Leading employers are taking innovative approaches to supporting employees’ mental and financial health
new york, February 28, 2024 /PRNewswire/ — Employers can play a key role in addressing mental health issues caused by financial stress by implementing thoughtful and comprehensive support services for employees . A new report from TIAA Institute and Hi-Lantern Group examines the correlation between financial stress and mental health and how these stressors impact employee engagement at work. did.
TIAA, a leading provider of secure retirement and results-driven investment solutions, understands the importance of achieving financial security and the long-term impact on people who are unable to save for the future. . According to a report from the Employee Benefits Institute, more than 40% of Americans are at risk of depleting their retirement savings, making it more difficult than ever to achieve and maintain financial security at any stage of life. It has become even more important.
According to researchers at the TIAA Institute, financial hardships such as worrying about debt, financial instability, and being unable to meet basic needs can cause stress and reduce resilience to mental health problems. There is a possibility that It also says that high debt is often associated with anxiety, depression and anger, and that continued financial hardship can increase feelings of hopelessness and hopelessness, which can lead to depression.
“The pandemic has raised awareness about the prevalence of mental health issues, and rates of poor mental health are rising. It’s important to take a leadership role in addressing the issue.” said claire borrelliTIAA Chief People Officer.
According to the report, 42% of U.S. adults say money has a negative impact on their mental health, with financial stress leading to a 34% increase in absenteeism and tardiness. Employees who are under financial stress are five times more likely to be distracted by finances while at work. Financially stressed employees also miss about twice as many days a year as non-stressed employees.
“We live in a world where more people are increasingly struggling to build financial health, and one of the biggest factors in mental health is a person’s lack of financial security. ” he said. Tara GiulianoNuveen Chief Marketing Officer.
Poor mental health can also impair an individual’s cognitive ability to evaluate options and risks when making important financial decisions, resulting in impulsive spending and poor financial planning. , increasing vulnerability to stress caused by short-term financial decisions. Among people facing mental health issues, 93% find themselves spending more than usual, 92% find it difficult to make financial decisions, and 56% take out loans they wouldn’t normally have taken out. I feel that I have put together a.
According to the World Health Organization (WHO), more than 1 billion people, or 12% of the population, live with a mental health condition, but only 47% of them received mental health services in the last year.
Researchers have found that creating a comprehensive employee support framework that addresses both employees’ mental and financial well-being can improve workplace productivity, employee engagement, and overall well-being. says it may be helpful. This report outlines specific strategies for employers to develop impactful mental and financial health interventions.
At TIAA, employees have access to a comprehensive benefits package to support the physical, mental and financial health of employees and their families.
In addition to medical and dental insurance, TIAA employees receive benefits through our Living Well Health and Wellness Center, on-site mental health counselors and free mental health testing, employee assistance programs, and behavioral health care for children and youth. On-site medical care and fitness facilities are also available.
As a retirement services provider, TIAA also provides employees with access to employer-sponsored retirement plans, including in-plan pensions and financial plans. The company also my smart money program It provides free financial assessments and resources for every step of your personal financial journey, from budgeting and debt management to retirement planning and writing a will.
About TIAA
TIAA is a leading provider of secure retirement and performance-driven investment solutions to millions of people and thousands of institutions.#1 provider in the nonprofit retirement market1paid more than $5.6 billion The lifetime income of a client who retires in 2022 is $1.3 trillion Assets under management (as of December 31, 2023)2.
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- the current July 21, 2022. Based on data from PLANSPONSOR’s 403(b) 2022 DC Recordkeeper Survey, which combines 457 and 403(b) data.
- the current December 31, 2023 Assets managed by Nuveen Investments affiliates and the entire TIAA investment management team are: $1,284 billion.
TIAA Institute is a division of the Teachers Insurance and Annuity Association of America (TIAA). New York, New York.
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