Nearly three-quarters (74 percent) of American workers are moderately or highly concerned about their workplace well-being. In addition, almost three-fourths of the workers reported a similar level of concern about their emotional well-being or mental health and a quarter rate their mental health as fair or poor. Those are some of the findings from the […]
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In addition, almost three-fourths of the workers reported a similar level of concern about their emotional well-being or mental health and a quarter rate their mental health as fair or poor.
Those are some of the findings from the 2023 Workplace Wellness Survey published Oct. 11 by Employee Benefit Research Institute (EBRI) and Greenwald Research, both of Washington, D.C.
The fourth annual Workplace Wellness Survey examined worker attitudes toward employment-based benefits in the workplace, along with their 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,” Jake Spiegel, research associate on health and wealth benefits at EBRI, said in the survey report.
A total of 1,505 American full-time and part-time workers ages 21-64 were interviewed for the survey. This year’s effort 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, EBRI said.
Key survey findings
Some key findings in the 2023 survey report include nearly one in three (29 percent) American workers are highly concerned about their own workplace well-being, while another 44 percent are moderately concerned.
About one-quarter (26 percent) of American workers are not too or not at all concerned.
A third of American workers also reported that they are highly concerned about their emotional well-being or mental health and a quarter rate their mental health as fair or poor.
The survey also found that American workers are worried about how potential economic challenges will impact their finances. More than four in five American workers are at least somewhat concerned that a recession will occur in the next year or that inflation will remain high for the next 12 months.
In addition, four in 10 workers feel at least somewhat prepared to handle an emergency expense of $5,000. Far more American workers (70 percent) feel equipped to manage an unexpected expense of $500.
Down slightly from last year and from 2021, 40 percent of employees are extremely or very satisfied with their benefits package and 22 percent are not too or not at all satisfied. At the same time, seven in 10 agree at least somewhat that their benefits package is designed to meet their lifestyle and/or family needs.
The EBRI survey also found more than half of workers feel mental-health benefits have become more important to offer in the past year and four in 10 feel the same way about financial-wellness programs.
Survey respondents also say that health insurance is the most important benefit. Fifty-five percent of workers are satisfied with their health coverage.
The survey report also indicates nearly six in 10 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 10 employees do not feel financially prepared if they’re unable to work or have to reduce work hours to provide care. Caregivers are more likely to feel unprepared (64 percent vs. 56 percent).
The nonprofit EBRI describes itself as an independent and unbiased resource organization that provides the “most authoritative and objective” information about critical issues relating to employee benefit programs in the U.S.
Greenwald Research is an independent custom research and consulting partner to the health and wealth industries that applies quantitative and qualitative methods to produce “knowledge that helps companies stay competitive and navigate industry change.”
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, EBRI noted.