If you’re feeling stressed at work, you’re not alone. Two alarming studies show how financial stress is affecting Americans in the workplace.
According to the 2017 Workplace Benefits Report from Bank of America Merrill Lynch, 56 percent of American workers are stressed about their financial situation. Among those employees, 53 percent say their financial stress gets in the way of work productivity.
Despite feeling stressed at work, The 2017 State of American Vacation from Project: Time Off found only 54 percent of American workers used up all their vacation days last year. Worse, two out of three employees that take time off end up working on vacation anyway, showed a Glassdoor survey conducted by Harris Poll.
So, if Americans are feeling stress in the workplace, why aren’t they taking vacation days? Here’s a look into the mind of the American worker — and what to do if you’re feeling overwhelmed.
Fear is driving American workers to exhaustion
The majority of American workers may be stressed at work, but it’s fear that’s keeping them chained to their desks.
In a 2016 interview with MarketWatch, Glassdoor career trends analyst Scott Dobroski said fear of falling behind at work or getting fired is one reason why American workers aren’t vacationing enough.
The recent recession doesn’t help either. It shook the U.S. economy and deeply affected Americans’ financial stability and career opportunities. Add on the increasing costs of an education and homeownership, and suddenly many Americans are feeling the squeeze.
That all makes holding a steady income more important — and puts more pressure on employees already concerned with job security.
That fear, in part, leads 66 percent of Americans to work while on vacation, according to Glassdoor. That’s an increase of 5 percent from three years ago.
Overall, 662 million vacation hours were left unused in 2016, reported Project: Time Off. That’s a lot of time off workers need to unwind.
Millennials more financially stressed than other generations
The Bank of America Merrill Lynch study found that millennials are the most financially stressed generation of today’s workers.
According to its study, while 56 percent of Gen Xers say stress interferes with their work, 67 percent of millennials say the same. And 68 percent of millennials say that stress affects their health, compared to 56 percent of Gen Xers and 51 percent of baby boomers.
That means, among today’s workers, that millennials are feeling more financially pinched, and their health is suffering due to it.
But one reason why millennials’ finances are getting in the way of work productivity is simply due to the fact that they take their finances to work with them. Millennials spend an average of four on-the-clock hours each week on their personal finances. That’s double what Gen Xers reported and four times what baby boomers reported.
Consider, however, that millennials face mountains of student debt and increasing living costs. A 2016 graduate who took out loans for school, for example, has $37,172 in student loans. And three-quarters of millennials with student loan debt say their loans are “unmanageable,” found the 2016 Wells Fargo Millennial Survey.
With high student debt and the Great Recession just a few years behind us, it’s no wonder millennials are worried about money — and working like crazy.
5 tips for working smarter so you can be happy and productive
If financial fear and stress at work are affecting you, you can turn that ship around. Find ways to work smarter so you can get ahead at work and with your finances.
1. Get a snapshot of your finances and create a budget
While looking at your finances might be scary, not looking at them can be much worse.
After all, when you’re not certain of what you’re dealing with financially, you’re letting your imagination fill in the blanks. And that’s never good.
To get your finances under control, take a hard look at your bank and loan accounts. Consider what debts you’re dealing with and what steps you can take to pay down loan balances faster. This is where creating a budget can help you.
Even if the plan of action you come up will take years to complete, you’ll have the benefit of being in the know and in control.
2. Leave your budget and financial woes at home
While a budget won’t magically erase your stress, it can give you a clear picture of how you can get your money under control.
Knowing what you need to do to achieve financial independence means you can focus better at work. That assumes, of course, that you leave your budget at home.
If you struggle to do so, remember that bringing that stress into the workplace only hurts you. After all, the better you can focus at work, the better your chances for a raise or promotion. And that’s where our next step comes in.
3. Talk to your manager to see how you can improve at work
Want more money? Find out how you can get that raise or promotion.
Schedule a time to speak with your manager to discuss how you’re performing at work and can improve.
Not only will talking with your manager help you create a plan of action, it’ll show your manager that you’re eager and engaged in your work. After all, managers love to see that their employees are doing their best and striving to improve.
Just don’t forget to check in with your manager after a few weeks or months. That way, you keep your manager in the know on your progress.
4. Find opportunities to increase your income and skillset
A great way to increase your income is by seeking out other work opportunities and making yourself a more attractive job candidate.
Consider evening and weekend classes, conferences, meetups, or finding a mentor in your field. Although you may have to spend some money to network or hone your skills, those costs may be outweighed by increased income.
You might also find that you can pick up side gigs related to your day-to-day job. Just make sure none of this extra work interferes with your job. You don’t want to overwork yourself.
5. Schedule check-ins with yourself
This one is super simple. Check in with your plans — and your personal health — regularly.
Revisit your budget every month and your financial goals every quarter. At work, keep a running record of your progress and share it with your manager.
Reviewing your progress and even sharing it keeps you accountable. Stay tuned to what you need to do to move forward in your career and achieve financial independence.
Most importantly, check in with yourself. The purpose behind a budget or career plan isn’t to stress you out. Yes, each require attention, but they should also help make life a little less stressful by focusing your energy on actionable checklists.
Schedule times for relaxation, too. Even devoting a couple hours a week to stretch and unwind can help you stay focused throughout the week.
Take control of your financial stress before it takes control of you
It can be difficult conquering financial stress and anxiety. But it needs to be done. After all, when you let your anxiety balloon, it can make it more difficult for you to stay afloat.
When work or financial stress get you down, focus on things you can control. You can make a plan to ensure you’re moving forward in your career, and you can find breathing room in your finances.Taking control of your money and career isn’t easy. But if you focus on what you’re good at and hold yourself accountable, you’ll find solutions and opportunities at every corner.
Taking control of your money and career isn’t easy. But if you focus on what you’re good at and hold yourself accountable, you’ll find solutions and opportunities at every corner.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.57% – 6.97%1||Undergrad & Graduate|
|2.47% – 6.99%3||Undergrad & Graduate|
|2.68% – 8.77%4||Undergrad & Graduate|
|3.24% – 6.66%2||Undergrad & Graduate|
|2.61% – 7.35%5||Undergrad & Graduate|
|3.01% – 9.75%6||Undergrad & Graduate|