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Rising health care costs threatening employees’ financial goals

Those rising health care costs are taking a bite out of most employees other financial goals among workers who have experienced increasing health care costs, 56 percent are having to save less toward other objectives.

By Marlene Y. Satter | Updated on June 01, 2017
Those rising health care costs are taking a bite out of most employees’ other financial goals. (Photo: Shutterstock)

Employees are under financial stress — big time. In fact, 56 percent of them are stressed about their financial situation, and more than half of them say it’s taking a toll on both their ability to focus and their productivity on the job.

That’s according to the latest Bank of America Merrill Lynch Workplace Benefits Report, which finds that not only are 53 percent of stressed employees having trouble concentrating on their work, the cost of health care is a big shadow cast over workers’ financial situations. And that’s already an issue, with 43 percent of employees owning up to spending 3 or more hours a week while at the office dealing with personal financial matters.

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