2022 Financial Health Report: Breaking Down the Numbers
It’s no secret that many Americans across the country struggle with their finances.
Here at ZayZoon, we wanted to take a deeper look into the cause and effect of this major issue. For most people in the states, living paycheck to paycheck or beyond reasonable debt certainly isn’t uncommon but breaking down the data across the country may still shock you.
We are constantly working very closely with our partners to help ensure the best and most timely products possible and as we continue to learn and grow, we not only gain more perspective and knowledge but also gain much more valuable data.
Introducing; The 2022 Employee Financial Health Report. A collection of data and infographics designed to illustrate the current financial health issues in America. The goal is to provide employers with greater insight into the financial challenges that some of their employees face.
We surveyed 2,000 respondents living and working in the United States. We asked those respondents 35 questions across five key categories:
- Relationship with finances
- Cash flow (income and expenses)
- Net worth (assets and debt)
- Appetite for increasing income
- Financial Habits
While reading the report, some numbers really jump out:
- 56% of respondents do NOT have a personal budget tracker of any kind.
Most people consider a personal budget tracker the first step in improving their financial health and they may find this number alarming. Fortunately, there's an opportunity for employers to provide support here, and it's relatively low lift. Many businesses today are offering financial planning and education online along with better tools to help employees adapt to their financial situation. These resources are generally inexpensive and simple to manage, yet, are proven ways to improve recruitment, retention, and efficiency in the workplace.
- 65% had a net worth of $5,000 or less. (The average net worth of an American is approximately $122,000.)
We typically think of net worth as one of the most important indicators of financial health. The fact that most employees in service-based industries fall well below the national average is cause for concern but also an opportunity. Perhaps now is the time for employers to consider ways in which they can help - to benefit their employees and themselves. Opening up communication channels and encouraging employees to look into the benefits that best suit them is important - many people are completely unaware of the resources available to them. Proper communication and feedback will also give you a better idea of what resources are working for your organization and what needs to be improved.
- 62% said they have a plan to make more money with their existing skill set and education.
Employees are actively thinking about ways in which to increase their income further, they’re eager to learn more and grow but may be lacking proper guidance or structure. In industries that experience high rates of turnover, investing in employees like this is extremely important. Investing in these employees will improve your overall output over time. Offering them the resources they need and the opportunity to grow will create a rich culture in which you won’t need to worry about your employees well being or the company's turnover rates.
Download the full 2022 Employee Financial Health Report, here: