8 things Philippine HRs should know about workers’ financial stress

MANILA, Philippines — Money can’t buy happiness, but low savings on the part of employees can mean low productivity. In other words, it means high financial stress on both the workers and the employer.

SAVii Workplace Intelligence illustrates this problem in its white paper titled Financial Stress, The Quiet Culture Killer.

Conducted from April 2022 to February of this year, the survey collected responses from Filipino workers—18,922 workers currently working across 14 industries during the survey period, and 3,325 workers who had recently resigned from their jobs across more than five industries.

The article provides insights into the multi-dimensional impact of financial stress not only on individual employees, but on the overall workplace environment. It highlights various factors that contribute to financial stress as well as repercussions of this stress, and potential strategies for employers to enhance employee well-being.

SAVii has been McDonald's PH's employee wellness buddy, promoting financial empowerment and transforming the lives of their employees since 2019.

Here are some key insights:

1. Impact of financial stress on productivity and loyalty. The paper emphasizes that financial stress—although often overlooked—can significantly affect workplace productivity and employee loyalty. More than its established impact on mental health, financial stress can also lead to distractions, reduced engagement and strained relationships among coworkers.
   
2. Savings behavior of financially stressed individuals. Despite the potential to save more than they spend, financially stressed individuals tend not to do so because of the burden of stress. They comprise a significant portion of the workforce, particularly millennials,