Employers can help tackle financial stress in the workplace for a healthier workforce
A report states that 30 per cent of employees cite financial worries as their biggest concern, with retirement provision coming a close second. 32 per cent of employees have one month’s savings, with 14 per cent having no savings at all.
It’s therefore no surprise that in these times of uncertainty, people with financial worries are more stressed—and sicker with it—than ever before. Financial stress costs the UK economy £121 billion per year, and results in 18 million working hours lost. When someone isn’t confident and secure in their financial health, every other aspect of their life suffers. And when an employee is under such stress, their work suffers too.
What can be done to help?
Clearly, the time and money lost to these stresses is a problem. It’s in your best interests as an employer to take financial wellbeing as seriously as you do any other issue affecting your bottom line. Providing support and guidance can be a significant step in easing these stresses.
A majority of employees would like to make their own financial decisions—but are nervous to do this themselves, and desire validation. One in four say they would welcome access to unbiased counsellors and advisors—this will result in less stress, less sickness and less absenteeism. A financially secure workforce is a more confident and more relaxed workforce—you should be using every tool available to make sure that’s how they feel.
Promoting good financial health is exactly as important as promoting good mental health. One affects the other, after all. It’s time to close the gap between the two, and ensure your employees have support they can rely on. Provide them with the guidance they need, and reap the reward.
This article is provided by Health Assured.
In partnership with Health Assured
Health Assured is the UK and Ireland's most trusted health and wellbeing network.
