How to tailor your financial wellness benefits to meet generational needs

To address persistent financial uncertainty across the workforce, benefit managers need to have a proactive and flexible approach, tailoring their benefits and communication for each generation employed today. 

According to HSA Bank's annual Health and Wealth Index, money causes a greater toll on mental health for Gen Z and millennials than for Gen X and baby boomers. Gen Z and millennials both experience significant financial stress, with 45% of both generations reporting that money negatively impacts their mental health. Additionally, 54% would consider switching jobs for better benefits, according to the report. 

Gen X and baby boomers, however, are less likely to be impacted by financial stress and money-related concerns. Just 17% of baby boomers report negative mental health effects from their financial issues, according to HSA Bank. 

Read more: The positive impacts of employee financial wellness

Those diverging trends impact benefits engagement and confidence across these cohorts, too. While younger generations are more financially proactive, they feel higher levels of stress and uncertainty around their financial wellness benefits and long-term planning strategies than older workers. 

Millennials feel the most strongly about improving their financial well-being, as 69% would like to save more and 50% would like to invest. Though they want employer support, they don't feel confident seeking it out. Meanwhile, Gen Z workers are the most likely to actually make proactive changes to their financial habits: 84% have taken steps to pay off their debt, add to an emergency fund or invest, compared to 74% of the total workforce population surveyed.  

Financial wellness benefits to combat health and retirement uncertainty

Employee benefits that center around financial preparedness, education, mental health, and overall well-being are highly valued by all generations in the workforce, though gaps exist, especially around emergency savings support. Just one in four employees are setting aside money for unexpected expenses, though 27% say their employer could help by offering a dedicated emergency savings account. 

Read more: Benefit managers are prioritizing financial wellness support in 2025

Financial education and planning resources are also in high demand. Many employees, particularly Gen Z and millennials, feel unprepared for retirement and uncertain about managing future medical costs. More than a quarter of employees rely on external resources to navigate their healthcare options, rather than employer-provided resources, and younger workers report higher stress during benefits enrollment. This points to a strong need for employers to provide clearer guidance, planning tools, and communication around benefit offerings.

"Employees are engaged in their health and wealth, but they're also feeling unprepared when they consider future medical costs and retirement," Chad Wilkins, president of HSA Bank, said in a release. "As employer benefit programs change and employee needs shift, employers have a critical opportunity to provide benefits and educational information that meet their current and long-term needs."

Read more: Gen Z is entering their benefits era. How can benefit managers prepare?

It's critical for benefit managers to build competitive, flexible benefit packages, or risk losing talent elsewhere. Forty-two percent of employees say they would consider changing jobs for better benefits, with that number rising to 54% among Gen Z and 49% among millennials. 

This reflects a broader trend in the workplace today: Younger employees are not only more financially proactive, but also more likely to seek employers who align with their long-term financial and personal wellness goals. Employers who adapt to these evolving needs can boost retention, engagement, and overall employee satisfaction.

"Employees are seeking employers who can help them save for emergencies and support their personal and financial well-being," Kevin Robertson, chief revenue officer at HSA Bank, said in the release. "In addition to helping create a bigger nest egg for the future, these actions have clear business benefits including stronger connections, reduced turnover and higher productivity."