Recent studies reveal a shift in employee stress concerns with work-related stress overtaking financial stress for most generations.
- Work-related stress is now the primary health concern for employees across Baby Boomers, Millennials, and Gen Z.
- Gen X employees uniquely face more stress from home life responsibilities than work or financial issues.
- Despite the shift, financial stress remains a significant concern among employees.
- Employers are urged to address these changes to enhance workplace well-being.
Analysis by GRiD, an industry body for the group risk sector, highlights that employers perceive work-related stress as the leading health concern for nearly all generational demographics, except for Gen X. This marks a considerable shift from previous years when financial stress was the dominant issue among Gens X, Y, and Z.
In 2024, work-related stress, encompassing pressures such as overwork and future uncertainties, was cited by 40% of employers for both Baby Boomers and Gen X. For Millennials, the figure rises to 44%, and for Gen Z, it’s 39%. Notably, stress from home life, including managing relationships and caregiving, is the primary concern for Gen X, at 42%.
The change in stress hierarchy, where financial concerns have lessened in urgency, could be attributed to slight relief in household finances, as wages have largely matched inflation. However, the interconnection between work and home stress is significant, as hybrid work models blur the lines between personal and professional lives.
Katharine Moxham from GRiD remarked, “It is in the domain of work stress that employers can exert more control, making it imperative to monitor these dynamics closely.” Employee feedback aligns with employers, showcasing work stress as a predominant concern for those under 60, while individuals over 60 emphasize serious health conditions such as chronic illnesses as their main issues.
Given these insights, it is critical for employers not to generalize stress factors across generations, ensuring broad support is available. Comprehensive solutions, such as employee benefits that include group risk options like income protection and critical illness cover, are pivotal. These benefits should offer diverse support channels, including 24/7 counseling and health apps focusing on preventative care.
Katharine Moxham warns against overlooking external factors that could influence stress and wellbeing, emphasizing the importance of employer adaptability in benefit programs to meet diverse needs.
Employers must recognize the evolving landscape of stress factors and respond with comprehensive support for all employees.
