Choosing Health Over Wealth: Two Thirds of Employees Prioritize Mental Wellbeing Over Higher Salary

Rhea-AI Summary

New research from Lincoln Financial Group reveals that 64% of U.S. employees prioritize a less stressful work environment over a 10% salary increase. Financial wellness concerns affect 91% of workers, with 32% feeling stressed by their finances. Lincoln Financial Group emphasizes the importance of employee benefits, such as disability and retirement plans, in promoting mental health and retention. Additionally, their resources like the Lincoln WellnessPATH tool aim to enhance financial literacy, helping employees navigate economic challenges and improve overall wellbeing.

Positive

• 64% of employees prefer a less stressful job over a higher salary, showcasing the importance of workplace wellbeing.
• Lincoln Financial's benefits, like disability and retirement plans, are designed to enhance employee mental health and retention.
• Lincoln WellnessPATH tool offers personalized financial guidance, addressing employees' financial wellness.

Negative

• None.

Nearly two-thirds of employees say they have left a job in the past or would like to leave their current job because it is not good for their mental wellbeing, according to new research from Lincoln Financial Group (NYSE:LNC)¹. After a year of isolation and anxiety as a result of the pandemic, 64% of full-time employed U.S. adults would choose a company with a less stressful work environment over a 10% higher salary.²

Many of these employees are turning to their employers for help, giving companies across the country the opportunity to showcase the efforts they have made to protect their employees’ mental and financial wellbeing. One of the main causes of stress for employees is their personal financial situation, with an overwhelming 91% of full-time U.S. employees saying they are concerned about some aspect of financial wellness³, and 32% saying their financial situation makes them feel more stressed, nervous or overwhelmed.⁴

“As a partner to our employer customers, Lincoln Financial Group offers benefits and solutions to help protect their employees’ financial and mental wellbeing today, leaving them confident and secure in their tomorrow,” said Sharon Scanlon, senior vice president of Customer Experience and Producer Solutions at Lincoln Financial Group. “Without the right financial protections in place, an accident or illness can derail retirement savings and disrupt someone’s ability to provide for their family. Offering the right benefits can help employees feel more protected, leading to a healthier and more engaged workforce.”

Workplace benefits such as disability, accident or critical illness insurance, as well as employer-sponsored retirement plans, can help provide peace of mind to employees when it comes to unforeseen expenses and concerns about their financial future, and can help employers with recruitment and retention efforts. Research shows that 47% of full-time employed U.S. adults said they would choose a company that is more committed to an employees’ mental wellbeing, and 48% said that it is very important for employers to help their employees improve mental wellbeing.⁵

Amid the rising need for mental health and wellness resources, Lincoln Financial has curated a collection of multimedia tools and materials to help employers keep their workforces healthy and productive, helping them protect their finances today and save for their future. The company’s Lincoln WellnessPATH® online tool features personalized, actionable steps to help employees set financial goals and learn tips for money management. The company also offers guidance for a remote workforce, a series of podcasts on various wellness topics, mental health resources and interviews with the organization’s wellness experts.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $311 billion in end-of-period account values as of March 31, 2021. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ Best Large Employers and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

LCN-3592338-051421

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¹ U.S. Employee Perspectives on Mental Wellbeing in the Workplace, Lincoln Financial and CivicScience (2021)
² U.S. Employee Perspectives on Mental Wellbeing in the Workplace, Lincoln Financial and CivicScience (2021)
³ Lincoln Financial, COVID-19 Sentiment Tracking Study, July 1, 2020, to July 14, 2020.
⁴ U.S. Employee Perspectives on Mental Wellbeing in the Workplace, Lincoln Financial and CivicScience (2021)
⁵ U.S. Employee Perspectives on Mental Wellbeing in the Workplace, Lincoln Financial and CivicScience (2021)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518006024/en/

FAQ

What percentage of employees prioritize mental wellbeing over salary according to Lincoln Financial Group?

64% of employees prefer a less stressful work environment over a 10% higher salary.

What are the main financial concerns for employees reported by Lincoln Financial Group?

91% of U.S. employees are concerned about some aspect of financial wellness, with 32% feeling stressed by their financial situation.

How does Lincoln Financial Group support employee mental wellbeing?

Lincoln Financial offers benefits like disability and retirement plans to protect employees' mental and financial wellbeing.

What tools does Lincoln Financial provide for employee financial wellness?

Lincoln Financial has created the Lincoln WellnessPATH tool, which offers personalized financial goals and management tips.