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Financial Health is Concern in New Employee Health Survey

Financial Health is Concern in New Employee Health Survey

Nov. 1, 2022
The 2022 Workplace Wellness Survey, from EBRI, found that 66% of employees believe their employer is responsible to ensure they are financially secure.

 The Workplace Wellness Survey,  recently released by EBRI, (the Employee Benefits Research Institute) covers a wide range of employee issues.

"T​​​​​​​his is the third year of the Workplace Wellness Survey and probably the most meaningful survey report where workplace flexibility, work-life balance, paid time off and leave benefits have become major critical factors for employees,” said Paul Fronstin, director, Health Benefits Research, EBRI, in a statement.

For this year’s survey, a total of 1,518 American full-time and part-time workers ages 21-64 were interviewed through 20-minute online interviews conducted from July 13-29, 2022.  Data was weighted by race, age, gender, income and LGBTQ status to reflect employed Americans ages 21-64.  

“In recent years, key metrics like job satisfaction, benefits satisfaction and ratings of work/life balance have remained fairly consistent.  It’s important to note the declines measured this year in overall benefits satisfaction and in ratings of work-life balance, which contrast with stable job satisfaction, and the belief that remote work has improved well-being and underscores the need for employers to ramp up well-being efforts,” said Lisa Greenwald,  CEO, Greenwald Research, in a statement.

Key highlights from the 2022 Workplace Wellness Survey report include:

Financial Well-Being/Health Benefits

  • Most employees are concerned about their household’s financial well-being and the overwhelming majority describe their level of debt as a problem.  Six in ten employees (60%) are at least moderately concerned about their household’s financial well-being, which has increased by 11 points since 2021 (49%). About half of employees are concerned about their emotional (50%) and physical (48%) well-being.
  • Employees agree that their employers have a responsibility to ensure they are physically, emotionally and financially well, but fewer than half rate their employer’s efforts highly in these areas.  Three in four employees agree that their employers have a responsibility to make sure employees are mentally healthy and emotionally well (77%) and healthy and physically well (74%). Two-thirds (66%) feel the same about their employer’s responsibility to ensure employees are financially secure and well.
  •  Health insurance and retirement savings plans are the most common employee benefits and are the top benefits for employee retention/recruitment and their financial security.  Four in ten employees (44%) are extremely or very satisfied with their benefits package, which has decreased by 7 points since 2021 (51%).
  • Most employees have a high level of understanding about their health benefits and half rate their employer’s communications about health benefits highly. Half of employees (52%) rate their employer’s communications about health insurance and health care as excellent or very good. Less than half (47%) rate communications about online resources about benefits at the same level.
  •  Half of employees are satisfied with their current retirement benefits and most are satisfied with the contributions received from their employer.  Seven in ten employees (70%) say they are currently offered a retirement savings plan. Half of employees (51%) are extremely or very satisfied with their current retirement benefits and nearly six in ten (58%) understand their retirement benefits extremely or very well.
  • Fewer than half of employees say they are offered a financial wellness program at work. When offered, six in ten employees have participated. Over four in ten employees (45%) say their employer offers the opportunity to participate in a financial wellness program.

Work/Life Balance

Workplace flexibility, work-life balance, paid time off and leave benefits are important to employees. Most feel teleworking has positively impacted their well-being. Four in ten employees (39%) describe the work-life balance at their company as excellent or very good, which has decreased significantly since 2021. Another 36% rate it as good and 25% rate it as fair or poor.

Most employees agree that balancing work and caregiving is challenging, but few employees report access to caregiving benefits. A quarter of employees (24%) report their employer offers subsidized/complimentary child or daycare. Among those with access, 65% of employees have used it. Among those without access, 44% are interested in having the benefit available.

Most employees feel mental health wellness programs have become more important in the past year and most are interested in mental health resources and expanded benefits.  Four in ten employees (45%) rate their employer’s communications about mental health and work-life balance as excellent or very good over the past year.

Most employees remain satisfied with their current job despite decreases in satisfaction with their benefits package and work-life balance. Six in ten employees (59%) are extremely or very satisfied with their current job, which is consistent with the 2021 findings (60%).

About the Author

EHS Today Staff

EHS Today's editorial staff includes:

Dave Blanchard, Editor-in-Chief: During his career Dave has led the editorial management of many of Endeavor Business Media's best-known brands, including IndustryWeekEHS Today, Material Handling & LogisticsLogistics Today, Supply Chain Technology News, and Business Finance. In addition, he serves as senior content director of the annual Safety Leadership Conference. With over 30 years of B2B media experience, Dave literally wrote the book on supply chain management, Supply Chain Management Best Practices (John Wiley & Sons, 2021), which has been translated into several languages and is currently in its third edition. He is a frequent speaker and moderator at major trade shows and conferences, and has won numerous awards for writing and editing. He is a voting member of the jury of the Logistics Hall of Fame, and is a graduate of Northern Illinois University.

Adrienne Selko, Senior Editor: In addition to her roles with EHS Today and the Safety Leadership Conference, Adrienne is also a senior editor at IndustryWeek and has written about many topics, with her current focus on workforce development strategies. She is also a senior editor at Material Handling & Logistics. Previously she was in corporate communications at a medical manufacturing company as well as a large regional bank. She is the author of Do I Have to Wear Garlic Around My Neck?, which made the Cleveland Plain Dealer's best sellers list.

Nicole Stempak, Managing Editor:  Nicole Stempak is managing editor of EHS Today and conference content manager of the Safety Leadership Conference.

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