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Within the last year, 45% of American workers spent between $500 and $6,000 on mental health services, with nearly one-third saying they spent more than $1,500. These findings come at a time when 95% of workers report they are concerned about the economic situation in the U.S., and were revealed in NFP's 2023 U.S. Benefits Trend Report.
"Today's employees are looking for more than pay and traditional benefits," said Doug Hammond, NFP's chairman and CEO. "Compensation still reigns supreme in how employees measure value. But with many employers falling short in delivering mental health and wellbeing solutions, employees are having to invest their own money to address their needs."
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While employees of all ages view mental health benefits as imperative, just more than half (55%) of those aged 18-34 view them as critical.
"There is an opportunity for forward-thinking employers to step up and invest in the wellbeing of their employees, and our team is focused on guiding employers as they take these actions," Hammond said.
Employees feel employers could better align benefits spending with the services or protections that matter most to employees' personal and professional lives. NFP research shows that while 32% of employers believe they take employee feedback into consideration regarding benefits offerings, only 18% of employees agree.
"Employers can evolve their benefits from 'standard' to 'stand out,'" said Kim Bell, head of Health and Benefits, NFP. "By offering more personalized benefits, employers can foster a culture of care that helps improve productivity, retention, health care costs and absenteeism — all while building a more connected and compassionate workplace."
Three in 10 workers say they make the most of their benefits. Employers can explore voluntary benefits solutions that allow employees to customize the forms of protection they value most at minimal cost to employers.
"Making the right benefits available to the right population of employees is more important than ever," said Bell.
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