As World Mental Health Day approaches, new research from GRiD, the industry body for the group risk sector shows that employers believe that stress and anxiety related to finances and debt is the number one health and wellbeing concern among all generational employee demographics, with the exception of Baby-boomers.
This cause of stress and anxiety was cited by 30% of employers for Gen X, by 33% for Millennials/Generation Y and by 31% for Generation Z. For Baby-boomers, employers are most concerned (30%) about the issue of living with long-term chronic illness or health conditions, such as diabetes.
Comparison with 2022
In similar research undertaken in 2022, employers thought that stress and anxiety related to finances and debt was a primary issue for just Gen Z and Millennials/Gen Y. However, this year, employers feel that stress and anxiety related to finances and debt is now the most pressing issue for Gen X too, replacing stress related to work for this generation. This reflects the ongoing cost of living crisis and how its impact is affecting a greater number of people.
When employees were asked directly themselves about the biggest concerns for their own health and wellbeing this year (2023), they agreed that the same issue was most prevalent: stress and anxiety relating to finances was the most common issue troubling Gen Z, Millennials/Gen Y, and Gen X. Baby-boomers agreed with their employers that living with long-term chronic illness or health conditions (e.g. diabetes) is their most pressing health and wellbeing concern.
The pattern is clear: namely that with the cost-of-living crisis, employee finances are under strain, and this is taking its toll on employee health and wellbeing. With physical and mental health so closely linked, what can begin as an isolated issue, can have consequences in a number