PNC Bank Survey Reveals Varying Financial Wellness Needs Across America's Most Generationally Diverse Workforce (2024)

PNC Bank Survey Reveals Varying Financial Wellness Needs Across America's Most Generationally Diverse Workforce

Annual Financial Wellness in the Workplace Report Highlights Workplace Stressors, Benefits Needs and Financial Goals Across Generations

PITTSBURGH, Aug. 28, 2024 /PRNewswire/ --PNC Bank today released findings from its second annualFinancial Wellness in the Workplace Report entitled, "The Evolving Needs of the Multigenerational American Workforce," which summarizes survey data and in-depth interviews from more than 1,000 U.S. workers and more than 500 U.S. employers to better understand the financial health and wellness of today's workforce.

Perhaps unsurprising in the current turbulent macroeconomic environment, the survey findings show that employers are continuing to feel the squeeze financially with the increased costs of benefits, worker retention and recruiting. Employers also recognize that their workforce – now spanning four generations – has increased challenges and stress about their personal finances, with 78% of U.S. employers saying their workers were financially stressed compared to 71% in 2023. The survey findings also demonstrate that worker stressors vary greatly from generation-to-generation, especially for sought-out employee benefits and personal financial goals.

Notable findings include:

  • Gen Z is the most stressed about personal finances. Of surveyed U.S. workers, personal finance stress was highest with Gen Z (76%), followed by Millennials (72%) and Gen X (72%), then Boomers (59%).
  • Top financial goals vary by generation. Gen Z's top priority is strengthening their credit rating, while Millennials, Gen X and Boomers all prioritize saving for retirement.
  • Benefits play a larger role in retaining Gen Z and Millennial workers. The likelihood of staying with an employer that offers more financial wellness benefits was highest among Gen Z (92%), followed by Millennials (85%), Gen X (72%) and Boomers (64%).
  • Gen Z and Millennials are the most concerned about student debt. Results indicated student loan debt is difficult, with 54% of respondents saying it's the most challenging debt to tackle.
  • Gen X workers surveyed were the least likely generation to have worked with a financial planner, with the majority sharing that they do not have enough money to justify using one.

"The varying financial goals and priorities across America's generationally diverse workforce shows how important it is to offer a mix of benefits that can appeal to a wide range of employee needs," said Kaley Keeley Buchanan, senior vice president and head of PNC Organizational Financial Wellness. "In order to hire and retain great people across generations, which is critical to bringing diverse thinking and experience to your workforce, you must understand their needs and appeal to them. PNC's Organizational Financial Wellness team offers businesses in-demand benefits to help meet the needs of their diverse workforces and improve productivity, performance and loyalty."

Additional notable findings include:

  • Three in 10 U.S. workers surveyed who have student loan debt say they are "at a standstill" until it is paid off. This increases to four in 10 among Gen Z workers.
  • In the last year, access to financial planning benefits doubled for American workers surveyed. Notably, 28% had access to financial planning benefits in 2024 compared to 14% in 2023. One in three used a financial professional in the last three years.
  • Three in five U.S. workers surveyed say they are living paycheck to paycheck. This sentiment is highest among Gen Z and Millennials.

As the needs of the talent market evolve, so should the way that businesses address them, if they want to attract and retain talent to effectively drive business performance. PNC Organizational Financial Wellness can help companies develop and implement innovative, tailored benefit programs that work well for them and for the talent they want to recruit and retain. More findings, including the complete report and related information are available at pnc.com/WorkplaceReport.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit http://www.pnc.com.

Methodology
The PNC Financial Wellness in the Workplace Report 2024 was conducted with employees and employers. The Employee Survey was conducted online with a national sample of 1,001 employees ages 21–69 who work full-time at companies with 100+ employees. The sampling error is +/- 3.0% at the 90% confidence level. The Employer Survey was conducted online with a national sample of 500 employers with 100+ employees and annual revenues of $5 million or more. The sampling error is +/- 4.4% at the 90% confidence level. The study was conducted by Willow Research (https://willowresearch.com/), a market research firm. Birth years are defined as: Gen Z 1997-2012, Millennial 1981-1996, Gen X 1965-1980, Boomer 1946-1964.

DISCLAIMER:This report was prepared for general information purposes only and is not intended as specific advice or recommendations. Any reliance upon this information is solely and exclusively at your own risk. NOTE: The sum of percentages may not add to the total due to rounding.

CONTACT:

Christina Davis
(214) 871-1259
christina.figg@pnc.com

PNC Bank Survey Reveals Varying Financial Wellness Needs Across America's Most Generationally Diverse Workforce (1)

SOURCE PNC Bank

PNC Bank Survey Reveals Varying Financial Wellness Needs Across America's Most Generationally Diverse Workforce (2024)

FAQs

What is the culture of PNC Bank? ›

At PNC, we foster connectedness in every aspect of business by purposefully engaging in a diverse and inclusive culture that strengthens customer relations, embraces employees' assets and delivers results to our stakeholders.

What is the size of PNC Financial Services? ›

The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified financial services institutions in the United States, with assets of $557 billion as of June 30, 2024. PNC is a coast-to-coast franchise with an extensive retail branch network and a presence in all of the country's 30 largest markets.

What makes PNC different from other banks? ›

We pride ourselves on our ability to create positive outcomes in the communities where we live and work. That's why, to help make banking more accessible and promote economic empowerment, we deploy a fleet of mobile branches across the country to address specific needs.

Is PNC an ethical bank? ›

Ethics Program

PNC requires its employees to act according to the highest ethical standards. Consistent with this expectation, PNC has defined seven core values to guide its employees' behavior.

What country owns PNC Bank? ›

PNC Bank is a subsidiary of The PNC Financial Services Group, Inc., a U.S.-based bank holding company headquartered in Pittsburgh, Pennsylvania, and founded in 1845.

How financially strong is PNC Bank? ›

Strong Business Profile: Fitch views PNC's franchise as strong given its national and diversified business mix, solid deposit base and steady non-interest income. PNC is the sixth largest bank by deposit market share at 2.5% as of 2Q23 and is fourth largest by branch count, with 2,303 branches.

Is PNC bigger than Wells Fargo? ›

The 10 largest banks in the U.S. are Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank, PNC Bank, Goldman Sachs Bank, Truist Bank, Capital One and TD Bank.

What is the reputation of PNC Bank? ›

Our PNC Bank review gives the company 4.1 out of 5 stars overall based on its high customer satisfaction scores, accessibility and great mobile app. Myriam is a personal finance writer based in Brooklyn, New York. The foundation of her financial knowledge comes from developing financial plans for over 100 clients.

What is PNC best known for? ›

The company also provides financial services such as asset management, wealth management, estate planning, loan servicing, and information processing. PNC is one of the largest Small Business Administration lenders and one of the largest credit card issuers.

What is it that attracts you to PNC as an employer? ›

PNC's commitment to creating a differentiated experience for our customers is driven by our commitment to doing the same for our employees. We provide our employees with the opportunities to make an impact, develop and grow, and be part of an inclusive culture where everyone is valued.

What is the dress code at PNC Bank? ›

What is the dress code for PNC employees? PNC Financial Services has a dress code that requires employees to wear business casual attire such as collared shirts, dress pants, skirts, dresses, and blouses for women, and dress pants and collared shirts for men.

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