In a late 2018 study conducted by The Financial Wellbeing Index Survey, it was discovered that 77% of employees say that money worries impact them at work. The survey assessed the ‘financial health’ of all 5,000 participants, averaging out at an overall score of 53% out of 100, based on seven key areas of financial health.

While younger workers were amongst the most affected at 87% of the demographic, 72% of employees aged between 35-54 were also troubled with money concerns.

The report highlights how dramatically personal finance worries can impact on employee health and the knock-on effect this can have on productivity and sickness absence.

Despite all of this, employers still seem to remain in the dark about the full extent of their employees’ money worries. While 22% noted reduced productivity prompted by financial stress, they still dramatically underestimated the full impact this could have on mental health. It’s clear there is still a continued lack of support surrounding money-related stress within UK workplaces.

Is there more your business can do to better support your employees?  

Emotional Support
Financial wellbeing is a private and sensitive issue, so don’t be surprised if employees are not forthcoming to discuss it. But financial worries can weigh heavily on a person’s mind, impacting their mental and general wellbeing. Implementing an initiative which allows colleagues to discuss confidential matters in a comfortable environment may entail bringing in an outside counsellor who otherwise has no involvement in the business.

CIPD president Professor Sir Cary Cooper said: “Although many businesses have made great strides to look after the mental wellbeing of their employees over the last decade, not as many employers have supported their financial wellbeing. And given that employees have said their money worries are affecting them at work, this is a bottom-line issue.”

Money Management Workshops
Try offering sit-down sessions on practical money management skills such as budgeting, financial planning and free accounting apps. Though they might not set pulses racing with excitement, they may well prove popular as they bring the problem out into the open – and provide solutions.

As Jeanette Makings, Head of Financial Education at Close Brothers asset management, puts it: “Equipping staff with the tools they need to take control of their finances now and for their future will not only improve their own wellbeing, it has been proven to boost productivity levels – benefiting both business and workers.”

Health Advice
Many employees reported that they suffered physical fatigue caused by loss of sleep due to worrying about money, therefore impacting their productivity at work. Stave off physical health worries and boost general employee wellbeing by offering healthy lunches, fitness classes and regular activities, perhaps teaming up with a local gym or health centre.

To better support your employees both physically and mentally, have you considered a review of your existing group health scheme? Many insurers are now offering increased mental health support for a wide range of issues. To find out more, get in touch with Watkin Davies on 02920 626 226.