U.S. Workers Want More Support on Financial Well-Being

While employers are taking steps to support employees’ physical and mental well-being, there is a disparity between the focus of employer well-being programs and what employees need the most. This is according to the latest Well-being Diagnostic Survey by WTW, a leading global advisory, broking and solutions company.

The survey found U.S. employers are prioritizing support for mental (73%) and physical (50%) well-being. Yet, employees say that financial well-being support is their top area of concern (66%), despite being the lowest priority for employers (23%).

Almost half of U.S. employees (48%) are struggling with moderate or major issues in at least two areas of their well-being, according to WTW’s 2024 Global Benefits Attitudes Survey (GBAS). Employees with well-being issues show lower productivity (higher absence and presenteeism) and report higher rates of burnout and lower levels of engagement. Over half of employees (56%) have above-average levels of stress, while 37% have reported symptoms of anxiety or depression.

“The mental health crisis has brought employee well-being to the forefront of employers’ minds in recent years,” said Regina Ihrke, Health, Equity and Well-being leader, North America, WTW. “Companies have been leaning heavily into physical and mental well-being to make it a core part of their human capital strategy. We know that these investments have improved employees’ perceptions of the growing initiatives.”

“Organizations that are highly effective at employee well-being often report better business outcomes, such as enhanced financial performance and reduced employee turnover. However, there is a disconnect between the well-being areas that employers are investing in and what employees are saying they need help with,” said Ihrke.

Indeed, employers are showing to be least effective in the areas where employees need the most help, identifying financial well-being initiatives at the very bottom (19%). Only two in five employees (41%), however, feel financially secure and identify that their financial situation is the area of their well-being where they face the biggest challenges, according to GBAS.

Employees report mixed feelings about employer initiatives with a net promoter score (a measure of customer loyalty and satisfaction with a company) of –20; however, employers have made significant progress since 2019 when the net promoter score was –45. Companies are committed to seeking additional improvement over the next three years, with 46% striving to embed well-being programs and practices into their company culture and effectively communicating its value to employees throughout the year, compared with 33% today.

Moreover, more than four in five (91%) are prioritizing the employee experience as an outcome of their well-being strategy, and 37% are looking to make well-being a foundational element of their human capital strategy in the next three years, compared with only 11% today. Specifically, many employers (71%) are planning to boost communication about their well-being programs and connect well-being to company culture (49%) to raise the bar on employee health and well-being.

“The delivery of well-being initiatives is just as important as the content of the programs. Communication, accessibility and creating a connected culture that links back to company and employee values is key to building a stronger employee experience when it comes to well-being. It’s important that employers focus on getting the right priorities in place to support the varied needs of their workforce as well as creating an enabling environment that promotes the services they make available,” said Jill Havely, managing director, Employee Experience, WTW.