Financial stress in the workplace can have a measurable effect on the well-being of individuals and organizations alike. But in a multigenerational workforce, some generations may be feeling the effects of the stress less acutely than others. This seems to be the case for the Baby Boomer* generation, who reported the least amount of financial stress among the four generations currently in the workforce, based on survey results as shared in the 2024 Financial Wellness in the Workplace Report, conducted by PNC Organizational Financial Wellness.  

Here are some of the key findings that Boomer workers in the U.S. provided:

  1. While Boomer workers were by comparison the least financially stressed group among all surveyed generations, a majority of Boomer respondents (59%) shared that they were very or somewhat stressed about their personal finances, compared to 76% of Gen Z and 72% of Millennial and Gen X workers.
  2. Perhaps unsurprisingly, Boomer and Gen Z workers are the most likely generations to have no debt, at 21% and 22%, respectively, compared with 14% of Millennial and 11% of Gen X workers.
  3. Continuing to save for retirement is the highest priority for Boomer workers, with 72% listing it as their top financial goal.
  4. Financial wellness benefits do not resonate as strongly with Boomer workers, compared with other generations in terms of employee retention, but they still matter. In the survey, 64% of Boomer workers said they are much more or somewhat likely to stay with an employer that offers more financial wellness benefits, versus 92% of Gen Z workers.
  5. Boomer workers are the generation most likely to have worked with a financial planner – but only 33% of survey respondents said they had done so. For those Boomer workers who had not worked with a financial professional, 53% of them cited not having enough money to use one as their primary reason. Boomer workers are also the least likely generation to say they would use financial education benefits if offered, at 44%, compared with 63% of Gen Z workers.

But even if research shows that Boomer workers are faring better than other generations in some aspects, what’s clear is that all generations expressed stress about their personal finances – and employers can play a role in helping to alleviate concerns.

“It’s important for employers with multigenerational workforces to be attuned to the specific needs of each group and find ways to meet them where they are,” said Kaley Keeley, head of PNC Organizational Financial Wellness. “Boomer worker needs are going to look different than those of younger workers who are just starting their careers and might be more focused on things like building their credit or managing student loans, for example.

“As they approach their retirement years, Boomer workers are looking for ways to secure the strongest possible financial future, and employers can be there to meet them halfway in that goal. One way to do that may be through offering innovative benefit solutions focused on improving financial wellness,” she said.

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.

*Boomer workers are defined as being born between 1946 and 1964.