During Mental Health Awareness Month, New Research Shows Finances as a Concern for 85% of Stressed Workers
08 May 2024 - 2:30AM
Business Wire
Workplace benefits, financial planning and
wellness tools can help
This Mental Health Awareness Month, Lincoln Financial Group
(NYSE:LNC) announced results from a year-long survey showing the
significant impact of finances on stress. In 2023, nearly two
thirds of U.S. employees surveyed felt stressed at least half the
time and more than half experienced physical symptoms of stress. A
total of 85% of stressed workers said finances were a factor and
34% said that stress impacted their health and wellbeing, according
to the survey.[1]
Finances were a more impactful driver for workers’ stress levels
than their jobs, their personal relationships, current events,
their health or even their safety. Workers stressed about finances
ranked managing day-to-day expenses as a top concern (57%),
followed by unexpected expenses, planning for their financial
future and debt (49% each).[2]
To help ease stress, employers can ensure their employees have
the right benefits and protections in place, including financial
wellness programs to help them navigate through their financial
journeys. Of those employees who have used financial wellness
resources, 77% say they’ve had a positive impact, and 69% say the
support helped reduce the amount of stress they feel about
finances.[3]
“Providing a suite of benefits that address a range of workers’
needs, coupled with robust education, can help employees access the
tools and resources they need for improved peace of mind and
wellbeing,” said Heather Deichler, Lincoln’s Group Protection Head
of Product and Underwriting. “At Lincoln, we are committed to
working with employers to help them craft the right benefits mix
for their teams, including employee assistance programs, financial
wellness resources, and an array of products that provide
additional protection from unexpected, and sometimes costly, life
events.”
In addition to employers doing their part to provide
well-rounded benefits to support employees, Lincoln Financial
recommends employees consider the following resources to manage
their finances and receive the support they need.
Enroll in voluntary benefits to reduce unexpected medical
expenses. Supplemental health benefits, such as Critical
Illness, Accident Insurance and Hospital Indemnity, help provide a
safety net by alleviating the financial strain associated with
medical expenses, allowing individuals to focus on recovery without
stressing over the financial implications of a medical emergency.
Supplemental health benefits are especially important for employees
to consider as nearly half of U.S. workers surveyed cited
unexpected expenses as a top factor for their financial stress [4]
and 45% said covering an out-of-pocket medical expense of more than
$500 would be a financial hardship.[5]
Meet with a financial professional to create a financial
plan. By meeting with a financial professional, employees can
confidently take the first steps to building a secure financial
future for themselves and their families by assessing their current
financial portfolio. Financial professionals, or a dedicated
retirement consultant available through a participating plan, can
provide industry knowledge and consider personal circumstances such
as accumulated debt and long-term financial goals, including
retirement, to create a comprehensive and actionable financial
plan.
Take advantage of employer sponsored Employee Assistance
Programs. Employee Assistance Programs (EAPs), provide tools
and resources such as mental health support and financial planning
services to help employees navigate life events. Research shows
that employees who use EAP resources have better engagement at
work, life satisfaction and less workplace distress and
absenteeism.[6]
Take control over your finances. Wellness programs like
Lincoln WellnessPATH® are designed to improve financial health,
provide educational resources and track goals, giving employees
confidence when making financial decisions. Lincoln WellnessPATH®
also connects individuals with partner companies that help them
work toward their financial goals.
Lincoln Financial is committed to helping empower individuals to
achieve greater financial security, resilience and peace of mind
through a suite of workplace solutions products, including
WellnessPATH ®, as well as services and educational resources.
Visit Lincoln’s “mental well-being in the workplace,” “wellness
solutions” and the “prepare for the moments that matter” sites for
more information.
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire
with confidence. As of December 31, 2023, approximately 17 million
customers trust our guidance and solutions across four core
businesses – annuities, life insurance, group protection, and
retirement plan services. As of March 31, 2024, the company had
$310 billion in end-of-period account balances, net of reinsurance.
Headquartered in Radnor, Pa., Lincoln Financial Group is the
marketing name for Lincoln National Corporation (NYSE: LNC) and its
affiliates. Learn more at LincolnFinancial.com.
Lincoln Financial’s mental health and wellbeing programs have
been recognized by Ragan as a Top Places to Work for Employee
Wellbeing: Large Organization and Honorable Mention in the Mental
Health Initiatives Category.
[1] Lincoln Financial, Consumer Sentiment Tracker, 2023 [2]
Lincoln Financial, Consumer Sentiment Tracker, 2023 [3] Lincoln
Financial, Wellness@Work: Retirement, 2023 [4] Lincoln Financial,
Consumer Sentiment Tracker, 2023 [5] Lincoln Financial, Consumer
Sentiment Tracker, 2022 [6] Attridge, M. (2023). The Current State
of Employee Assistance Programs in the United States: A
Research-based Commentary. International Journal of Scientific and
Research Publications, 13(8), 74-91
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Media: Isabella Bogdahn Lincoln Financial Group (941)
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