"Employers that offer employee benefits such as group risk are better placed than most to offer help for their employees’ main concerns."
- Katharine Moxham, spokesperson for GRiD
Of those surveyed (503), 30% of Gen X (47-58 year olds), 33% of Millennials (28-46 year olds) and 31% of Gen Z employees felt that money-related stress and anxiety are their biggest health and wellbeing concerns. For Baby-boomers (59-77 year olds), the biggest concern was living with long-term chronic illness or health conditions (30%).
Compared to 2022, employers thought that money-related stress and anxiety were the biggest concern amongst Gen Z and Millennials only. But now this is the most pressing issue among Gen X too, replacing stress related to work. GRiD believes this reflects the impact of the Cost-of-Living Crisis.
Given that money-related stress and anxiety are reoccurring trends, the industry body emphasised that “employee finances are under strain, and this is taking its toll on employee health and wellbeing.” Especially since physical and mental health are so closely linked, “what can begin as an isolated issue, can have consequences in a number of other areas of health and wellbeing too, so it’s important to have the means to deal with these issues efficiently and effectively.”
As well as money-related stress and anxiety, employees expressed concerns relating to general lack of fitness (non-active lifestyles and sedentary working) and workplace pressures (overworking and uncertainty of the future).
Commenting on these findings, Katharine Moxham, spokesperson for GRiD, has said:
“Employees are mostly in agreement about what their most pressing health and wellbeing concerns are, however, the important thing is for employers to put support in place to help alleviate this stress. If it is not already available, World Mental Health Day is a good time to address a shortfall in provision.”
Moxham continued: “Our research shows that employers are in tune with their staff and have a good understanding of the wider issues that affect their health and wellbeing. However, employers that offer employee benefits such as group risk (employer-sponsored life assurance, income protection and critical illness), are better placed than most to offer help for their employees’ main concerns, as the embedded support covers all areas of health and wellbeing for all generations of staff.”