Guardian's annual Mind, Body, and
Wallet® report finds that while well-being edged up,
more support and resources are needed to address Americans'
evolving needs
NEW
YORK, July 30, 2024 /PRNewswire/ -- In its
annual Mind, Body, and Wallet® report, The Guardian Life
Insurance Company of America® (Guardian) found that
well-being among Americans remains low, highlighting the pressing
need for additional well-being support and resources, especially
around retirement planning and personal finance stressors.
According to the 2024 report, which surveyed more than 4,000
full-time employees and benefits decision-makers in the U.S., only
one-third of Americans self-reported "good" or "excellent"
well-being. Across various aspects of well-being, mental and
physical health were rated as "good" or "excellent" by 36% and 37%
of Americans, respectively. An even smaller proportion of
Americans—32%—say their financial health is "good" or "excellent."
Compared to findings from the 2023 report, well-being for each
category saw a four percentage point year-over- increase,
reflecting some progress.
Influencing this year's report findings are persistent concerns
about personal finances, including:
- Retirement-related concerns are a top source of stress for
Americans—including not having enough money to last through
retirement and not having a guaranteed source of income in
retirement (48%, respectively).
- Despite being a primary source of stress for Americans, just
half say they know how much money they will need in retirement and
only 36% say they are "very good" at managing their finances.
- Close to half of Americans said they would face financial
hardship without their workplace benefits.
- Fortunately, many employers recognize the valuable role
benefits play in supporting financial and overall well-being, with
the majority saying that addressing and improving their employees'
financial (74%), physical (66%), and mental (71%) health is very
important.
The report also found that, especially during pivotal life
moments, many Americans have interconnected mental, physical, and
financial well-being needs. For example:
- 73% of Americans with high financial health also rated their
emotional health as "good" or "very good." On the other hand, 82%
with low financial health also self-reported poor emotional
health.
- Just 34% of Americans reported good work-life balance. This
likely contributed to the 33% increase in the number of workers who
reported feeling burnt out.
- For the first time in several years, members of Gen X reported
worse financial well-being than Gen Z, potentially given the
former's concerns around inflation and economic uncertainty as they
approach retirement.
- Across the board, single parents self-reported significantly
lower well-being scores than partnered parents, with just 27%
reporting good physical health (vs. 43% of partnered parents), 26%
citing good mental health (vs. 43%), and 18% recording good
financial health (vs. 40%).
- Of particular concern is the mental health of new parents.
Between 2020 and 2023, Guardian saw a 215% increase in short-term
disability claims due to post-partum depression.
- Among Sandwich Generation members, including parents taking
care of parents, roughly four-in-10 reported low mental (43%) and
financial (41%) well-being, and 31% reported low physical
health.
"The study re-affirmed the outsized impact financial health has
on overall well-being, with particular influence on mental and
physical wellness," said Andrew
McMahon, Chief Executive Officer and President of
Guardian. "While we were encouraged to see a small
year-over-year increase, sustainable improvement to well-being will
require a continued focus on education, empowerment, and solutions
that meet people where they are."
For more information about Guardian's Mind, Body, and Wallet
report and additional insights into the state of Americans'
well-being, please visit
https://www.guardianlife.com/reports/mind-body-wallet.
About the Mind, Body, and Wallet Report
Guardian's
13th Annual Workplace Benefits Study was fielded in January and
February of 2024 and consisted of two online surveys: one among
benefits decision-makers (employers) and another among working
Americans (employees), allowing us to explore benefits issues from
both perspectives.
About Guardian
Guardian makes a difference in the
lives of people when they need us most. With over 160 years of
stability and fiscal integrity, we are a trusted resource to
generations of families and business owners, inspiring well-being
and helping build financial confidence. Today, we stand behind
millions of consumers, helping them prepare and plan for a bright
future for themselves and their families. We help business owners
care for their employees. And we help people recover and thrive in
times of unexpected loss. As a modern mutual insurance company, we
believe in driving value beyond dividends. We invest in our
colleagues, are building an inclusive and innovative culture, and
are helping to uplift communities through thoughtful corporate
impact programs. Guardian, which is based in New York City, is a leading provider of life,
disability, dental, and other benefits, and has received accolades
for its culture and service. Our colleagues and financial
professionals serve with care and experience, and our commitments
rest on a strong financial foundation, which included a 2024
dividend allocation of $1.398 billion
– the largest in the company's history. For more information,
visit guardianlife.com or follow us
on Facebook, LinkedIn, and YouTube.
Disclaimers
Guardian® is a registered
trademark of The Guardian Life Insurance Company of America.
Copyright © 2024 The Guardian Life Insurance Company of
America.
Dividends are not guaranteed. They are declared annually by
Guardian's Board of Directors. The total dividend calculation
includes mortality experience and expense management as well as
investment results.
Financial information concerning Guardian as of December
31, 2023, on a statutory basis: Admitted assets = $80.3
billion; liabilities = $71.2
billion (including $58.0 billion of reserves); and
surplus = $9.1 billion.
Contact:
Morgan Musikantow
External Communications Lead
Morgan_Musikantow@glic.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/guardian-report-only-one-third-of-americans-say-theyre-doing-well-with-retirement-planning-and-personal-finances-primary-sources-of-stress-302209239.html
SOURCE Guardian