During Mental Health Awareness Month, New Research Shows Finances as a Concern for 85% of Stressed Workers

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]