September 7, 2024
DALLAS — Recent key research findings into pastoral wellness reveal that many pastors struggle with financial, physical, and mental wellness.
Commissioned by GuideStone Financial Resources and conducted by Grey Matter Research & Consulting, a 2024 Pastoral Wellness Study found that over 80% of pastors surveyed sometimes sacrifice their own wellbeing in their ministerial capacity, with more than half saying they sometimes sacrifice their family’s wellbeing while doing ministry.
Chris Reynolds, the Georgia Baptist Mission Board's lead strategist for Pastor Wellness, said, "The survey highlights our mission and why we exist. The reality is many pastors and ministry leaders exist on a very tight budget. Through our partnerships with GuideStone and the Georgia Baptist Foundation, Georgia Baptist Pastor Wellness can connect pastors with financial advisors and estate planners."
"These resources," Reynolds added, "can assist in structuring their financial package to avoid an unnecessary tax burden. And by utilizing these resources a ministry family can explore options for maximizing their existing financial package to provide greater monthly income and financial stability."
The survey audience included GuideStone members under age 55 who are ministers working at churches and who have less than $50,000 in assets under management at GuideStone. The survey respondents were asked questions about financial, physical, mental, spiritual, and relational wellness.
When asked which is the hardest area for them to be healthy and well, 32% of responding ministers identified financial (citing rising costs and insufficient income), 28% said physical (not exercising enough and not eating healthy), and 21% said mental (including stress and anxiety, often brought on by the burdens of ministry).
"A significant part of the Pastor Wellness ministry to pastors and ministry leaders is physical wellness," Reynolds explained. "At our retreats and annual meeting, we offer a variety of medical tests and screenings followed by a telehealth appointment to discuss test results. In addition, we provide in-person and virtual counseling for individuals, couples and families."
On the financial front, responses indicated many pastors aren’t prepared for emergencies or retirement. Almost half (48%) said they have less than $5,000 in non-retirement savings, one-third said they have stopped or reduced retirement savings to cover emergencies, and nearly half (49%) said they have taken on debt to pay for emergencies.
“The findings about pastors’ financial wellness are especially pivotal because financial wellness impacts other areas of wellness,” said GuideStone President Dr. Hance Dilbeck. “Helping pastors get to a better place financially has so many positive effects on their families and their ability to do the vital ministry work to which they are called and for which so many others rely on them.”
Debt serves as a common obstacle to financial wellness, with 70% of respondents saying they have non-mortgage debt, averaging $43,000. More than three of four respondents said they wish they had started saving for retirement earlier.
The survey findings revealed that many pastors struggle with their level of financial knowledge. Fewer than half said they were somewhat or very well prepared for financial matters by their college, seminary, or first employer in ministry, while 48% said they put off thinking about financial matters because they don’t feel knowledgeable in that area.
“These survey results will help us better understand and address the needs of pastors so that we can fulfill our mission of enhancing their financial security and resilience,” said Dilbeck.
GuideStone recently launched a Ministerial Resources Center on its website. The tool features a variety of resources designed to help navigate common financial, benefit and tax-related questions and issues for ministers. Ministers are encouraged to consult with appropriate advisors on all their unique legal, accounting and tax obligations.
The Georgia Baptist Mission Board also has resources available to help pastors maintain financial, mental, and physical wellness. "The resources we offer are provided to pastors and ministry leaders with little to no cost," Reynolds said. "To connect with your regional catalyst, please go to gabaptist.org/pastorwellness."
