Struggling To Pay Mortgage & Rent Can Affect Workplace Performance – NMP Skip to main content

Struggling To Pay Mortgage & Rent Can Affect Workplace Performance

Mar 09, 2022
work stress
Associate Editor

A recent study reveals that debt — including mortgage debt — affects productivity and employee retention.

KEY TAKEAWAYS
  • 32% of all respondents said they had trouble paying their rent or mortgage.
  • 47% of respondents said they were unable to pay all their bills on time at least once in the past 12 months.
  • Nearly 40% of respondents with unsecured debt missed at least one day of work in the last 12 months due to debt-related stress or issues.
  • 50% of those with debt spent an average of one hour per week at work dealing with debt-related issues — the equivalent of one whole week of lost productivity over the course of a year. 

After contending with the COVID-19 pandemic for more than two years, many working class people are struggling with personal finances, especially debt. A recent study by the nonprofit Financial Health Network and sponsored by Freedom Financial Network reveals that debt, including mortgage debt, affects productivity and employee retention. To make matters worse, debt-related financial wellness benefits from employers are hard to come by. 

The full report, ‘Helping Employees Manage Debt: Designing Debt-Related Benefits to Match Employee Needs and Preferences,’ points out the main stressors consumers are contending with today and how employers can help them manage their debt. One of the key findings of the study points out that a significant portion are struggling to pay their mortgage or rent because of these financial burdens. 

"From heightened levels of stress to impaired workplace productivity, the far-reaching effects of personal debt on workers' lives are both startling and concerning," said Sean Fox, president of Freedom Debt Relief and chief revenue officer of its parent company, Freedom Financial Network. "Today, the financial health benefits many employers offer primarily focus on workers' future financial situation, such as planning for retirement. Meanwhile, benefits programs often miss the mark when it comes to helping employees address their present-day financial wellness, or even financial literacy, needs."

One of the key findings from the study is that 32% of all respondents said they had trouble paying their rent or mortgage. Additionally, almost half or 47% of respondents said they were unable to pay all their bills on time at least once in the past 12 months. A third said that they or someone in their household had trouble paying medical bills in the last year — with half of respondents saying they had to reduce spending on basic needs such as food and clothing to pay medical bills. 

The stress that comes from high inflation and these financial burdens often spill into the workplace, as nearly 40% of respondents with unsecured debt missed at least one day of work in the last 12 months due to debt-related stress or issues. Moreover, 50% of those with debt spent an average of one hour per week at work dealing with debt-related issues — the equivalent of one whole week of lost productivity over the course of a year. 

"Impressively, we saw that at least 40% of respondents who do not have debt-related benefits say they would be somewhat or very likely to use them if offered by their employer," Fox said. "By tailoring debt-related benefits to employee needs and preferences, businesses can leverage these underutilized tools, obtain measurable results, and help employees move forward in creating better financial futures."

About the author
Associate Editor
Katie Jensen is a mortgage news reporter at NMP.
Published
Mar 09, 2022
Mortgage Rates Edge Down To 7.32%, Offering Limited Pipeline Relief

The modest decline trims borrower payments, while year-end forecasts above 7% leave LOs focused on deals already close to working

Oct 23, 2026
More Homebuyer Assistance Programs Skip Income Caps, Accept Repeat Buyers

DPR’s Q3 report identifies 311 programs without income limits and 1,080 without first-time buyer requirements, though funded availability grew more slowly than the overall count

Oct 23, 2026
Home Affordability Gap Persists Even With 20% Down

ATTOM puts the income needed to afford a median-priced home at $90,191 — roughly $10,700 above average wages, despite lower prices

Oct 23, 2026
More Buyers Expect Higher Rates. Fewer Would Wait.

Veterans United’s survey finds less willingness to hold out for lower rates, but little change in purchase timelines

Oct 22, 2026
Mortgage Rate Lock-In: More High-Rate Loans, Few Signs Of A Thaw

With 30-year rates above 7% and nearly half of outstanding loans below 4%, originators face a stubborn obstacle to rebuilding repeat-buyer pipelines

Oct 22, 2026
Investor Homebuying Slows, Small Buyers Claim Biggest Share In 15 Years

Smaller investors accounted for 66.2% of investor purchases in the first half of 2026 and relied on cash much less often than mega-investors

Oct 22, 2026