Figure 6 Figure 3 Paying monthly bills is the top priority among the six in ten The EBRI report, “2022 Workplace Wellness Survey,” was published as the October 2022 EBRI Chartbook, and Financial preparedness for unexpected events fell between 2021 and 2022. Most employees do not feel financially prepared for being unable to employees who agree they struggle to manage multiple financial is available online here. Employees report increasing stress over the financial future. work, reducing work hours, or retiring earlier than planned. priorities at the same time. • The percentage of employees reporting that they had enough savings to handle an emergency or sudden To what extent do you feel prepared to handle the following financial events in your life? (2022 n=1,518) The 2022 Workplace Wellness Survey was made possible with funding support from the following • In large ex 2022,pen 35 perc se fell ent between of emplo 20 yees stro 21 and 202 ngl2 y , as d agree id d th the at t pehi rcentage nking about their who were fin prepar ancial fu ed to tu han re ma dle a kes th n em To what extent do you agree or disagree with the Of the following, which are your current top financial January 19, 2023, #452 following statements? (2022 n=1,518) organ un feel stre ization expecte sse s: AARP, d d, exp upense o fro Cig m 25 f eith na, pe Ed er $ rcent i elma 500 or n n Fin 20$5,0 21 ancial En (Fig 00 (Fig ure 5 gines, Fi ur ).e 2 ). delit y Investments, Human Rights Campaign priorities? Select the top 3. (Maintaining financial Very Prepared Somewhat Prepared Not Too Prepared Not at All Prepared priorities is a challenge: 2022 n=1,015) Foundation, Mercer, Morgan Stanley, National Rural Electric Cooperative Association (NRECA), You struggle to manage multiple OneAmerica, Unum, and Voya Financial. • • Mo Abo st emplo ut fin one ancia -th y l p i ees rd rio (3 rdi it5 ie d s percent) no att tfeel fin he sa of m emplo ancially e time yees som prepared ewhat for bagree th eing unabl at wor e tory wo inrk g about , reducing their 54% wo finrk ances distracts hours, or Paying My Monthly Bills 2022 18% 25% 24% 33% 44% Being Unable to Work and Earn Income for retirin them fro g earlier than m work, up f plann rom e29 d, and perce prepar nt in edn 2021 ess . was lower in 2022 than in 2021 (Figure 3). Inflation Taking Its Toll on Work Having Savier Fina ngs in Case of an ncial 53% Well-Being 6 Months Due to Illness or Injury 23% Emergency 44% Th e Employee Benefit Research Institute is a private, nonpartisan, and nonprofit research institute based in 2021 26% 33% 19% 22% Strongly Agree 45% The Amount of Debt I Have Washington, D.C., that focuses on health, savings, retirement, and economic security issues. EBRI does not lobby 29% 19% High rates of inflation in 2022 appear to be having an impact on worker attitudes toward their financial well- 38% and does not take policy positions. The work of EBRI is made possible by funding from its members and Saving Enough for Retirement being. 39% sponsors, which include a broad range of public and private organizations. For more information, visit 40% A Medical Issue That Will 18% Figure 5 2022 16% 27% 26% 31% Deplete My Savings 22% Hav Som ing ewha to Re t Ad gu re ce e Work Hours or Stop www.ebri.org. In the recently released Workplace Wellness Survey, the Employee Benefit Research Institute (EBRI) and Three in four employees agree that Affo thinking rding My Children'about s College their 15% financial Working to Care for a Child or Other Loved 34% Tuition 16% 2021 23% 34% 23% 20% Greenwald Research examined One a br for 6 oad Mo s nth pectru s* m of worker attitudes toward financial well-being. The survey future makes them feel stressed. 15% Greenwald Research is a leading independent custom research firm and consulting partner to the health and Student Loan Repayment found that between 2021 and 2022, an increasing percentage of workers were concerned about their financial 12% 23% 2022 To what extent do you agree or disagree with the following statements? (2022 n=1,518) wea lth industries that applies creative quantitative and qualitative methods to help companies stay competitive 13% well-being, S were omewha les t s p Disa repa greered for unexpected financial events, and were increasingly stressed about their Figure 2 Buying a Home 2021 16% and navigate industry change. Leveraging deep subject matter expertise and a consultative approach, Greenwald 25% financial future. Financially Supporting a Loved 13% Half of employees agree th2at 022th13% ey hav 25% e enoug 28% h savings to 34% handle an offers comprehensive serv Stronices gly A to gree answe Sr o strategic b mewhat Agreeusiness So q meuestio what Disa ns. g Fo ree r more i Stronnf gly Di orma sagtio reen, go to One Who Doesn't Live With Me 14% Having to Retire 5 Years Earlier Than You Affording Childcare or emergency or sudden Plan lar nedg *e expense, which is down sign 11%ificantly from www.greenwaldresearch.com 14% 2021 Concern about household financial well-being has i 20% ncreas Car 31% ed egiv. ing for an A25% dult 16% 23% Strongly Disagree 2021. 1% Other 22% <0.5% • One-third (34 percent) of employees were highly concerned and one-quarter (2 2% 6 percent) were Strongly Agree Somewhat Agree Somewhat Disagree Strongly Disagree None 2022 35% 40% 19% 6% 3% moderately concerned about their household’s financial well-being in 2022, up from 29 percent and 20 SourceT : E h m inkin ployeg e B Aeb no efu it t RY es o eu ar Fi rch In nsa tin tucial te anFu d Gtu ree re nwM alda R ke ess earch, 2021–2022 Workplace Wellness Survey. ### Source: Employee Benefit Research Institute and Greenwald Research, 2021–2022 Workplace Wellness Survey percent *”Other” arespe nd “Nonectively ” are not sho in wn. 2021 (Figure 1). You Feel Stressed 2022 You feel you have enough savings to handle an 21% 31% 22% 25% *New or revised in 2021. Arrows=Up/Down significantly from 2021 Arrows=Up/Down significantly from 2021 2021 25% 38% 23% 14% emergency or sudden large expense (2022 n=1,518) • Similar increases were not observed in questions related to emotional well-being or physical well-being. • Saving enough for retirement, having savings 20in 21 case of an emergency, paying monthly bills, and debt 30% 37% 17% 15% Debt is an increasing problem. were the financial issues that caused the most stress and increased the most between 2021 and 2022 (Figure 7). Figure 1 • Eighty percent of employees described their level of debt as a major or minor problem in 2022, up from 2022 18% 35% 28% 19% Figure 7 One-third of employees are highly concerned about their household’s Worrying About Your Finances Distracts You 65 percent in 2021 (Figure 4). Saving enough for retirement and having savings in case of an From Work financial well-being, which has increased significantly since 2021. To what extent do you feel prepared to handle the following financial events in your life? emergency are the financial issues that cause employees the most 2021 18% 29% 27% 25% (2022 n=1,518) Please rate your level of concern about your household’s financial well-being. (2022 n=1,518) • Nearly a third said it was a major problem. stress. Very Prepared Somewhat Prepared Not Too Prepared Not at All Prepared Which of the following financial issues personally causes you the most stress? Select the top 3. Figure 4 (2022 n=1,518) 45% Saving Enough for Retirement 2022 39% 28% 18% 15% Eight in ten employees describe their level of deb 39% t as a problem, 41% Having Savings in Case of an Emergency Concern About Household’s Financial Well-Being An Unexpected Expense of $500 32% which is a significant increase from 2021. 2021 50% 29% 13% 8% Source: Employee Benefit Research Institute and Greenwald Research, 2021–2022 Workplace Wellness Survey 38% Paying My Monthly Bills Arrows=Up/Down significantly from 2021 27% Thinking about your current financial situation, how would you describe your level of debt 2022? (2022 n=1,518) Mean Level of Concern: 6.9 The Amount of Debt I Have (e.g., credit card debt, car loans, 35% 2021: 6.1 22% 2021 personal loans) 2022 2021 26% Job/Income Security 2022 22% 23% 28% 20% 35% Not a High Concern (9–10) Moderate Concern (7–8) Low Concern (1–6) A Major 18% A Major An UnexpecteA d M Ee xd pic ea n l se Iss o uef Th $5 a,0 t W 0il 0 l Deplete My Savings Prob 19% lem Problem 2021 Problem 32% 30% 19% 19% 13% 35% Not a Affording My Children's College Tuition 24% 10% 30% 2022 Source: Employee Benefit Research 34% Institute and Greenwald Research, 202126% –2022 Workplace Wellness Survey 40% Problem 12% Student Loan Repayment Arrows=Up/Down significantly from 2021 9% 20% Financially Supporting a Loved One Who Doesn't Live With 11% 10% Me 65% 80% 9% Affording Childcare or Caregiving for an Adult 9% A Problem A Problem 2021 1% 29% 20% 51% Other 1% Managing multiple financial priorities is an increasing struggle. 5% None 15% A Minor Source: Employee Benefit Research Institute and Greenwald Research, 2021–2022 Workplace Wellness Survey. *New question in 2022 A Minor • In 2022, 23 percent of employees strongly agreed and 40 percent somewhat agreed that they were Problem Arrows=Up/Down significantly from 2021 Problem 41% struggling to manage multiple financial priorities at the same time, up from 19 percent and 34 percent, 50% respectively, in 2021 (Figure 6). Source: Employee Benefit Research Institute and Greenwald Research, 2021–2022 Workplace Wellness Survey Source: Employee Benefit Research Institute and Greenwald Research, 2021–2022 Workplace Wellness Survey Arrows=Up/Down significantly from 2021 Arrows=Up/Down significantly from 2021 EBRI’s on Twitter! @EBRI or http://twitter.com/EBRI EBRI blog: https://ebriorg.wordpress.com/ E E E E EBRI BRI BRI BRI BRI o o o o on n n n n T T T T Tw w w w wi i i i it t t t tt t t t ter: er: er: er: er: @ @ @ @ @E E E E EBRI BRI BRI BRI BRI o o o o or r r r r h h h h ht t t t tt t t t tp p p p p: : : : :/ / / / // / / / /t t t t tw w w w wi i i i it t t t tt t t t ter er er er er.com .com .com .com .com/ / / / /E E E E EB B B B BRI RI RI RI RI Bl Bl Bl Bl Blo o o o og g g g g: : : : : h h h h ht t t t tt t t t tp p p p ps s s s s: : : : :/ / / / // / / / /e e e e eb b b b br r r r ri i i i io o o o org rg rg rg rg.....w w w w wo o o o ord rd rd rd rdp p p p pre re re re res s s s ss s s s s.c .c .c .c .co o o o om m m m m/ / / / / © 2023, Employee Benefit Research Institute, 901 D St. SW, Suite 802, Washington, DC 20024, 202/659-0670 www.ebri.org 4 2 5 3 6