Guardian report: Only one-third of Americans say they’re doing well, with retirement planning and personal finances primary sources of stress

NEW YORK, N.Y.— July 30, 2024—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 our Mind, Body, and Wallet® 2024 page.

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.