For 37% of UK employees, financial worries are the top cause of stress outside of work and an astounding 94% admit that they worry about their finances.
Financial wellness is an ominous sign for employees. From inflation that has caused the price of goods to skyrocket to the economic uncertainty that left many employees questioning the stability of their companies and their job security, financial wellness is a top concern for many employees.
Employers need to consider offering resources addressing financial wellness for employees because the struggles they face outside the workplace can pour into the workplace and have adverse effects such as low performance, health problems, and reduced engagement, and may even force them to look for alternative employment options with better pay.
Employees who are constantly thinking about how they’re going to pay their bills aren’t likely to be thinking about the quality of their work, professional development, and offering good service. This means that you’re not going to be getting the best of your employees and this can turn into a serious concern if left unaddressed.
Even though financial wellness for employees isn’t a glamorous or easy subject to handle, it still needs to be addressed. Here are a few aspects you can help your employees with to make it happen.
Almost everyone is on a budget today. From monthly expenses and miscellaneous expenses to savings, employees need a solid plan to save money for large purchases and also have a healthy savings fund for emergencies.
Emergencies aren’t expected and that’s why people must prepare to protect themselves and their families in case something goes wrong. Show them how to do this without going into debt trying to cover emergency expenses.
Almost 74% of UK employees are in debt and many don’t have the means to get out of it. Employers can help by offering financial wellbeing resources that show employees how to avoid debt, get out of it, and manage it.
The right investment can set your employees up for financial stability. From showing them how to save for retirement and using investment tools to increase financial security, you can help them make savvy decisions.
Loss of productivity brought on by financial worries is estimated to cost the UK approximately £120 billion. In our FREE podcast—Empowering managers to talk about financial wellbeing—we explore insights from leading financial wellbeing experts about how managers can provide financial wellbeing support to their employees.
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