Financial wellbeing

Supporting your employees by prioritising financial wellbeing in the workplace

64% of UK employees responded that the state of their finances has made them more stressed—this speaks to the importance of why financial wellbeing initiatives should be a priority in the workplace.

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Financial wellbeing in the workplace: Why employees need support

With the current economic downturn taking its toll on the global population, it shouldn’t be a surprise to hear that employed adults in the UK cite money as being their biggest stressor.

Over 25% of adults feel financial stress on a daily basis and the universal nature of the financial worries mean that employers bear a responsibility to ensure the financial wellbeing of their staff. This is particularly true since professional factors often drive financial stress. 

Simply put, if you’re not paying attention to your employee’s financial struggles, then you may find yourself losing your team to a competitor or another organisation that puts financial wellbeing in the workplace at the forefront.

Supporting financial wellbeing in the workplace

Whether we’re talking about the rising cost of living, debt, or lack of savings, today’s adult population in the UK is facing a number of financial issues that are affecting various aspects of their professional and personal lives. Unfortunately, employees are also at risk of suffering mental health problems caused by the lack of financial stability. 

With 7 out of 10 employers believing that financial stress affects performance negatively, it’s important that organisations take a closer look at how they can support their employees through these turbulent times.

Understand the issues

While support is crucial, it’s also important to understand the types of financial issues that are affecting your employees in order to provide meaningful support. This gives you the insights you need to develop programs that help them overcome and better manage their financial situations whether they’re trying to get a home loan or continue their education.

Perks to boost financial wellbeing

A benefits package is a great way to support financial wellbeing at work and can help alleviate some of the stress that employees feel on a daily basis. Whether it’s special discounts, mental and physical health insurance, assistance paying off debt or developing budgets for transport or daycare, there are a number of programs that can make a significant difference.

Financial education resources

Aside from offering financial support wherever possible like better employee benefits, it’s also important to give employees the tools they need to manage their finances independently and give them access to financial education. For instance, giving access to financial consultants can help employees get the guidance they need to control their financial worries.

Have an open dialogue

Financial wellbeing varies from person to person and depends on personal factors, economic factors, and different stages of their lives. This means that simply implementing a financial wellbeing program won’t do. It needs to be supported with an open dialogue to gain feedback that will help organisations make the right decisions at the right time to better financial wellbeing.

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Kinhub’s insights on financial wellbeing

Today everyone is experiencing financial worries and is looking for ways to support themselves and their families in the midst of a less-than-ideal economic landscape.

Our guide—Conquering financial anxiety—gives in-depth insights into how employers can help their employees reduce their financial stress and more.

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