Gen X employees caught in the middle – financially stressed out
Posted On July 4, 2013
Gen Xers are currently in their mid 30s to early 50s and they are feeling the pinch of dual responsibilities. Many are faced with funding college educations while simultaneously supporting elderly parents who may not have the retirement savings to support longer lives and growing health care costs. According to PricewaterhouseCoopers’ Employee Financial Wellness Survey, 30% of Gen X employees have tapped into their retirement savings and 36% expect they will need to – numbers significantly higher than their Boomer and Millennial peers.
So, what does that mean for employers? It means a core portion of your workforce is extremely stressed out. Most businesses would concede that stressed workers are not usually the most productive. That might sound like an argument against hiring Gen Xers, however, companies that find ways to help employees gain better balance often gain tremendous loyalty from their employees – even those that don’t personally need the help.
This can present an opportunity for companies to be creative in supporting Gen X employees as they juggle this financial double whammy. Can you offer access to a financial coach to help provide confidential advice? Does your benefits package provide options for long-term care insurance or caregiver leave? What about flexible work schedules?
Perhaps you cannot provide the additional finances that would help keep employees from dipping into retirement funds, but you may be able to help alleviate the stress related to supporting young adults in a down economy and elderly parents who may be outliving their retirements. In return, you may be rewarded with employees who are more engaged, more loyal, and yes, more productive.