Financial Wellbeing | Your Health Is Our Business | Annurca
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Financial Wellbeing

Financial wellbeing is about a sense of security and feeling as though you have enough money to meet your needs. It’s about being in control of your day-to-day finances and having the financial freedom to make choices that allow you to enjoy life.

Money worries and wellbeing are directly linked. Organisations will look at providing support around physical and mental wellbeing and will assume that a good salary package or pension scheme will be enough to ease an employees financial concerns.

 

However, there is much more to financial wellbeing than that. Often problems can occur from lack of education as financial guidance isn’t taught in school. This lack of education can lead to money worries which can cause serious health issues.

 

Why is Financial Wellbeing important in the Workplace?

Money worries are the biggest cause of stress for UK employees. They are damaging to business too, often resulting in staff sickness, presenteeism and poor morale. There is a strong case for financial wellbeing in the workplace:

  • 90% of employees agreed that financial concerns have an impact in the workplace (1)
  •  50% of people wait 12 months or longerbefore getting help/ advice – Increasing on average their debt by £2.5k (1)
  • 4.2 million worker days each year are lost in absences because of a lack of financial wellbeing. That’s the equivalent of £626 million in lost output. (2)
  • 57% of employees have no money left at the end of the month (3)
  • 94% of UK employees admit to worrying about money and, of these, 77% say that money worries impact them at work. (4)
  • 59% cite finances as main cause of stress. (5)
  • Nearly 7 in 10 UK employers believe staff performance is negatively affected when employees are under financial pressure. (6)

How we can help:

  • Education and Awareness Sessions (For example, Introduction to Finances, Understanding your Pension, Debt Management, Personal Budgeting, Savings and Investments etc)
    • You’ll learn:
      • Key facts behind financial wellbeing, and the ways they affect our mental health
      • The emotional impact of money worries, as well as the physical toll
      • Practical tips and advice on managing money, using credit wisely, and being financially aware
  • Personal Finance Coach
  • Individual Fact Find Sessions
  • More specific Individual Guidance and Support can be provided around the following areas:
    • First Mortgage
    • Re-mortgage
    • Further Advances
    • Secured Loans
    • Buildings & Contents Insurance
    • Life Insurance
    • Critical Illness Insurance
    • Income Protection
    • Will’s
    • Family Income Benefit
    • Investments, Pensions and Pension Transfers

Sources:

  1. Step Change Debt Charity, 2020
  2. Centre of Economics & Business Research, 2018
  3. finance.org.uk, 2018
  4. Close Brothers, The Financial Wellbeing Index, 2019
  5. PWC-Employee Financial Wellness Survey, 2019
  6. Neyber, 2018

CONTACT US FOR A FREE CONSULTATION