Nearly half of all workingadults say paying off college loans is a very important financialgoal — up 24 percent since 2014. (Photo: iStock)

Seventy percent of employers say improving their workers'financial wellness is a top benefitsobjective—up 15 percent since 2015.  They seethat poor financial health is causing problems for theAmerican workforce. More specifically, student loan debt is playinghavoc with employees' finances, their stress level and their ability to work towardsuch financial goals as saving for retirement.

Initial findings from the report “College Debt in America: The Case forTuition & Loan Repayment Benefits” from the Guardian LifeInsurance Company of America indicate that seven out of 10 workingAmericans with college debt put their finances at the top of theirstress list, compared with just four out of 10 who don't havecollege debt.

With the total owed in student loans more than $1.5 trillion, itmay not be surprising that the report also finds that fewer workingAmericans feel they're progressing well in paying off their collegedebt or saving for their children's college education compared withtwo years ago.

In fact, seven out of 10 say that they intend to use some oftheir retirement savings and investments of stocks/bonds to financethe kids' education, risking their own future retirement.

Boomers' college debt is actually growing, despite the fact thatthe most talked-about college-indebted generation is the millennialone.

But boomers are putting themselves and their retirement outthere in the quest to help their kids get that sheepskin—and it'soverextending them. The study data indicate that more than half ofboomers say college debt is negatively impacting their ability tomeet their financial goals, such as maintaining their lifestyle inretirement.

Says the report, “Recent data from the Department of Educationconfirms that at the end of September 2018, 1.8 million borrowersage 62 and older owed $62.5 billion in federal student loan debtand those in the 50–61 age group owe $213.6 billion.”

One solution that could help them as well as attract new talentto employers having trouble recruiting is a student loan repaymentplan — and 79 percent of millennials would like an employer tooffer such a plan.

Nearly half of all working adults say paying off college loansis a very important financial goal — up 24 percent since 2014.Fewer than 10 percent of all workers have access to college savingsor debt-related benefits plans through their employer, such astuition assistance, 529 savings plans or loan repayment.

“A majority of Americans rely on the workplace for financialsecurity, and addressing college debt is one area of focus that isgaining momentum as a viable workplace benefit,” Marc Costantini,executive vice president, commercial and government markets,Guardian, is quoted saying. Constantini adds, “There is a growinginterest among employers to differentiate themselves to attract andretain younger talent, and this workplace benefit can help make apositive difference in improving financial wellness amongemployees.”

READ MORE:

IRS opens door for 401(k) sponsors to addressstudent loan debt

Student loan debt harms retirement, saysAARP

10 states with the highest average student loandebt