Millions of Americans are quietly suffering through a period of miserable health — financially and otherwise.
Recently, Guardian Life Insurance Co. surveyed 2,000 American workers age 22 and older along with 2,000 U.S. benefits decision-makers for its Mind, Body, and Wallet report, part of its 13th Annual Workplace Benefits Study. Guardian found that just one-third of Americans describe their well-being as “good” or “excellent.”
While that percentage is a bit higher than the previous year, many people are still struggling. And they are especially likely to report pains in their pocketbook, with just 32% describing their financial health as “good” or “excellent.”
Here are the groups that self-reported having the worst financial health.
Generation X
Survey respondents in this group who reported “very good” or “excellent” financial health: 27%
Both the present and the future look cloudy for members of Generation X: Their financial health lags those of all other generations.
For more on the woes facing this age cohort, check out “This Generation Is in Deep Despair About Retirement — and Running Out of Time” and “The Top Retirement Fears for Gen X — Which Is Turning 60.”
Women
Survey respondents in this group who reported “very good” or “excellent” financial health: 26%
Historically, women have reported lower earnings and a smaller net worth than men. So perhaps it should come as no surprise that only about one-quarter of women report being in good shape financially while 38% of men say their financial health is “very good” or “excellent.”
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 some caregivers have to take more time away from their jobs or work reduced hours. Others have to spend money outfitting their homes with accessible furniture and equipment.
By contrast, 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: 18%
Single parents generally have to live on just one income, and that can make life tough.
The percentage of single parents who say their financial health is “very good” or “excellent” is far below the 40% of partnered parents who report the same.
Add a Comment