Workplace wellness plans have expanded rapidly, with employees offering everything from fitness classes to nutrition support. While physical health is essential, employee well-being also depends heavily on financial stability and access to legal support – two areas that can be overlooked in traditional wellness initiatives.
Why workplace wellness must go beyond physical health
According to the American Psychological Association’s 2023 Work in America Survey, 77% of U.S. workers reported experiencing work-related stress in the past month. While job demands contribute to stress, many employees bring significant personal concerns into the workplace – especially financial and legal issues that are difficult to resolve without support.
But a person's well-being is impacted by much more than their physical health. What about mental and emotional health? Many employees experience near-constant stress because of financial, medical and legal issues that can eat away at their overall well-being and even cause physical issues like high blood pressure, heart disease and stroke.
How financial and legal stress affects employees
Recent studies highlight just how widespread financial stress has become:
- 68% of workers say financial stress negatively affects their mental health
- 3 in 5 workers are living paycheck to paycheck
- 91% of workers report being stressed about their finances
In addition to being stressed just thinking about potential money problems, 64% of individuals lack adequate emergency funds.
Legal issues compound these concerns. ARAG’s Stress Research Study, published in 2023, found that 85% of individuals experienced at least one legal event within a three‑year period, ranging from family matters and estate issues to consumer disputes. Employees who face legal problems without guidance often report heightened anxiety due to uncertainty, time commitments and concerns about cost.
Taken together, financial and legal challenges can quietly erode employee well‑being, even when traditional wellness programs are already in place.
How legal and financial benefits fit into workplace wellness
All these financial and legal concerns add up to an opportunity for employers to provide their employees with valuable benefits and resources that can help reduce the stress of these situations.
Incorporating a legal insurance plan with financial services, like the ones offered by ARAG, will give your employees access to legal and financial advice, services, education and counseling. When employees are dealing with a legal issue, the legal insurance plan connects them with an attorney who can help take control of their legal matters. In addition, financial counselors are available to help employees put together budgets, create debt management plans and renegotiate balances with lenders. Employees also have access to valuable online tools and resources to help them with their financial and legal issues.
Interested in learning more about how legal insurance can benefit you and your employees? Contact us for more information.