In its annual Mind, Body, and Wallet report, The Guardian Life Insurance Company of America finds that well-being among Americans remains low, highlighting the pressing need for additional well-being support and resources, especially around retirement planning and personal finance stressors.
According to the report, which surveyed more than 4,000 full-time employees and benefits decision-makers in the U.S., only one-third of Americans self-reported “good” or “excellent” well-being. Across various aspects of well-being, mental and physical health were rated as “good” or “excellent” by 36% and 37% of Americans, respectively. An even smaller proportion of Americans (32%) say their financial health is “good” or “excellent.” Compared to findings from the 2023 report, well-being for each category saw a four percentage point year-over-year increase, reflecting some progress.
Influencing this year’s report findings are persistent concerns about personal finances, including the following.
- Retirement-related concerns are a top source of stress for Americans—including not having enough money to last through retirement and not having a guaranteed source of income in retirement (48%).
- Despite being a primary source of stress for Americans, just half say they know how much money they will need in retirement and only 36% say they are “very good” at managing their finances.
- Close to half of Americans say they would face financial hardship without their workplace benefits.
- Fortunately, many employers recognize the valuable role benefits play in supporting financial and overall well-being, with most saying that addressing and improving their employees’ financial (74%), physical (66%), and mental (71%) health is very important.
The report also finds that, especially during pivotal life moments, Americans have interconnected mental, physical, and financial well-being needs.
- Nearly three quarters (73%) of Americans with high financial health also rate their emotional health as “good” or “very good.” On the other hand, 82% with low financial health also self-report poor emotional health.
- Just 34% of Americans report good work-life balance. This likely contributed to the 33% increase in the number of workers who reported feeling burnt out.
- For the first time in several years, members of Gen X reported worse financial well-being than Gen Z, potentially given the former’s concerns around inflation and economic uncertainty as they approach retirement.
- Across the board, single parents self-report significantly lower well-being scores than partnered parents, with just 27% reporting good physical health, 26% citing good mental health, and 18% recording good financial habits.
- Of particular concern is the mental health of new parents. Between 2020 and 2023, Guardian saw a 215% increase in short-term disability claims due to post-partum depression.
- Among Sandwich Generation members, including parents taking care of parents, roughly four in 10 reported low mental (43%) and financial (41%) well-being, and 31% reported low physical health.
“The study reaffirmed the outsized impact financial health has on overall well-being, with particular influence on mental and physical wellness,” says Andrew McMahon, CEO and president of Guardian. “While we were encouraged to see a small year-over-year increase, sustainably improvement to well-being will require a continued focus on education, empowerment, and solutions that meet people where they are.”
