NEWS FROM THE EMPLOYEE BENEFIT RESEARCH INSTITUTE
- A third of American workers report concerns about their emotional well-being or mental health and a quarter rate their mental health as fair or poor -
(Washington, D.C.) – Results from the 2023 Workplace Wellness Survey published today by the Employee Benefit Research Institute (EBRI) and Greenwald Research found that 74% of American workers are moderately or highly concerned about their workplace well-being. In addition, nearly three-quarters of the workers reported a similar level of concern about their emotional well-being or mental health, and a quarter rated their mental health as fair or poor.
The fourth annual Workplace Wellness Survey examined worker attitudes towards employment-based benefits in the workplace, as well as a broad spectrum of financial well-being, employment-based health insurance, and retirement benefit issues.“What we found surprising is that this is the first year that saving for retirement is not the primary financial stress factor for employees. Instead, we found that day-to-day issues like emergency savings and paying for household bills are top of mind for workers,” said Jake Spiegel, research associate, Health and Wealth Benefits, EBRI.
Key findings in the 2023 survey report include:
• One in three (29%) American workers are highly concerned about their own workplace well-being, while another 44% are moderately concerned. Approximately one quarter (26%) of American workers are not too or not at all concerned.
A third of American workers report that they are highly concerned about their emotional well-being or mental health and a quarter rate their mental health as fair or poor.
• American workers are worried about how potential economic challenges will impact their finances. More than four out of five American workers are at least somewhat concerned that there will be a recession in the next year or that inflation will remain high for at the next 12 months.
• Four in ten workers feel at least somewhat prepared to handle an emergency expense of $5,000. Far more American workers (70%) feel equipped to manage an unexpected expense of $500.
• Down slightly from last year and from 2021, 40% of employees are extremely or very satisfied with their benefits package and 22% are not too or not at all satisfied. At the same time, seven in ten agree at least somewhat that their benefits package is designed to meet their lifestyle and/or family needs.
• More than half of workers feel mental health benefits have become more important to offer in the past year and four in ten feel the same way about financial wellness programs.
• Health insurance is the most important benefit. Fifty-five percent of workers are satisfied with their health coverage.
• Nearly six in ten American workers struggle to balance work and caregiving responsibilities. Among caregivers assisting with activities of daily living or instrumental activities of daily living, three in four struggle to find balance.
• Six in ten employees do not feel financially prepared for being unable to work or reducing work hours to provide care. Caregivers are more likely to feel unprepared (64% vs. 56%).
A total of 1,505 American full-time and part-time workers ages 21-64 were interviewed for the survey. This year included a national sample of 1,002 workers and an oversample of 503 completed surveys among caregiver workers, bringing the total to 753 caregiver workers. Information for this study was gathered through 20-minute online interviews conducted in July and August 2023.To review the complete 2023 Workplace Wellness Survey report, visit www.ebri.org/health/Workplace-Wellness-Survey.
The 2023 Workplace Wellness Survey was conducted through the financial support of AARP, Bank of America, The Cigna Group, Fidelity Investments, Mercer, Merck, Morgan Stanley, National Rural Electric Cooperative Association, New York Life, OneAmerica, Unum, and Voya Financial.Greenwald Research is a leading independent custom research and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. For further information, visit www.greenwaldresearch.com.
The Employee Benefit Research Institute is a non-profit, independent, and unbiased resource organization that provides the most authoritative and objective information about critical issues relating to employee benefit programs in the United States. For more information, visit www.ebri.org.
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