Middle-income Americans are fraught with worry about a range offinancial issues, which often adversely impact their health,personal relationships and on-the-job performance, according toresearch by Massachusetts Mutual Life Insurance Co. (MassMutual).It's a negative feedback loop that new tools and education nowavailable through the workplace can help break.

Overall, 37 percent of middle-income workers report feeling “notvery” or “not at all” financially secure, while the majority (54percent) describe themselves as “somewhat secure,” according to theMassMutual Middle America Financial SecurityStudy (2017 MassMutual Middle America Financial SecurityStudy). The internet-based research was conducted on behalf ofMassMutual by Greenwald & Associates and polled 1,010 workingAmericans ages 25-65 with annual household incomes of between$35,000 and $150,000 and participated in making household financialdecisions.

Stress, anxiety, insomnia

Concerns about finances have tangible, negative repercussionsfor many people's health and personal relationships. Worries aboutmoney are blamed for causing stress by a majority of surveyrespondents while four in 10 say financial issues impede theirsocial life and ability to do things with friends. Financialworries also make it difficult for a third to eat healthy, 27percent report negative impacts on their marriage or romanticrelationship, and 22 percent cite challenges in getting medical ordental care.

Those who worry about money at least once a week say theirtroubles cause a variety of health issues, including anxiety (51percent), headaches (38 percent), insomnia or difficulty sleeping(35 percent), nausea or stomach issues (20 percent), and clenchedjaw or grinding teeth (19 percent).

Money worries accompany many middle-income Americans towork. Four in 10 respondents (40 percent) say they worryabout money at least once a week while on the job, the study finds.Half (51 percent) of Americans who are less affluent – thoseearning less than $45,000 – report bringing their financialconcerns to work at least once a week and 20 percent do sodaily.

Employers are increasingly viewing their employees' financialproblems as a drag on productivity. Workers' financial problems andtheir associated health issues can increase employer costs forhealth care, disability leave, sick time and reduced presenteeism.More employers are asking for help in improving their employees'financial wellness, including more education about personalfinancial issues and other resources to help workers better managetheir financial lives.

MapMyBenefits

MassMutual is working with employers to attack those issues headon with MapMyBenefits, a holistic employee benefits guidance toolto help workers become more informed about their financial needsbased on their circumstances (** Guidance may not be availablefor certain products. Guidance is based on MapMyBenefitsassumptions and information provided by the employee andemployer).

Within minutes, MapMyBenefits provides guidance to helpemployees prioritize their health care, protection and retirementbenefits, and make the most of each benefit dollar based on theirlife stages, financial goals and financial situations. Thisall-inclusive approach to benefit planning at the workplacecombines retirement readiness, healthcare coverage and preparationfor life's unforeseen events.

The tool is available through financial advisors, third partyadministrators and benefits specialists who serve the retirementplan and employee benefits needs of employers and their employees.The MapMyBenefits platform includes benefits made available by anemployer to employees, including products offered by MassMutual andother providers, including 401(k) and other defined contributionretirement plans, life, accident and critical illness insurance,Health Savings Accounts (HSAs) and others.

MapMyBenefits analyzes basic information provided by theemployee and employer about his or her personal financialsituation, including income and expenses, as well as currentinsurance coverage and retirement savings. Information aboutexisting employer-provided coverage and employer-sponsoredretirement plans such as 401(k)s can be preloaded into the tool'sdata bank. Employees are also asked about other coverages andretirement savings they may have outside the workplace.

MapMyBenefits generates a customized needs analysis and guidanceabout individual coverage and savings needs based on theinformation provided by the employee about his or her personalsituation as well as information from the employer andMapMyBenefits Assumptions. In some instances, if an employeechooses not to enter personal financial information, MapMyBenefitscan provide assumptions on personal financial obligations such asmortgage costs, college tuition or retirement income.

The analysis can vary widely based on the unique needs of eachemployee and his or her personal benefit planning goals. Forinstance, some employees may have a greater need for health carecoverage but less of a need for retirement savings while otheremployees may need to increase contributions to their 401(k) tocontinue their lifestyles when they retire.

Given the prevalence of financial concerns among America'sworkers and the resultant distractions those worries can cause bothat home and the workplace, employers may view MapMyBenefits as atool that can potentially help boost employees' financial wellnessand with it, their productivity.

To learn more, visit http://www.massmutualatwork.com/employers/mapmybenefits/or call 1-855-877-6161.

Jon Shuman is leader of Workplace Distribution forMassachusetts Mutual Life Insurance Co. (MassMutual).

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