Third of Americans Report Lack of Financial Well-Being

Seventy-three percent of respondents with high financial health also rated their emotional health as good or very good, while 82% with low financial health also self-reported poor emotional health.

Only 34% said they have a good work-life balance. Guardian said this likely contributed to the 33% increase in the number of workers who reported feeling burnt out.

For the first time in several years, Gen Xers reported worse financial well-being than Generation Z, possibly because of concerns around inflation and economic uncertainty as they approach retirement.

Across the board, single parents self-reported significantly lower well-being scores than partnered parents. Just 27% said they were in good physical health, compared with 43% of partnered parents. Twenty-six percent cited good mental health, vs. 43%; and 18% recorded good financial health, vs. 40%.

A particularly worrisome finding is the mental health of new parents. Between 2020 and 2023, Guardian said it observed a 215% increase in short-term disability claims because of postpartum depression.

About 100 million American adults take care of a child, parent or other relative, and a quarter of these are members of the so-called sandwich generation, caregivers of an elderly or sick adult who also have a child younger than 18 living at home. The survey found that some 40% of respondents in this position reported low mental and financial well-being and 31% reported low physical health.

“The study re-affirmed the outsized impact financial health has on overall well-being, with particular influence on mental and physical wellness,” Andrew McMahon, Guardian’s CEO and president, said in a statement. “While we were encouraged to see a small year-over-year increase, sustainable improvement to well-being will require a continued focus on education, empowerment and solutions that meet people where they are.”

Developing a long-term savings plan with a financial professional could be a helpful step toward reducing stress around retirement. The survey found that while only half of American workers are confident they know how much money they will need in retirement, this rises to 65% for those who work with a financial advisor.

Of respondents who said they plan to retire between the ages of 61 and 70, 63% reported that they work with an advisor — some with a human one, others with an insurance agent or an online tool.