5 Groups With the Worst Financial Health in America

Times are tough for many in America. But when it comes to pocketbook issues, some folks have it especially bad.

Recently, Guardian Life Insurance Co. surveyed 2,000 American workers age 22 and older for its 12th Annual Workplace Benefits Study. Guardian found that Americans are mired in their lowest level of overall well-being in the study’s history.

One-third of respondents said they have experienced higher levels of anxiety, depression or other mental health issues in the past two years.

Many respondents also reported struggling with their finances. Here are the groups that self-reported having the worst financial health.

Women

Survey respondents in this group who reported “very good” or “excellent” financial health: 23%

Historically, women have reported lower earnings and a smaller net worth than men. So perhaps it should come as no surprise that while less than one-quarter of women reported being in good shape financially, 31% of men said their financial health is “very good” or “excellent.”

Generation Z

Survey respondents in this group who reported “very good” or “excellent” financial health: 23%

When you are young, it can be tough to make ends meet. Generation Z is learning that lesson now.

By contrast, 28% of all survey respondents said their financial health is “very good” or “excellent.” And for baby boomers, the number jumped to 36%.

Caregivers

Survey respondents in this group who reported “very good” or “excellent” financial health: 21%

Those who care for family or other loved ones often have to sacrifice some time on the job or sideline their commitment to growing a career. This can result in reduced income and lower savings.

Guardian says that during the past year, caregivers were twice as likely to experience layoffs or reduced work hours as non-caregivers. Overall, 28% of non-caregiver survey respondents said their financial health is “very good” or “excellent.”

Single parents

Survey respondents in this group who reported “very good” or “excellent” financial health: 19%

Single parents have to live on just one income, and that can make life tough.

The percentage of single parents who said their financial health is “very good” or “excellent” is far below the 32% of married parents who reported the same.

People with permanent disabilities

Survey respondents in this group who reported “very good” or “excellent” financial health: 16%

Having a permanent disability may prevent people from pursuing some types of lucrative work.

The percentage of people without a permanent disability who reported that their financial health is “very good” or “excellent” is 28%, far above the percentage of those with disabilities.