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)