As conversations about mental health become more prevalent, one element is still too often left out of the picture: finances. For millions of Americans, financial insecurity is a constant, silent contributor to stress, anxiety, and even physical health challenges. In fact, when people are asked to define what “being well” means, the most common answers – safety, stability, peace of mind – are all deeply tied to their finances. 

Understanding that connection was the topic of a recent webinar hosted by EVERFI in partnership with Guardian Life. 

The Health & Wealth Connection 

Wellness isn’t just about annual checkups or meditation apps. It’s about whether people feel capable of managing their lives – mentally, physically, and financially. Research from Guardian’s Mind, Body and Wallet report reveals a sharp decline in self-reported well-being across the board, with financial wellness experiencing the steepest drop. Notably, financial stress consistently correlates with lower mental and physical health. Even among full-time workers with benefits, more than half say they’re struggling or just getting by, with 40% of people living paycheck-to-paycheck. It’s not about being wealthy—it’s about having the security and tools to make informed, confident decisions. 

Financial Stress Is a Mental Health Issue 

Americans may not immediately name finances as part of their definition of wellness, but when asked about the top sources of stress, money always ranks at the top. That tension is compounded by rising costs, slow wage growth, student debt, and concerns about outliving retirement savings. The psychological toll is real: low financial confidence leads to chronic anxiety, low self-esteem, and in some cases, physical health problems.  

Among Gen Z workers, more than half report chronic stress or anxiety. This generation in particular faces unique barriers – they spend more time online, experience higher exposure to harmful content, and feel immense pressure to achieve financial milestones like homeownership that seem increasingly out of reach. While more open to seeking help, many Gen Z individuals believe financial professionals aren’t accessible or affordable for them. 

Women and small business workers face similar pressures. From caregiving duties and wage gaps to limited access to benefits, these groups often bear a disproportionate burden of financial and emotional stress. And for small business workers, job security and benefit limitations remain top concerns – even though many choose smaller firms in pursuit of purpose-driven work and better work-life balance. 

Why It Matters for Employers and Communities 

Workplace benefits once revolved around perks. Today, they are expected to deliver peace of mind. Employees increasingly look to their employers not just for a paycheck, but for tools that help them navigate an unpredictable financial landscape. Despite that shift, only a fraction of companies offer robust financial wellness programs. And even fewer are taking the next step of integrating these programs into broader mental health strategies. 

The result? A significant disconnect between the support employees need and the resources they can access. Research consistently shows that improving financial wellness drives measurable outcomes including reduced absenteeism, lower healthcare costs, stronger employee retention, and a more engaged workforce. Addressing this gap isn’t just a matter of good intentions. It’s a business imperative.  

Building a More Resilient Future 

Financial wellness and mental health aren’t separate initiatives. They are two sides of the same coin. The more confident individuals feel in their ability to manage money, the more mentally and physically resilient they become. As Guardian’s research shows, everyone has a money story—and every organization has the chance to influence the next chapter. Whether through better communication, broader access to support, or ongoing education, the most forward-thinking employers are recognizing that helping people feel financially well is essential to helping them feel well, period.