Mental health of U.S. workers is nearing an all-time low with finances largely to blame
Forty-eight percent of workers said that money and finances are the top source of stress in their lives.
The mental and physical well being of American workers is nearing an all-time low amidst violent wars in the Middle East and Ukraine, high inflation and a contentious political environment. Guardian’s Workforce Well-Being Index, which measures how U.S. workers feel about their overall wellness, reflects a steep decline in overall wellbeing over the last several years.
Despite life returning to a new normal after the COVID-19 pandemic, U.S. workers’ mental health is not improving. According to Guardian’s study, nearly a quarter of workers (24%) say they experienced increased anxiety, depression or other mental health needs in the last two years. Additionally, only 34% of U.S. workers say they maintain a healthy work/life balance.
Gen Z workers, single parents and caregivers are among the groups to share the lowest self-reported mental health.
U.S. workers are in need of mental health care now more than ever and many turn to their employers for answers and support. Yet, the study found that fewer than one-third of workers strongly agree that their organization provides adequate mental health resources and nearly a quarter say they don’t currently have access to mental health resources but would be interested in them.
In terms of identifying stressors, 48% of workers said that money and finances are the top source of stress in their lives, a substantial increase from the 37% of workers who said the same thing in 2021.
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The top sources of financial stress identified by the study include concerns of having sufficient emergency savings, retirement savings lasting as long as they need to, having a guaranteed source of income during retirement, being financially prepared if a wage earner could no longer work due to a disability or serious illness, and paying off/reducing household debt.
The study highlights that many facets of wellness – including financial and mental – are often tied to one another and the best way to improve the overall well being of American workers will be to consider the intersections of wellness for workers and their families.
“Wellbeing won’t improve until we approach life milestones – like having a child, experiencing a loss, confronting a serious health diagnosis, and retiring – differently,” the study states. “When individuals and organizations approach wellbeing this way, looking beyond the surface to connect the dots of overall wellbeing, it will help bolster confidence.”