Employee financial wellbeing has been deteriorating since the start of the pandemic, according to a WTW survey. Forty-one percent of employees are living paycheck to paycheck in 2002 compared to 38% in 2019.
Those living paycheck to paycheck include a wide range of demographics:
- 36% of workers earning $100,000 or more compared to 18% in 2019
- 52% of workers earning less than $50,000
- 53% of single parents
- 57% of those in poor or fair health
Financial wellness is a retention issue since these employees are almost twice as likely to leave their employer for a 5% raise (48%) compared to those who are not living paycheck to paycheck (29%).
Disability income protection is more important than ever with so many employees facing financial struggles. Fifty percent of adult Americans have no savings set aside for emergencies, according to the Federal Reserve Board.
Offering disability protection goes a long way toward preparing workers for emergencies. CoPower offers popular short-term and long-term disability plans from Unum.
Contact CoPower about increasing your share of the growing disability benefits market.
Austin Kikuchi
Sales Account Representative
austin.kikuchi@copower.com