The effects of financial stress can be persistent and pervasive, and they typically aren’t something workers can easily ignore, even while they’re on the clock.

The survey results as shared in the 2024 Financial Wellness in the Workplace Report, conducted by PNC Organizational Financial Wellness, reveal that seven in 10 U.S. workers surveyed said they stress about personal finances, and they spend up to three hours per day worrying about their finances while they are at work. What’s more, 78% of U.S. employers said their workers were financially stressed (an increase from 71% in 2023), and that this affects workplace attitudes.

While all generations are experiencing the impact to some degree, survey findings show that perhaps no generation is feeling the effects of financial stress as keenly as Gen Z*, as they face a particular set of challenges amid the current macroeconomic backdrop. Here are four survey findings that shed some light into Gen Z’s state of mind:

  1. Among all surveyed generations, Gen Z workers are the most stressed, with 76% saying they are very or somewhat stressed. This is in contrast to 59% of Boomer workers and 72% of Gen X and Millennial worker feedback. Among all survey participants, three in five said they are living paycheck-to-paycheck, and this sentiment is highest with Gen Z and Millennials.
  2. Student loans have a greater impact on Gen Z workers than other generations, with 37% of Gen Z respondents indicating their debt is a concern. Overall, three in 10 American workers surveyed who have student loan debt say they are “at a standstill” financially until it is paid off, and this increases to four in 10 among Gen Z workers.
  3. Benefits play an important role in retaining Gen Z workers. Among Gen Z respondents, 92% said they are much more or somewhat likely to stay with an employer that offers more financial wellness benefits.
  4. In terms of top financial goals, Gen Z is the only generation to rank improving their credit rating as their highest priority, at 53%. For the other three generations, saving for retirement came in at the top of the list.

This latter finding, highlighting that Gen Z respondents are deprioritizing saving for retirement over other financial goals, is perhaps not surprising – but that doesn’t mean it’s as it should be, according to Kaley Keeley, head of PNC Organizational Financial Wellness. “With Gen Z workers coming out of college with debt and facing an expensive housing market, it stands to reason that their current focus might be on improving credit scores or paying down debt. But planning for retirement is very important and will pay dividends in the long run.”

Survey results showed that retirement also is a growing priority for employers, with 94% of U.S. employers surveyed offering retirement plans and 52% of them offering a retirement match, up from 46% in 2023. Retirement ranks as the most used and desired benefit among surveyed workers overall, at 80%.

“Even as they focus on other important priorities, workers across generations can’t afford to ignore thinking about retirement,” Keeley said. “It’s never too soon to start planning. Once a plan is in place and routine annual reviews are scheduled, worrying about retirement ultimately will be one less thing to stress about.”

Webinar Replay: The Evolving Needs of the Multigenerational American Workforce

In the 2024 Financial Wellness in the Workplace: The Evolving Needs of the Multigenerational American Workforce webinar, PNC panelists offered in-depth discussion of survey results. A replay is available here.

Survey Methodology

The Financial Wellness in the Workplace Study 2024 was conducted in early 2024 and surveyed two different populations: U.S. employers and U.S. workers. The research was conducted in two phases. The qualitative phase included in-depth interviews, separately, with employers and workers in January 2024. The quantitative phase included separate online surveys with employers and workers between February and March 2024. The Employer Survey was conducted online with a national sample of 505 U.S. employers with 100+ workers and annual revenues of $5 million or more. The sampling error is +/- 4.4% at the 90% confidence level. The Workers Survey was conducted online with a national sample of 1,006 U.S. workers ages 21–69 who work full time at companies with 100+ workers. The sampling error is +/- 3.0% at the 90% confidence level. The study was conducted by Willow Research, a custom market research firm and certified woman-owned business.

Brilliant Begins Here

Through PNC Organizational Financial Wellness, employers can offer meaningful options that help attract, retain, and motivate talent, including bank-at-work programs, health savings accounts, student debt assistance, online financial education, retirement plan services, earned wage access, and personalized guidance for employees with complex banking needs. Learn more here.

*Gen Z workers are defined as being born between 1997 and 2012.