Debt, high monthly expenditures, and rising prices have conspired to create a challenging situation for U.S. employees, suggesting that businesses may need to refocus their wellness benefit efforts, according to speakers at an Employee Benefits Research Institute virtual event on Feb. 7.
The presentation at EBRI focused on the findings of the organization’s latest 2022 Workplace Wellness Survey, which it conducted in collaboration with Greenwald Research.
Employees were impacted on numerous fronts, according to the findings: 60% indicated they were at least moderately concerned about their financial well-being, while 50% and 48% stated the same about their mental and physical well-being, respectively.
According to Kerry Sette, VP, and director of consumer insights and research at Voya Financial, the study results also reflect the “doom and gloom” feeling of US employees in the face of a complicated web of issues.
“It absolutely underscores how many working Americans need a break from everything that’s been going on in the globe, especially on the economic front.”
There are several signs of distress. According to an American Staffing Association poll published in December, 58% of respondents were thinking about acquiring a second job to assist meet expenditures in the coming year.
The EBRI study focused on debt: 80% of respondents stated they had a problem with debt, up from 65% in 2021, with 78% citing credit card debt as a concern.
“People are falling into the worst type of debt,” Sette remarked. “The biggest issues we’re seeing are largely about paying monthly bills — mortgage, rent, groceries, and utilities — as well as being able to retire.”
