CEOs are often asked, "What keeps you up at night?" and answers, while varied, typically center around finances and talent. At Filene, we think an equally compelling question is, "What keeps your staff up at night?"

Pre-Pandemic

In Filene's report, "The Case for Workplace Financial Well-being: The View from Credit Unions," we did ask. Their answers? Money. More than half of all credit union employees admitted to feeling stressed by their finances. This stress spills into their work, leading to disengagement, decreased performance, increased absenteeism, poorer mental and physical health, and delayed retirement.

Not only is this a real and serious threat to the well-being of credit union frontline staff, but stress over income insecurity has a real business cost. According to Filene's Cost of Financial Distractions calculator, an organization with 100 full-time employees can expect to see approximately 30 employees distracted by financial stress, with 46% of those, or 14 employees, spending at least three hours per week on finances while at work. This adds up to 1,904 hours lost to employee distraction about finances and $77,319 financial loss due to lost productivity annually. And this was before the COVID-19 pandemic hit.