Employee Benefits

By the Numbers: Financial Wellness Benefits and Bereavement Leave

UPDATED ON
February 17, 2023
Abbey Dean
Abbey Dean
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Here are some top numbers that caught our attention over the past month.  

$19 Trillion

According to a report from The New York Times, the U.S. is on track to add $19 trillion in new debt over the next decade. This is a whopping $3 trillion more than originally forecasted; the higher-than-expected figure is a result of the rising costs of interest payments, the military, and veterans’ healthcare, according to the Congressional Budget Office via the Times report.

1 in 4

Benefits consultant NFP found that nearly one-in-four employers nationwide now offer time off after pregnancy loss.  

Although the length of bereavement leave varied, as well as whether that time off was paid or unpaid, more companies are extending this benefit.  

According to a report from EBN, nearly 20% of all pregnancies result in miscarriages.  

71%

The percent of employees who said financial wellness training would be helpful in reducing stress, according to new research from TalentLMS.  

What’s more, the report’s authors found that Millennials seem to suffer the most, with 66% reporting mental health struggles because of money-related worries. Millennials were followed by 59% of the Gen Z and 47% of Gen X employees; those from the Baby Boomer generation seem to cope somewhat better based on the findings—with 24% reporting that financial worries affected their mental stability.

$148

A new study from Cigna found that integrating medical, behavioral, and pharmacy benefits could cut costs for employers; in fact, additional findings from Aon revealed that Cigna’s integrated employer clients saved $148 per member per year in 2021.  

What’s more, engaging employees in health improvement programs—in addition to integrated benefits—led to savings that exceeded $1,400 per member per year.

40%

More than 40% of employees who work desk jobs feel burned out at work, which marks a new pandemic-era high according to Future Forum.

Looking for ideas on how to support workplace mental health? Check out this piece for four ideas to get started.  

73%

New research from Quantum Health and Cariloop estimates that 73% of the American workforce identify as caregivers. In this case, caregivers were defined as those who spend more than 24 hours a week caring for a loved one.  

This is important for employers to consider when attempting to better understand the emotional or financial effects on their workforce population.  

$213 Billion  

The Integrated Benefits Institute (IBI) estimates that the cost associated with the loss of work hours is an incredible $213 billion—$167 billion in year one and $45 billion in year two.  

According to a press release from IBI, the top five industries that were hit hardest financially were: educational services, healthcare, and social assistance ($30.8 billion); public administration ($27.1 billion); construction ($23.9 billion); waste management services ($22.4 billion); and manufacturing ($21.5 billion). Looking for more exclusive content? Check out what’s trending now on the Mployer Advisor blog.


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