Today’s workforce spans five distinct generations, and each age group, from Gen Z to Baby Boomers, has vastly different financial needs and concerns that will demand employers’ attention in a post-pandemic world.
Workers today are feeling extreme financial stress — the pandemic has exacerbated perceptions of the financial outlook, with 83% of adults feeling stressed due to high inflation, according to the American Psychological Association. Despite concerns, only about 50% of employees are willing to talk to their managers about their finances. To help, employees need to tailor benefits more specifically to employee needs and invest in financial literacy programs.
With such a diverse workforce, there is no one-size-fits-all strategy for ensuring financial health. But with the right approach, employers can help every generation with their financial problems.