Analysis of research from GRiD, the industry body for the group risk sector shows that employers believe that stress and anxiety related to work is now the biggest health and wellbeing concern among all generational employee demographics (except for Gen X). This has leapfrogged stress and anxiety about finances and debt, which had previously been the number one concern for Gens X, Y (Millennials) and Z in 2023 and also for Gen Y (Millennials) and GenZ in 2022.
This year, stress and anxiety related to work – such as pressures of overwork and uncertainty of the future, etc – was cited by 40% of employers for Baby-boomers, 40% for Gen X, 44% for Gen Y (Millennials), 39% for Gen Z.
For Gen X staff specifically, stress and anxiety related to home life – such as caring responsibilities, managing difficult relationships etc – overtook both work and financial pressures and is now the biggest employer concern in 2024 for this group at 42%.
Although, according to employers, stress and anxiety related to finances and debt is no longer their primary concern for any of the four working generations, they still believe it is a major issue for staff: 18% cite this as a worry for Baby-boomers, 28% for Gen X, 35% for Gen Y (Millennials), 33% for Gen Z. This could be reflective of a slight easing on household finances for some as wages have caught up with inflation and prices for energy and food are rising more slowly than they were.
Whether stress and anxiety are rooted at work or at home, the two go hand-in-hand and what affects one area of an employee’s life will almost certainly affect the other. With the advent of hybrid working, there is much more cross-over between work and home life than there once was, so employees may be more affected across both areas than previously.
Katharine Moxham, spokesperson for GRiD, said: “It’s interesting to see that in employers’ eyes, the main driver for employee stress is now due to work itself rather than being financially-related. This is something that employers need to keep a close eye on as it is in their control and an area in which they can make a real difference for staff.”
Employee views
These employer views broadly resonated with employees themselves. When employees were asked directly about their biggest concerns for their own health and wellbeing this year (2024), those who were under the age of 60 all agreed that stress and anxiety related to work was the most pressing issue for them. Over 60s however, cited serious ill-health (such as cancer or heart disease) and living with long-term chronic illness or health conditions (such as diabetes) as their most pressing health and wellbeing concerns.
Support for all
Although employers and employees appear to be aligned in their thinking on this it’s important not to make generational assumptions and to ensure that support is as broad as possible in order to reach cohorts who could be overlooked, such as those balancing work with serious illness or those with caring responsibilities.
This support can be found in a number of employee benefits including group risk benefits (employer-sponsored life assurance, income protection and critical illness). In fact, group risk benefits are a particularly comprehensive and cost-effective way for employers to meet these employees’ needs.
When selecting a provider to support employees specifically with stress and anxiety, it is important that counselling is available 24/7 which is usually the case in group risk benefits via an EAP. Preventative health support is also key which can be delivered in a number of ways, including by app and can focus on nutrition, sleep, relaxation, exercise and healthchecks. Ideally, support will also be channel agnostic so that a user can benefit from face-to-face support, telephone support as well as online and app-based technologies to improve their health and wellbeing.
Katharine Moxham warned: “As our research shows, the issues that affect staff change over time – being in a particular demographic does not necessarily pinpoint a specific health and wellbeing concern: external factors also have a significant impact and these are harder to predict. With this in mind, employers need to ensure that their employee benefits programmes are comprehensive and will meet the needs of all staff at all times.”
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