Boostworks is a leading provider for employee recognition, rewards, and benefits. New research has shown that Generation Z workers face significant financial stress and are turning more to their employers for support.
A national representative survey of more than 1,000 18-28 year olds revealed that nearly half of Gen Z employees (44%) admit financial worries keep them from concentrating at work. Meanwhile, 19% confess they worry constantly. Nearly 11% of Gen Z employees report missing work due to financial worries.
The data paints a picture of financial vulnerability among the UK’s young employees.
- Fewer than half (45%), feel that they are fairly compensated despite the cost of living rising.
- Only one third (32%) of respondents have at least 1,000 PS in their emergency fund.
- 55% of people are thinking about a second job or side hustle, and 19% have already started one.
Clearly calls for practical employer assistance
Gen Z has a clear idea of what they would like to see happen in order to alleviate the financial stress. Nearly 60% of Gen Z already use workplace rewards or vouchers to help with their day-today expenses. Two thirds (74%) also would like to have access to financial planning and education provided by employers.
Over half of respondents (55%) indicated that they would prefer shopping discounts, cashback or reward point redeemable for vouchers and products. Over half (55%) said that they would like to see employers contribute to their savings or investment account.
Incentives to attend without pressure
Research also shows that Gen Z workers are under pressure to come into the office, despite the limited incentives. One quarter (25%) feels compelled to attend the office ‘unnecessarily,’ while 34% feel they are not adequately compensated for their efforts. Nearly a third of respondents (28%) said that they were offered new benefits or perks to encourage their return to work, but 12% didn’t find them appealing. Free food and bonuses were the top responses when asked what would motivate them to return to the office more frequently. Additional holidays (45%), flexible hours of work (37%), as well as commuting allowances, came in second and third.
A guide for employers
Jo Werker is CEO of Boostworks. “This research paints a bleak picture of financial pressures Gen Z faces as they enter the workplace, but also provides employers with a road map,” she said. “Yes, Gen Z is under real financial strain. But they also know what will help them: flexible working hours, fair recognition, and practical financial assistance.
Employers have a great opportunity to engage with the next generation by offering tangible support to improve their economic stability.
The original version of this article New research warns Gen Z workers financially fragile and underrewarded appeared first on HR News.
