Debt relief targets root cause of poor mental health

Increasingly, employers are prioritizing the mental health and well-being of employees. Employee assistance programs, particularly counseling initiatives, play a crucial role in supporting individuals facing mental health challenges. While beneficial, these programs tend to address consequences rather than the root causes of mental health issues.

Financial challenges, commonly linked to debt and affordability concerns, stand out as a primary contributor to employee mental health struggles. Proactive employers who implement programs addressing this fundamental cause will enhance their ability to attract and retain talent and also stand to positively impact the overall mental health of their workforce.

Sixty percent of full-time employees are stressed about their finances. This is slightly higher even than the number who were stressed about finances during the height of the pandemic. Even among employees earning $100,000 or more per year, nearly half (47%) are stressed about their finances. What’s more, financial stress impacts a wide range of employee health and well-being areas from mental health to sleep to self-esteem.

Source: PwC 2023 Employee Financial Wellness Survey

Preventative Measures for all Generations

Debt repayment help for student loans or mortgages, proactively addresses one of the key triggers of poor mental health – employee financial un-wellness. With repayment assistance benefits, organizations take a preventative approach, mitigating potential issues before employees feel the need to seek counseling and assistance. Debt relief benefits emphasize the value of prevention over cure, becoming a strategic investment in the well-being of team members,

Good for the Bottom Line

Research papers consistently connect personal debt to negative impacts on mental health. The implications of poor employee mental health point to substantial annual financial losses (reaching billions of dollars), reduced employee productivity and challenges retaining staff. The time is now, and help is here for proactive mental health benefits that directly address common employee concerns and pre-empt more drastic issues. To learn more about employee debt relief programs and benefits, we invite you to visit our website: www.marmotbenefits.com