Financial issues affect the mental wellbeing of 51% of millennial employees

katharine moxham

Employers are concerned that over half (51%) of millennial employees have a high rate of stress and anxiety when it comes to finances and debt, according to new research by Group Risk Development (Grid).

Respondents voiced concerns that money issues affect the health and wellbeing of their millennial employees, those aged between 18 and 34, compared to just over one-third (37%) of generation X (aged between 43 and 54).    

Its survey of 500 HR decision makers also found that just over one-quarter (26%) of employers believe that a non-active lifestyle and a sedentary job attributes to the lack of fitness of their millennial employees.

In addition, employers believe that 38% of millennials face pressures of overwork and uncertainty of the future which drive up their levels of stress, compared to just 14% of generation Z (aged between 18 and 23).

Respondents attributed ill-health and work absence to almost one-third (30%) of millennial employees, compared to 10% of generation Z, and caring responsibilities and managing difficult relationships affected the stress and anxiety levels of 39% of millennials.

Katharine Moxham (pictured), spokesperson for Grid, said: “Employers are absolutely correct to be concerned about millennials’ stress levels; this group is stressed about a trio of finances, home and work life. However, unless employers review their employee benefits packages accordingly, they run the risk of being like a long-lost aunt who comments ‘you’ve grown’ without really acknowledging any other changes.”