The report notes several key trends regarding consumer finances, health and overall wellbeing.

• Many employees are making positive changes. Eighty-four percent of Generation Z respondents report they have made intentional changes to improve their finances through such steps as paying off debt, funding an emergency savings account or investing. This compares with an average of 74% for all employees.
• Few are saving for emergencies. Unexpected costs can have a direct impact on employee mental health and productivity. Only 1 in 4 employees report that they set aside money for unexpected or unplanned emergency expenses. Similarly, 27% of employees say employers could help them with expenses by offering an emergency savings account.
• Finances affect mental health differently among generations. More than one-third of employees report that they regularly think about a financial decision they regret. Money causes a significantly higher toll on mental health among Gen Z (45%) and millennials (45%) than Gen X (35%) and baby boomers (17%).
• Better benefits motivate job changes. Forty-two percent of employees say they would be likely to change employers for improved benefits. This number is highest among Gen Z (54%) and millennials (49%).
• Employees seek enrollment assistance. More than one-quarter of employees say they often rely on resources besides their employer to make decisions about their health care plan. Members of Gen Z are more likely to feel stressed when enrolling in medical insurance (30%), and more than two-thirds rely on external resources to help make benefits enrollments.

Rising health care costs, financial uncertainty and evolving workplace expectations mean traditional benefits alone may not be enough. Today’s employees want personalized support, guidance and resources to help them navigate life’s challenges, the report said.

“The retirement journey is more than a 401(k) plan,” said Kevin Robertson, chief revenue officer for HSA Bank. “Today, employees are seeking employers who can help them save for emergencies and support their personal and financial wellbeing. In addition to helping create a bigger nest egg for the future, these actions have clear business benefits including stronger connections, reduced turnover and higher productivity.”