Guardian report finds Americans’ financial health at a 14-year low

NEW YORK, May 19, 2025 /PRNewswire/ -- The annual Mind, Body, and Wallet report from The Guardian Life Insurance Company of America reveals that Americans are largely united when it comes to how they define well-being. Across generations, genders, income, and education levels, mental and physical health top the list of the most important influences on wellness.

According to the report, the vast majority of U.S. adults (93%) rate their physical and mental health as "essential" or "very important" to their well-being. When asked about what else is most important to their well-being, safety and security (87%) and healthy relationships (84%) rounded out the top three factors.

Essential to their mental, physical, and overall well-being is financial health. This connection is often overlooked, however, and many Americans report struggling with their financial wellness. According to the report, just 30% of U.S. adults report good financial health, the lowest in the report's 14-year history and down from 44% in 2022.

Driving this financial stress is retirement planning. For the first time, retirement-related challenges topped the list of financial concerns keeping Americans up at night, including having a source of guaranteed income in retirement (46%), having retirement savings last as long as needed (44%), and being able to count on receiving full Social Security benefits in retirement (43%). Further, 73% of adults said they haven't saved enough for retirement and 69% regret not starting to save sooner.

"Creating better financial habits allows Americans to focus on the aspects of well-being that matter most to them," said Andrew McMahon, Chairman and Chief Executive Officer of Guardian. "Financial wellness is not just about building wealth. It's about lowering stress and freeing up time to attend to physical and mental needs and goals, which can improve overall well-being."

Other key findings from the annual report of 2,000 full-time working Americans include:

• While money doesn't define well-being, financial stress can take a toll. 
  • Just over half of Americans (51%) report "money and finance" as their top source of stress.
  • 43% of Gen X adults self-report low financial health, the lowest among all generations.
  • Less than half (42%) of Americans are confident they know how much money they'll need to live comfortably in retirement.
  • Only 32% of adults say they're good about setting up and sticking to a long-term financial plan.
• Americans are working to improve their mental health, but many continue to struggle.
  • 40% of U.S. adults have experienced increased anxiety or depression in the past two years—up from 24% in 2024.
  • 73% of Gen Z say they feel lonely some or all of the time.
  • 15% of Millennials struggle with addiction or substance misuse, impacting both their mental and physical health. By comparison, 3% of Baby Boomers and 8% of Gen X report struggles with addiction.
  • Many are turning to spirituality for support, with 74% of Americans who report high overall well-being saying spiritual health is important.
• Physical health is valued, but symptoms suggest many Americans aren't well.
  • Close to half of U.S. adults (49%) say they've skipped or avoided doctors' appointments, missed routine screenings, or put off seeing a specialist because of high out-of-pocket medical costs.
  • Many Americans struggle with healthy habits, with just 35% saying they maintain a healthy weight, 31% noting they eat healthily, and 31% reporting they get enough exercise.

For more information about Guardian's Mind, Body, and Wallet report and additional insights into the state of individuals' well-being, please visit our website.