Fostering financial security among employees is an increasingly high priority for employers. Employees who are more financially secure have been shown to be less stressed and more productive–characteristics that serve a business value to employers. Further, financial security leads to lower healthcare costs, better customer service, and stronger attendance.

In February of 2019, Commonwealth surveyed 1,309 lower-wage employees across the country to understand: their financial behaviors and concerns; the factors that might influence how they use money received as part of a raise; and the opportunity and impact they perceive regarding financial tools offered by their employers. Our goal was to examine employees’ financial security and to better position employers to provide the right tools and opportunities for employees to save.

The results of that research, which suggest that employees are struggling but well positioned to receive support from their employers, are summarized in this report.