Press release 8 October 2024.
Analysis of research1 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)2. 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.3 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.
1.
Employer research was undertaken by Opinium from 9-16 January 2024 among 500 HR decision-makers at UK businesses.
2.
Baby-boomers (aged 60-78).
Gen Z (up to age 27)
Millennials / Generation Y (age 28-43)
Generation X (age 44-59).
3.
Employee research was undertaken by Opinium from 9-12 January 2024 among 1,210 adults who work.
For further information please contact:
Ali Cort
SMUK Marketing and PR
acort@smuk.org.uk
Mob: 07887 484247
Katharine Moxham
Spokesperson for GRiD
Katharine.moxham@grouprisk.org.uk
Mob: 07887 512508
Notes for editors
About GRiD
Group Risk Development (GRiD) is the industry body for the group risk sector, promoting the value to UK businesses of providing financial protection for their staff, enhancing their well-being and improving employee engagement. Our membership includes insurers, reinsurers, intermediaries and those operating in (or with other interests in) the UK group risk market. Together this forms a collective wealth of experience built over many years. Under the chairmanship of Colin Fitzgerald (Distribution Director – Group Protection, L&G Retail) GRiD aims to promote group risk through a collective voice to Government, policymakers, stakeholders and employers.
GRiD works with government departments and regulators involved in legislation and regulation affecting group risk benefits, and with other organisations involved in the benefits and financial protection arenas. GRiD also seeks to enhance the industry’s standing by encouraging best practice and by participating in industry-wide initiatives such as the professional qualification in group risk managed jointly with the Chartered Insurance Institute.
GRiD’s media activity aims to generate a wider awareness and understanding of group risk products and their benefits for employers and employees.
GRiD’s dedicated spokesperson, Katharine Moxham, provides expert media comment on a full range of group risk issues.
Follow Katharine Moxham on Twitter @KMoxham
