The term “financial wellness” is often used as a barometer to gauge the components of an investor’s fiscal condition. It includes a person’s objective financial situation—their ability to meet financial obligations and stay on track to meet future goals.
How do Americans stack up? According to a Federal Reserve Board survey, more than three-quarters of U.S. families report having debt, and 45% of families carry credit card debt, with an average debt of $6,300. About one-third indicated they would have trouble covering an emergency expense of $400. And more than 40% hadn’t saved any money during the previous year.1
The emotional impact of those financial burdens can be overwhelming—65 percent of Americans surveyed say money is a significant source of stress.2 (For people under age 43, that figure jumps to 82%.) Personal finance issues can affect mental and physical health, sleep, self-esteem, relationships at home, and work productivity and attendance.3
It doesn’t have to be this way. The steps outlined in a financial wellness roadmap can build better investors, boost financial empowerment, and advance overall well-being. The pursuit—and eventual achievement—of these goals can be life-enhancing for investors but also advantageous for employers, who can leverage financial wellness programs to build both happier and more productive workforces.