SHRM and Raymond James Research Reveals Why Financial Wellness Must Be a Business Priority

ORLANDO, Fla. –  SHRM, the trust authority on all things work, workers and the workplace, in partnership with Raymond James, today released The State of Financial Wellness: Challenges, Gaps, and Opportunities, a comprehensive research report examining the disconnect between the financial pressures facing today's workforce and the support structures organizations currently provide.

The report, launched at the SHRM26 conference and expo, surveyed more than 2,300 U.S. workers and 1,000 HR professionals between November and December 2025. The report reveals that financial stress is pervasive, persistent, and closely tied to engagement, retention, and organizational performance.

More than half of HR professionals (57%) rated their organizations’ financial wellness programs as underdeveloped; only 11% described them as highly developed.

“Financial wellness is no longer a secondary benefit; it is a core component of organizational resilience and workforce sustainability. When organizations invest in fully integrated financial wellness programs, they are likely to see real returns: stronger engagement, lower turnover, and better business outcomes,” said James Atkinson, PhD, Vice President, Thought Leadership SHRM.

“As employers and business owners respond to employees’ growing need for financial wellness support, there is an opportunity to better guide and implement solutions,” said Patrick O’Connor, chief operating officer, Raymond James Private Client Group. “When employees feel supported in managing day-to-day finances, preparing for unexpected expenses, and staying on track toward long-term goals, outcomes can improve for both employees and organizations.”

Financial Stress is Widespread

• 73% of workers experience financial stress at least sometimes; for 39%, it’s frequent or constant. Even 32% of workers with high financial wellness report it affecting their ability to focus at work.
• Employer support is lagging. 57% of HR professionals rate their programs as underdeveloped; only 17% have a clear strategy, and just 8% expect to expand financial wellness offerings soon.
• Integration gaps are significant. 64% of organizations keep financial wellness siloed from other well-being initiatives. Fully integrated programs are 10x more likely to achieve highly developed financial wellness.

Workers remain financially vulnerable. Only 45% could cover a $5,000 emergency without borrowing; just 50% feel confident about retiring comfortably; 52% have a 3-month emergency fund.

High-impact benefits go unoffered. 65% of workers rate loan support as effective, and 67% say it strongly influences their decision to stay, yet it’s among the least-offered benefits. Emergency fund programs show the same pattern.

Business outcomes are at stake. Organizations with highly developed financial wellness programs are more likely to exceed financial and non-financial business goals. Those with underdeveloped programs are more than twice as likely to report high turnover, which is significant given that replacing an employee costs 50%–200% of their annual salary (SHRM).

Recommendations for Employers

1. Develop a formal financial wellness strategy aligned with business goals such as engagement, productivity, and retention.
2. Integrate financial wellness with health and employee assistance programs to reduce silos and maximize impact.
3. Expand support for immediate financial needs by balancing long-term benefits with short-term financial resources.
4. Measure outcomes and adapt programs using utilization data, employee feedback, and business metrics.
5. Provide tools that encourage positive financial habits and support employees in making sound financial decisions.
6. Train managers to recognize financial stress and connect employees with available resources.

As organizations look to strengthen employee financial wellbeing, many are turning to external partners with expertise in workplace financial wellness, retirement planning and financial education. These partners can help organizations evaluate workforce needs, align financial wellness initiatives with broader business objectives and create more integrated approaches to supporting employees across different life stages and financial circumstances.

Support may include retirement plan design, financial education resources, savings and planning tools, and other programs to help employees build financial confidence and resilience. By taking a more strategic and coordinated approach, organizations can better connect financial wellness efforts to employee engagement, retention and workforce performance.

Methodology

SHRM, in partnership with Raymond James, conducted research to provide a comprehensive view of the financial wellness landscape. The findings are based on surveys of more than 2,300 U.S. workers and 1,000 HR professionals conducted between November and December 2025. This research is intended to empower organizations to better support their workforces, leading to improvements in engagement, satisfaction and productivity.

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.87 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com. 

About SHRM

SHRM is a member-driven catalyst for creating better workplaces where people and businesses thrive together. As the trusted authority on all things work, SHRM is the foremost expert, researcher, advocate, and thought leader on issues and innovations impacting today’s evolving workplaces.  With nearly 340,000 members in 180 countries, SHRM touches the lives of more than 362 million workers and their families globally. Discover more at SHRM.org.