Mental health
Americans are largely united on how they define wellbeing, with people across generations, genders, income and education levels indicating mental and physical health are the most important influences on wellness.
This is according to The Guardian Life Insurance Company of America’s annual Mind, Body, and Wallet report, which found that 93% of U.S. adults rate their physical and mental health as either essential or very important to their wellbeing. Safety and security ranked second and healthy relationships came in third.
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Financial health is an important but often overlooked factor in overall wellbeing, the study found. Less than one-third of U.S. adults said they have good financial health, which is the lowest level since Guardian began the study 14 years ago. As recently as 2022, 44% of U.S. adults reported good financial health.
Retirement planning is driving some of this financial stress, with survey respondents placing it top on the list of financial concerns keeping them up at night. In particular, they are concerned about having a source of guaranteed income during retirement, having enough savings to last as long as needed, and being able to rely on receiving full Social Security benefits during their retirement years, according to the report. Furthermore, 73% of adults said they haven’t saved enough for retirement and 69% said they regret not starting to save sooner.
"Creating better financial habits allows Americans to focus on the aspects of wellbeing that matter most to them," said Andrew McMahon, chairman and chief executive officer of Guardian. "Financial wellness is not just about building wealth. It's about lowering stress and freeing up time to attend to physical and mental needs and goals, which can improve overall wellbeing."
Just over half of Americans said money and finance is their top source of stress. Gen X adults self-reported the lowest level of financial health among all generations, and less than half of Americans said they are confident they know how much money they’ll need to live comfortably in retirement. Less than one-third of adults said they are good at setting up and sticking to a long-term financial plan.
Meanwhile, mental health continues to impact a large portion of Americans, with 40% saying they have experienced anxiety or depression during the past two years. That’s up from 24% last year. Nearly three-quarters of Gen Z report feeling lonely some or all of the time, and 15% of millennials struggle with addiction or substance misuse. Many of those struggling with mental health challenges are turning to spirituality for support, said the report.
Nearly half of all U.S. adults said they’ve skipped or avoided doctor appointments, missed routine screenings or put off seeing a specialist due to high costs. Only 35% of Americans said they are maintaining a healthy weight, and only 31% said they eat a healthy diet and get enough exercise.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
