GRiD’s research, which is the industry association for the group-risk sector, shows that all generations of employees (except Gen X) are concerned about stress and anxiety at work. The stress and anxiety related to debt and finances has now surpassed the previous number one concern of Gens X (Millennials), Gen Y and GenZ (GenZ) in 2022 and 2023.
Employers cited stress and anxiety in relation to their work this year. This included pressures from overwork, uncertainty about the future and so on.
Gen X employees’ stress and anxiety about their home life – such as managing difficult relationships, caring responsibilities etc – has overtaken both financial and work pressures. This group will be the most concerned by employers in 2024, with 42%.
Employers say that stress and anxiety about finances and debt are no longer a primary concern of any working generation. However, they believe this is still a big issue for their staff. 18% cite it as a concern for Baby Boomers, 28% for Generation X, 35% Gen Y (Millennials), and 33% Gen Z. It could reflect a slight ease in household finances, as wages are now catching up to inflation and energy and food prices are increasing more slowly.
Stress and anxiety can affect both work and home life. What affects one will most likely affect the other. Due to the hybrid work model, employees are more likely to be affected by both their home and workplace lives.
Katharine Muxham, spokesperson of GRiD said: It’s interesting to note that, in the eyes of employers, employee stress is more likely to be caused by work than financial issues. Employers should pay close attention to this issue as they are in control of it and can make a difference in the lives of their staff.
Employee Views
The employee’s views were largely in line with those of the employer. Employees under 60 years old were unanimous when asked about their top concerns for their health and well-being in 2024. They all said that stress and anxiety relating to their work were the biggest issue. The most pressing concerns for those over 60 were serious illness, such as cancer or heart diseases.
Support all
While employers and employees seem to have similar views, it is important to avoid making generational assumptions. Support should be provided to all cohorts to reach those who may be overlooked. For example, those balancing a job with a serious illness or caring for others.
These benefits include group risk benefits, such as income protection, critical illness and life insurance sponsored by the employer. Group risk benefits can be a cost-effective and comprehensive way for employers of all sizes to provide these employees with the support they need.
It is essential that the provider you choose to help employees with anxiety and stress is available 24/7. This is often the case for group risk benefits through an EAP. Prevention health support, which can be provided in many ways, such as via an app, is essential. It can include nutrition, sleep, relaxation and exercise, and focus on health checks. Support should be agnostic to the channel, so users can take advantage of face-to-face, telephone, online, and app-based technologies.
Katharine Muxham warned : “As our research has shown, the issues that impact staff over time change – being in one particular demographic doesn’t necessarily pinpoint a health and well-being concern. External factors have an important impact and are harder to predict.” Employers must ensure their employee benefit programmes are comprehensive, and that they meet the needs of every staff member at all times.
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