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Financial stress biggest employer concern for millennials

Many millennials now have children, mortgages and bills to pay

Financial-related stress is the health and wellbeing issue that employers think most affects their millennial employees, a survey shows.

The poll of 500 HR decision makers by GRiD found 51% cited stress and anxiety related to finances and debt as they top concern, followed by stress and anxiety related to home life (39%) and stress and anxiety related to work (38%).

According to the group risk industry association, millennials are laden with the highest student debt levels ever and have had to live at home with their parents due to property price rises.

Many are now middle managers with children, mortgages and bills to pay.

Katharine Moxham, spokesperson for GRiD, said that unless employers review their employee benefits packages accordingly, they run the risk of being like a long-lost aunt who comments “you’ve grown” without really acknowledging any other changes.

GRiD said employers must be alert to the constantly changing circumstances of each generation and to review their employee benefits package to ensure it is still relevant and appropriate.

Macro and micro support

It suggested employers combine financial support from products such as income protection with other benefits like an employee assistance programme, which can be used even if a claim is never made.

“Group risk protection products are relevant for every age group and profile,” Moxham added. “This is not only because of the headline financial benefits they provide, but wrapped up in the product are often also a huge number of additional  benefits that support the employee on a personal level too – ideal for the workforce with ever-changing needs.”