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Key Takeaways
- A recent survey from Schwab found that 24% of respondents said their financial health was “very good,” up from 20% last year.
- Although workers say they’re faring better financially, most say market volatility, the current economy, and inflation have impacted them.
- Many respondents said their employers have helped them manage financial stress by increasing pay or providing flexibility with work.
U.S. workers feel more confident about their finances despite concerns about the stock market volatility, inflation and the economy. And that’s because of their employers.
Nearly one-quarter (24%) of workers said their financial health was ‘very good’ versus 20% in 2023, according to a recent Charles Schwab Survey. Although workers say they’re faring better financially, the vast majority (81%) say market volatility, the current economy, and inflation have impacted them.
People who have been negatively impacted by those factors report reducing the number of purchases they make, saving less, and buying cheaper products, among other things.
Employers Helped Ease Financial Stress For Workers
Most workers (64%) said that their employers have helped them manage their financial stress in the past year by offering enticing benefits at work. More than a third (39%) said their employers offered increased pay while roughly 19% said they received flexible work arrangements.
Although many workplaces have called workers back to the office in some capacity, most employees (84%) still believe that having remote, flexible, and hybrid work is an important benefit. Nearly three-fifths of respondents (57%) said they would forgo a salary raise for a more flexible work arrangement.