How financial pressures are impacting employees in APAC

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A fifth of employees surveyed in the Asia Pacific region are so worried about their finances, that it is starting to affect their personal as well as work lives, per latest findings.

Surveying including 9,462 responses from the region, specifically from Australia, China, Hong Kong, India, Japan, Philippines and Singapore, 42% have expressed worry about their future state of finances, while a similar percentage (41%) have said financial security has become more important to them in the last two-three years.

This data is according to Willis Towers Watson's 2017/2018 Global Benefits Attitudes Survey.

Such concerns seem to be taking a toll on their health, with one in five (21%) of APAC employees reporting severe stress, anxiety or depression with the last two years - a figure that's the worst in North America at 33%.

Jeff Howatt, head of retirement, Asia at Willis Towers Watson, advises: "As a starting point, employers should identify and focus on the workforce segments struggling financially. Then they should communicate with their employees to try to understand their future outlook and barriers.

"In this process, it is important for employers to note how financial vulnerabilities differ across the workforce – a young Millennial still trying to pay off student debt has very different needs compared with a Baby Boomer who is trying to save for retirement."

Graphics / Willis Towers Watson