Many organisations are creating new programmes and policies to support their employees’ financial wellbeing. But how are different generations of employees coping amidst the cost of living crisis?
And how can you ensure you help every employee, across every key life stage?
In autumn 2022, Claro Wellbeing conducted a nationally-representative survey of 1,300 UK workers to dig deeper into these questions. We used the following generational classifications to make splits in our data, before asking questions around wellbeing, stress, money and work:
- Generation Z (people aged 18 – 25; hereafter “Gen Z”)
- Millennials (aged 26 – 41)
- Generation X (aged 42 – 57; hereafter “Gen X”)
- Baby Boomers (aged 58 – 65)
Some key findings:
- Younger generations are more likely to say money worries affect their performance at work
- Money worries cause low productivity universally across every generation
- How different employees feel about their finances remains, sadly, unsettling across every generational group
In this article, we’ll explore these findings in more detail, and uncover what HR, rewards and benefits teams can learn from them to inform their financial wellbeing strategies. Read more here.