With inflation eating into the American budget, a recent article by Alan Goforth pointed out that 2023 will likely be a year of 'living sensibly.' Indeed, the current economic situation presents employers with an excellent opportunity to support employee mental health and financial wellbeing, boost productivity, and attract and retain a quality workforce through the strategic use of existing employee benefit plans. Benefits advisors are particularly well positioned to encourage and guide employers in the creative and compassionate deployment of benefits beyond the standard offerings. 

Employee financial stresses

There was a time when commuting was consistently listed as a top source of stress for American workers. However, with the widespread transition to remote working, fewer now cite commuting. Instead, financial stress has risen to the forefront.

In its 2022 Wellness Barometer Survey, Brightplan found that 72% of employees are stressed about finances. In addition to rising inflation (79%), key drivers included planning for retirement (59%), building emergency savings (55%), and paying off debt (44%), among others.