Perhaps not surprisingly, in the current turbulent macroeconomic environment, the survey results show that employers continue to face financial pressures as benefits, retention and hiring costs rise. Employers also recognize that their workforce – which now spans four generations – is facing increasing challenges and stress around their personal finances: 78% of U.S. employers say their employees are financially stressed, compared to 71% in 2023. The survey results also show that employee stressors vary widely across generations, particularly with regard to desired benefits and personal financial goals.

Notable results include:

• Generation Z is the most stressed when it comes to their personal finances. Of the U.S. workers surveyed, stress about their personal finances was highest among Generation Z (76%), followed by Millennials (72%) and Generation X (72%), and Baby Boomers (59%).
• Top financial goals vary by generation. Gen Z’s top priority is building their credit score, while Millennials, Gen X and Baby Boomers all prioritize saving for retirement.
• Benefits play a larger role in retaining Gen Z and Millennial employees. Gen Z (92%) was most likely to stay with an employer that offered more financial benefits, followed by Millennials (85%), Gen X (72%) and Baby Boomers (64%).
• Generation Z and Millennials are most concerned about student debt. The results showed that student loan debt is difficult, with 54% of respondents saying it is the most difficult debt to deal with.
• Generation X workers surveyed were the least likely to have worked with a financial planner, with the majority saying they did not have enough money to justify using one.

“The diverse financial goals and priorities of America’s multigenerational workforce demonstrate the importance of offering a mix of benefits that addresses the needs of a broad range of employees,” said Kaley Keeley Buchanan, senior vice president and head of PNC Organizational Financial Wellness. “To recruit and retain great employees across generations, which is critical to bringing diverse thinking and experience to your workforce, you must understand their needs and address them. PNC’s Organizational Financial Wellness team provides companies with in-demand benefits to meet the needs of their diverse workforces and improve productivity, performance and loyalty.”

Other notable findings include:

• Three in 10 U.S. workers surveyed with student loan debt say they are “in a rut” until that debt is paid off. Among Gen Z workers, that number rises to four in 10.
• Over the past year, access to financial planning services has doubled for American workers surveyed. Notably, 28% had access to financial planning services in 2024, compared to 14% in 2023. One in three has used a financial professional in the past three years.
• Three out of five U.S. workers surveyed say they live paycheck to paycheck, with this attitude most pronounced among Generation Z and Millennials.

As the demands of the talent market evolve, so should the way organizations address them if they want to attract and retain talent and effectively increase business performance. PNC Organizational Financial Wellness can help organizations develop and implement innovative, customized benefits programs that work well for them and the talent they want to attract and retain. For more findings, including the full report and related information, visit pnc.com/WorkplaceReport.

PNC Bank, National Association, is a member of PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States. Organized around its customers and communities, it provides strong relationship and local banking to individual and business customers, including a full range of credit products; specialized services for businesses and government entities, including commercial banking, real estate financing and asset-based lending; wealth management and investment management. For more information about PNC, visit http://www.pnc.com.

methodology
The 2024 PNC Financial Wellness in the Workplace Report was conducted with employees and employers. The employee survey was conducted online with a national sample of 1,001 employees ages 21-69 who work full-time at companies with more than 100 employees. The sampling error is +/- 3.0% at a 90% confidence level. The employer survey was conducted online with a national sample of 500 employers with more than 100 employees and annual revenue of at least $5 million. The sampling error is +/- 4.4% at a 90% confidence level. The study was conducted by Willow Research ( https://willowresearch.com/ ), a market research firm. The birth years are defined as follows: Generation Z 1997–2012, Millennials 1981–1996, Generation X 1965–1980, Baby Boomers 1946–1964.

DISCLAIMER: This report has been prepared for general information purposes only and does not constitute specific advice or recommendations. Reliance on this information is solely at your own risk. NOTE: Percentages may not add up to totals due to rounding.