Employees who work remote are more anxious about money, finds study

Remote employees endure more stress when taking financial decisions, the study found. (Representative image)

Remote work may be the most convenient mode for many professionals with an increasing number of oragnisations offering "work from anywhere" opportunities, but a recent study has found out that it is also a cause for anxiety, especially when it comes to money.

More than half (55 per cent) of remote employees are highly anxious about their finances, a recent survey conducted by MetLife found out. When it comes to the hybrid and the  fully in-person employees, 46 per cent of them feel similarly. A thousand full time professionals in the US were interviewed for the study.

It stated that for remote workers, the stress is becoming too much to handle with 53 per cent of them predicting that they’ll be at a financial “breaking point” soon while 41 per cent of hybrid and in-person workers claimed the same.

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According to the Metlife survey, benefit selection is a part of the problem. Employees endure more stress when taking financial decisions -- such as which insurance plans have the best deductible -- than their on-site and hybrid peers. A major reason for that, the study claimed, was because the remote employees are dealing with it by themselves without someone to talk to in person who can explain what such benefits mean.

While help can be sought over Zoom and Slack, the conversations are likely to cause confusion too. The Metlife study also found that such employees are twice more likely to say they enrolled in the wrong type of benefits.

"Two-thirds of remote workers (65 per cent) say that a better understanding of open enrollment would help make them feel more financially secure," the study stated.

“We’re at a critical moment in the employee-employer relationship. As we look to build more inclusive cultures and further support today’s workforce – including how and where our employees work – benefit communication is vital,” said Jenn Kischell, vice president, Workforce Engagement at MetLife.

“In today’s volatile economic environment, ensuring workers understand and use their benefits is more important than ever for employees’ well-being, as well as overall retention.”

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