NEW YORK, NY – The Guardian Life Insurance Company of America’s (Guardian) latest report reveals a significant decrease in American workers’ well-being, reaching a 12-year low, with economic worries intensifying stress levels.
Guardian’s 12th Annual Workplace Benefits Study, titled “Mind, Body, and Wallet™,” surveyed over 4,000 employees and benefits decision-makers, uncovering a stark decline in mental, physical, and financial wellness. The findings come as a surprise after a spike in self-reported well-being last year. With 40% of American workers living paycheck to paycheck, concerns about the economy, inflation, and debt are weighing heavily on their overall wellness.
According to Guardian’s CEO and President, Andrew McMahon, financial stress does not operate in isolation and extends beyond the workplace, affecting mental and physical health. Guardian emphasizes the importance of a comprehensive wellness approach that includes workplace benefits, personal solutions, and various resources.
The study indicates that employers recognize their role in supporting employees’ financial wellness, with 80% acknowledging the importance of enhancing financial security. Half of the workers surveyed expressed that they would struggle financially without their workplace benefits, highlighting the critical nature of these offerings.
Stacey Hoin, Guardian’s Chief Human Resources Officer, notes that although workplace benefits are expanding, daily workplace culture still needs improvement. Mental health issues are a growing cause of employee absences, further affecting workers’ financial stress.
Despite the advancements in workplace mental health resources, gaps remain in coverage and access to traditional benefits. This leaves many Americans to plan for financial vulnerabilities independently, with only 29% engaging with financial professionals for planning decisions.
Michael Ferik, Head of Individual Markets at Guardian, states that financial confidence is key to overall well-being, advocating for informed preparation and individual protection solutions to build resilience against unforeseen financial challenges.
