Beyond the Next Paycheck: Creating Opportunities for Young Workers to Thrive
Employers have the opportunity to support their young, lower-income workers in developing financial wellness starting early in their working lives. This could help productivity, retention and morale in a developing workforce. At this formative time, young people are typically entering the workforce and becoming financially independent, but financial capabilities are less developed, and financial well-being is more tentative. Young people can leverage this critical time to establish habits and lifestyles that can make a significant difference in the rest of their lives. Despite the potential for impact, young, lower-income workers are often not the focus of financial wellness programs.
The Financial Security at Work project sought to shift that focus by providing insights about how financial wellness programs can be tailored to young, lower-income workers. The first section of this report looks at the stake employers have in building the financial security of young, lower-income workers. The second section summarizes the financial wellness needs and preferences of these young workers. The third and final section elaborates upon five key insights from the research to help guide employers that want to support the financial security of their young, lower-income workers.