Employee Financial Wellness Survey: Stress, Benefits, and Healthcare

U.S. employees remain uncertain about achieving their long-term financial goals, and retirement savings often serve as a fallback for short-term needs. With employees feeling pressured by concerns over healthcare costs and the financial demands of supporting both aging parents and adult children, employers have an opportunity to provide meaningful support.

The Employee Financial Wellness Survey monitors the financial well-being of full-time employed adults in the U.S. and provides insights into employee concerns and challenges.

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Key Highlights from the Survey

Retirement Plan Usage

Many employees are tapping into their retirement plans to cover non-retirement expenses:

• 54% of financially stressed employees believe they’ll need to use retirement funds for other expenses.
• 33% of employees without financial stress anticipate needing these funds.
• 64% of employees with student loans expect to dip into retirement savings.
• 36% of other employees foresee the same.

Overall, 42% of employees think they will need to use retirement savings for immediate financial needs, a number that rises among those experiencing financial stress or student loan burdens.

Retirement funds are increasingly being used as a safety net for emergencies or unexpected expenses. While some employers are redesigning retirement plans to limit withdrawals and loans, such measures could unintentionally drive employees toward less favorable financial solutions. A combination of strategic plan adjustments and initiatives to encourage healthier financial habits is essential to address this issue

Financial Wellness Defined

Employees view financial wellness as achieving these goals:

• 21% value freedom from financial stress.
• 21% prioritize freedom from debt.
• 21% seek freedom from worry about unexpected expenses.
• 18% aim for the freedom to make life choices.

Year after year, across all generations, employees consistently define financial wellness through aspirational goals such as reducing stress, overcoming financial worries, and gaining the ability to make enjoyable life decisions.

Employees Seek Financial Support

• 54% of employees prefer to make their own financial decisions but want confirmation from a trusted source.
• 25% of employees identify financial wellness programs with access to unbiased counselors as their most desired benefit not currently offered.
• 20% want help understanding and using employer-provided benefits.

The majority of employees want to maintain control over their financial decisions while having access to resources that validate their choices. Financial wellness programs with impartial counseling and support in navigating benefits are increasingly in demand.

Healthcare Concerns

Healthcare continues to be a top concern for employees. An increasing number are willing to forgo future pay raises in exchange for enhanced healthcare benefits. Among retirement-related worries, issues surrounding health and healthcare costs outweigh even the fear of running out of money.

Employers have a significant opportunity to address these challenges by providing resources that promote financial wellness, reduce stress, and help employees achieve greater stability.

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