However, they are very much interconnected. A feeling of financial insecurity can set off a chain reaction, with mental health deteriorating as a result. The report found that 73% of Americans who report high financial health also rate their emotional health as “good” or “very good,” while 82% with poor financial health report similarly poor emotional wellbeing.

This stress is particularly acute for single parents. Guardian’s Standing Up and Stepping In report found that 49% of single parents described their mental health as “fair” or “poor,” compared to 31% of partnered parents. Financially, 56% of single parents self-reported “fair” or “poor” financial health, compared to 36% of partnered parents.

These personal struggles – whether financial or not – may extend into the workplace. Parents who are juggling caregiving responsibilities with a career may be more likely to experience decreased productivity, increased absenteeism, and a greater need for a leave of absence. The report shows, for instance, that 29% of caregivers, including parents, had to reduce work hours, compared to 14% of non-caregivers. Further, 1 in 5 have taken a leave of absence or accepted a demotion to manage caregiving duties, with many parents hesitant to disclose their caregiving responsibilities for fear of negative repercussions at work.

Without a change, parents will continue to struggle at home and in the workplace, and employers may feel the impact.

How benefits advisors can help 

While workplace benefits are not a cure-all, they can move the needle and help parents alleviate caregiving-related stressors. Advisors can advise employers in optimizing their benefits offerings to support parents’ mental, physical, and financial wellbeing.

To start, advisors can help employers understand the full scope of services already included in their benefits offerings. These could include digital support or wellness services such as caregiving support embedded into disability insurance that assists parents with, for instance, finding childcare or vetting health care providers. Standalone offerings can also be crucial. Spring Health, for example, offers mental health services with access to licensed professionals, which can extend to employees' family members ages seven and older.

Benefits advisors can also help identify any unique family-friendly features included in existing benefit offerings. Accident insurance policies may have benefits that are particularly valuable to parents, such as a rider that increases benefit payments when an accident occurs while a child is participating in an organized sport. Additionally, advisors can flag value-add services included in benefits that can help support parents around the essential, but not necessarily enjoyable, parts of parenting — from estate planning to will preparation.

In addition, advisors can work with employer clients to address any potential gaps in their offerings and how they might enhance support for parents. In states where paid family and medical leave (PFML) is not mandated, for example, advisors can point employers towards paid leave riders that expand coverage for paternity leave and adoption.

Moreover, as medical costs continue to rise, many Americans are struggling. In fact, the report found that only half of employees feel their major medical insurance would be sufficient to cover a medical emergency. Offering supplemental health insurance policies, such as accident, critical illness, cancer, and hospital indemnity insurance, can help support financial wellness with direct payments to employees, decreasing the need for parents to tap into their savings.

Finally, advisors can advise employer clients on how to more effectively communicate benefits and resources for parents, which can drive enhanced utilization. For instance, peer-to-peer stories are one of the most effective methods for driving benefits utilization. In looking to engage parents and drive utilization, brokers can encourage employers to think about how best to leverage employee resource groups (ERGs), such as those focused on caregiving or parenting.

A value-add opportunity 

The challenges working parents face are vast, but the right benefits can help make a meaningful difference. For benefits advisors, this presents an opportunity to serve as a partner to their employer clients, guiding them toward benefit solutions that drive better outcomes for working parents and lead to a more engaged, productive and healthier workforce.

As we continue to navigate an increasingly complex world, we all have a role to play in improving the lives of working parents. By offering the right benefits and fostering open communication, employers and their advisors can help alleviate the stress parents face — ultimately supporting a brighter future for all.

Jessica Vanscavish is the Head of Disability, Absence, Life and Supplemental Health Product Management at Guardian.