerational American Workforce

In the 2024 Financial Wellness in the Workplace: The Evolving Needs of the Multigenerational American Workforce webinar, PNC panelists offered in-depth discussion of survey results. A replay is available here.

Survey Methodology

The Financial Wellness in the Workplace Study 2024 was conducted in early 2024 and surveyed two different populations: U.S. employers and U.S. workers. The research was conducted in two phases. The qualitative phase included in-depth interviews, separately, with employers and workers in January 2024. The quantitative phase included separate online surveys with employers and workers between February and March 2024. The Employer Survey was conducted online with a national sample of 505 U.S. employers with 100+ workers and annual revenues of $5 million or more. The sampling error is +/- 4.4% at the 90% confidence level. The Workers Survey was conducted online with a national sample of 1,006 U.S. workers ages 21–69 who work full time at companies with 100+ workers. The sampling error is +/- 3.0% at the 90% confidence level. The study was conducted by Willow Research, a custom market research firm and certified woman-owned business.

Ready to Help  

Through PNC Organizational Financial Wellness, employers can offer meaningful options that help attract, retain, and motivate talent, including bank-at-work programs, health savings accounts, student debt assistance, online financial education, retirement plan services, earned wage access, and personalized guidance for employees with complex banking needs. Learn more here.