Despite financial stress, many Americans are too worried about job stability to take PTO

Whether you have a high-stress job or work somewhere more casual, work can create anxiety, stress and burnout.

Taking paid time off, either through paid vacation, company holidays or other means, may help with work stress, but it’s not always easy to take it. When high-priority tasks pile up, you may be hesitant to approach your manager for time off.

However, it’s important to take time off to recharge. Nearly 1 in 3 (29 percent) U.S. adults say work has a negative impact on their mental health, causing symptoms like anxiety, stress, worrisome thoughts, loss of sleep or depression, at least occasionally, according to Bankrate’s Money and Mental Health Survey. An even higher percentage (47 percent) of Americans say money negatively impacts their mental health, at least occasionally.

While PTO may not cure your burnout, taking a well-earned break from work to travel or rest can help you return to work refreshed and ready to meet your financial and career goals. This is how Americans are taking PTO, and how taking time off can benefit you in the long run.

Bankrate’s insights on work and financial stress

• Work is most likely to negatively affect millennials’ mental health. 39% of millennials (ages 28-43) say work negatively impacts their mental health, compared to 35% of Gen Z (ages 18-27), 36% of Gen X (ages 44-59) and 10% of baby boomers (ages 60-78), according to Bankrate’s Money and Mental Health Survey.

• Nearly one in three workers prioritize work/life balance. As of April 2023, when thinking of their employment moving forward, 30% of workers said an element of work/life balance would be their highest priority, according to Bankrate’s Job Seekers Survey. 13% would prioritize flexible working hours and 12% would prioritize working from home or remotely, while only 5% would prioritize more time off or vacation time.

Many Americans believe PTO is important but don’t feel able to take it

The U.S. has no federal requirement that employers provide paid vacation time off, so for most Americans, the amount of PTO they receive depends on their company. As of March 2023, 77 percent of civilian employees, including both private industry and government employees, receive paid vacation at work, according to the Bureau of Labor Statistics (BLS).

But just because someone earns PTO at their company doesn’t mean they’ll take it. Only 46 percent of workers actually take all of their allocated PTO days, according to a March 2023 survey by the Pew Research Center.

Workers who earn PTO from their employer but don’t take it most commonly cite not feeling like they need to take more time off (52 percent), according to Pew. Others cited concerns about job advancement and stability:

• They don’t feel they need to take more time off: 52 percent

• They worry they might fall behind at work if they take more time off: 49 percent

• They feel badly about their coworkers taking on additional work: 43 percent

• They’re concerned taking more time off might hurt their chances for job advancement: 19 percent

• They’re concerned taking more time off might make them risk losing their job: 16 percent

• Their manager or supervisor discourages them from taking time off: 12 percent

Workers who receive PTO as part of their compensation package should, in theory, be able to take it. But not all workers feel like they’re on the same page as their employer about PTO.

Only 35 percent of American workers say their employer offers a culture where breaks are encouraged, as of 2023, according to the American Psychological Association (APA). Additionally, only 40 percent of workers say their employer offers a culture where time off is respected.

Complicating matters, Americans are already worried about their job security. Widespread layoffs and high prices of groceries, gas and other key expenses may lead to many people being unwilling to take PTO, even if they need the break. One-third (33 percent) of employed Americans said they were worried about their job security, according to Bankrate’s Job Seeker Survey.

Around 1 in 3 Americans say work negatively impacts their mental health

If you’re worried about paying your bills, you may be reluctant to do anything you believe would jeopardize your job. A significant portion of Americans already say work negatively impacts their mental health.

Even if work itself isn’t negatively affecting Americans’ mental health, there’s a good chance they’re thinking about their income. One-third (33 percent) of people who say money has a negative impact on their mental health, at least occasionally, cite not having a steady income or job stability as reasons why, according to Bankrate’s Money and Mental Health Survey:

We asked: Which, if any, of the following have a negative impact on your mental health (e.g. anxiety, stress, worrisome thoughts, loss of sleep, depression, etc.) at least occasionally?

Notes: Participants could select more than one answer; Percentages are of U.S. adults who have money concerns that impact their mental health

Source: Bankrate survey, March 18-20, 2024

What’s more, people whose mental health is negatively affected by money may be reluctant to jeopardize their income due to concerns about the rising cost of living in the U.S. Nearly 2 in 3 (65 percent) people who say money has a negative impact on their mental health cite inflation and rising prices as reasons why. Fifty-nine percent cited paying for everyday expenses, such as groceries or utilities.

Taking PTO may actually result in higher job performance

The good news is that, in practice, workers don’t necessarily have to worry about reduced job performance when taking PTO. Coming back to work refreshed after a vacation can lead to feeling happier and more productive at work, which could lead to future raises, bonuses and other financial opportunities.

People who took 10 or fewer vacation days per year were less likely to receive a raise or bonus than those who took more than 11 or more vacation days (34.6 percent compared to 65.4 percent), according to Project: Time Off, a 2016 partnership between The Harvard Business Review and the U.S. Travel Association. (Project: Time Off notes that the connection is a correlation, not a proven causation.)

Additionally, employees who take vacations report positive effects when returning to work, according to a 2018 APA study, like feeling more positive (68 percent), among other effects:

• More positive: 68 percent

• More energy: 66 percent

• More productive: 58 percent

• More motivation: 57 percent

• Less stressed: 57 percent

• Work quality was better: 55 percent

However, time off isn’t guaranteed to erase work stress or burnout for everyone. Nearly half (49 percent) of workers said that PTO only temporarily relieved their feelings of burnout, according to a 2021 Visier survey. However, another 42 percent of people said that taking time off did alleviate feelings of burnout for a significant period of time, according to Visier.

3 tips when asking for more time off work

If you’re one of the many Americans who experiences negative mental health effects because of your finances, you may be nervous to ask for time off for a vacation or mental health day. Amid high inflation, it’s understandable if you’re worried about your income. But taking PTO is important. Every company dictates time off differently, but if your company provides PTO, it’s a work benefit in your compensation package, not a privilege that has to be earned. It’s within your right to ask for time off. Here’s how to make the ask for time off a little less scary:

1. Know your PTO policy. Look at your employee handbook or other resources to check what you have for PTO. Does your PTO accrue over time, or are you given it at the start of the year? Does it roll over into the next year? Can you be paid out for PTO if you don’t use it? How much PTO do you actually have? Do you have other paid days off, such as rolling holidays or company holidays? Knowing what your PTO benefits entail allows you to make smarter decisions.

2. Plan ahead of time. If you’re in the middle of saving for a trip, such as a holiday vacation, and have flexibility on when you can take the time off, that flexibility can allow you to work around your employer’s schedule. If your work is seasonal, consider booking a vacation during a slower period, which may increase the likelihood that your request will be approved.

3. Arrange for less work interruption. Your manager may be reluctant to give PTO if your work will be interrupted, so a little extra effort ahead of time might make taking a vacation much smoother for your whole team. If you’re an hourly employee and need to find coverage for missed work, looking for someone to cover your shifts as early as possible can make it easier to make sure you can actually take your vacation time. If you have deadline-focused work, moving up deadlines to before your days off can save you from catching up later.

• Methodology

  Bankrate.com commissioned YouGov Plc to conduct the survey on money and mental health. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2364 adults, of whom 1,109 have concerns over money which impact their mental health. Fieldwork was undertaken between 18th – 20th March 2024. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.

  Bankrate.com commissioned YouGov Plc to conduct the survey on job seekers. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,417 adults, among whom 1,524 were either employed or looking for work. Fieldwork was undertaken on March 8-10, 2023. The survey was carried out online and meets rigorous quality standards. It employed a nonprobability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.