MILWAUKEE--(BUSINESS WIRE)--HSA Bank, a division of Webster Bank, N.A., today released its seventh annual HSA Bank Health & Wealth IndexSM, a comprehensive report that explores trends among consumer finances, health and wellbeing.
The index found strong confidence among consumers in choosing the right health plan (84%) but indicated concerns in how to pay for healthcare costs in the next year (35%). Consumers remained moderately engaged in health and wealth activities with a consumer index score of 55.5%, down slightly from 56.6% in 2023.
“This year’s Health & Wealth Index found that consumers remain focused on improving their overall wellbeing, placing more attention on mental health and methods to improve their finances,” said Chad Wilkins, President of HSA Bank. “It’s clear there is still more work that employers can do to better ease health and wealth challenges that their employees face.”
Key findings include:
- Work and finances are impacting mental health differently among generations. Money causes a significantly higher toll on mental health among Gen-Z (46%) and Millennials (45%) compared to Gen-X and Baby Boomers. Similarly, workplace stress impacts younger generations (Gen-Z 33% and Millennials 29%) more than older generations (Gen-X 21% and Baby Boomer 5%).
- Consumers are relying on alternative medicine. Nearly 1 in 4 (24%) reported researching their symptoms and treatments instead of visiting a doctor. Twenty-eight percent claimed they would try natural or herbal medicines and treatments due to rising healthcare costs.
- Majority made smart financial decisions. Of the 69% who reported making changes to improve their wealth and finances, 45% created a budget, 41% paid off debt, 33% invested their savings, and 27% specifically saved for an emergency.
The index also emphasized a need to help consumers prepare for long-term healthcare costs as one in three (36%) are not sure how to pay for healthcare costs during retirement. However, a high number of consumers are taking advantage of the ability to invest their health savings account (HSA) funds and enjoy tax-free growth potential. Of those who have an HSA, 65% report regularly or occasionally investing their funds to cover future healthcare expenses.
“Employers have long focused on supporting employees in their retirement journey with contributions and matches to their retirement plans, however, consumers are increasingly reporting a greater focus on personal and financial wellbeing,” said Kevin Robertson, Chief Revenue Officer at HSA Bank. “The workforce is looking for employers to support their ability to save for emergencies or support programs that enhance their wellbeing. At HSA Bank, we’re committed to helping employers design benefits packages that engage their employees and drive tangible outcomes.”
Read the full report on HSA Bank’s website here.
About the Study:
A survey of more than 2,000 randomly selected U.S. adults was conducted in the fall of 2023 to gauge physical, financial and mental health across the country. The survey was commissioned by HSA Bank and executed by a third-party organization. The margin of error for this sample size is +/- 2.18 percent at the 95 percent confidence level. Smaller subgroups have larger margins of error.
About HSA Bank
At HSA Bank, we’re working toward a world where everyone is confidently engaged with their health and wealth. By delivering personalized insights, experiences and solutions, we make it simple for our over 3 million members nationwide to drive value and tangible outcomes. As a leader in health accounts for over two decades, we have the depth and breadth of expertise that matters most. We are devoted to delivering an outstanding user experience and our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for individuals, employers and partners. As of June 30, 2024, HSA Bank had $14 billion in total footings comprising $8.5 billion in deposit balances and $5.5 billion in assets under administration through linked investment accounts and is a division of Webster Bank, N.A., Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC. To learn more, visit hsabank.com.