According to a survey by the Federal Reserve, 4 in 10 Americans wouldn’t have the cash to cover a $400 unexpected expense. The study also asked how these Americans would go about covering the $400 expense without having cash on hand. The most common solutions to this problem were carrying a balance on their credit cards or borrowing from friends and family. Though, 12% of adults reported they would be unable to pay for the expense by any means.

Carrying a balance on credit cards or turning to friends and family hardly brings peace of mind to these individuals. This is an indication that people are struggling, and in many cases, the only thing they have to fall back on in an emergency is their credit cards. In addition, these credit cards come with sky-high interest rates that will cause even more damage to their finances.

We can’t be certain, but it’s likely that some of your employees fall into this camp. And the stress associated with finances is real. According to PWC’s 2019 Employee Financial Wellness Survey, financial matters are the top cause of stress among full-time employees. When asked what they feel causes them the most stress, more employees cited financial matters than any other life stressor combined- including job stress, relationship stress, and health concerns. A stressed-out employee is likely to be less productive and distracted at work.

The good news is, you’re in a position to help your employees. You can help get your employees in better financial shape by offering a financial wellness program that includes access to short-term no-interest loans. This will help your employees stay out of debt if they end up with an unexpected expense. In addition, you can choose a program that provides access to financial counseling so that your employees can get a personalized plan to start building their emergency funds and building better money habits. Goodbye stress, hello happy productive employees.