SAN FRANCISCO–A higher percentages of African-American and Hispanic/Latino American employees experienced unmanageable levels of financial stress and were more likely to exhibit financial wellness behaviors considered to be keeping them in a “cycle of low financial wellness,” according to a new analysis.
The Financial Wellness Think Tank has released its latest research study, Optimizing Financial Wellness for a Diverse Workforce, which probed the disparity in financial wellness among different ethnic groups of employees:
Among the findings:
- 31% of African-American and 25% of Hispanic/Latino employees said they have high or overwhelming levels of financial stress compared to just 19% of Caucasian and 12% of Asian-American employees.
- Only 26% of African-American and 37% of Hispanic/Latino employees report having an emergency fund, compared to 55% of Caucasian employees and 72% of Asian-American employees.
- 52% of African American and 64% of Hispanic/Latino employees report having a handle on their monthly cash flow, spending less than they earn each month, compared to 77% of Caucasian and 82% of Asian American employees.
“With workforces becoming more diverse, this issue is becoming increasingly more important to address for employers,” Financial Finesse said. “The encouraging news is that employers are putting more focus on the area. According to a recent study from Aon Hewitt, 92% of employers plan to focus this year on helping employees improve their financial wellness.”
More information can be found: https://ffinesse.box.com/v/2017-Diverse-Workforce-Report