Survey Finds Economic Challenges a Top US Employee Concern

According to the newly released 2023 Workplace Wellness Survey, the impact of current and potential future economic challenges on personal finances is a top concern of American workers.

More than four out of five American workers surveyed reported being at least somewhat concerned that there will be a recession in the next year or that inflation will remain high for the next 12 months. Just four in 10 workers said they were at least somewhat prepared to handle an emergency expense of US$5,000.

“What we found surprising is that this is the first year that saving for retirement is not the primary financial stress factor for employees. Instead, we found that day-to-day issues like emergency savings and paying for household bills are top of mind for workers,” said Jake Spiegel, EBRI health and wealth benefits research associate.

However, satisfaction with employee benefits remains a concern. Less than half of the surveyed workers (40%) said they were either extremely or very satisfied with their company’s benefits package, and 22% were not too or not at all satisfied. At the same time, seven in 10 workers agreed at least somewhat that their benefits package is designed to meet their lifestyle and/or family needs.

Health insurance was seen as the most important benefit, with 55% of those surveyed feeling satisfied with their employer’s health coverage. More than half of workers stated that mental health benefits have become more important to offer in the past year, while four in 10 feel the same way about financial wellness programs.

The survey, published by Employee Benefit Research Institute (EBRI) and Greenwald Research, interviewed 1,505 American full-time and part-time workers ages 21–64 during July 2023.

Click here to review the complete 2023 Workplace Wellness Survey.

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