How can we support the financial wellbeing of employees?
The cost-of-living crisis continues to throw up fresh challenges and the average person still faces immense pressure on their wellbeing as a result.
We know employers are well-placed to support the financial wellbeing of employees, but where do they start? Our partners at Benenden Health have an approach that could help, Duncan Hardie and Millie Rayson tell us more…
Why does employee financial wellbeing matter?
Duncan (D): Feeling in control of your finances is central to how you respond to the rising cost of living. If your perception of your financial security is one of never having enough funds available and always looking over your shoulder, those feelings can quickly spiral and severely impact your working life.
Millie (M): Employers can make a real tangible difference to the confidence employees have in their finances and the decisions they make around money.
How might poor financial wellbeing affect a business?
M: We found that over a fifth of UK workers associate stress with their financial situation [source: Financial Conduct Authority], which inevitably impacts negatively on their productivity at work. That can in turn lead to lost work days due to absences. In the last year, an estimated 13 million workdays have been lost due to absences through poor financial wellbeing [Source: corporate-adviser.com].
What can employers do to positively support employees?
D: Improving your employees’ financial wellbeing is good for them and good for your business. We recommend that employers explore and adopt a financial wellbeing strategy.
By building a tailored approach, you’ll be better placed to provide the best support. Examples we have suggested in our Financial Wellbeing Guide (see link below) include offering resources to build financial resilience, creating a culture of support, and providing assistance in sensitive situations.
How can Benenden Health support employees?
M: Benenden Health has several services that can assist with financial wellbeing. For example, we offer a Mental Health Helpline that can provide emotional support and signpost advice for problems including legal issues and debt support. We also offer our Care Planning and Social Care Advice service, which can support your employees with the challenges of long-term care. Members also have access to discounts in our Rewards scheme and a wellbeing hub on our Benenden Health App.
Where to find out more:
Discover ways to support employee financial wellbeing and read our Financial Wellbeing Guide at: https://forbusiness.benenden.co.uk/l/482581/2023-02-22/3f4z58
Find out more about Benenden Healthcare for Business at: Benenden.co.uk/intermediaries or by calling 0800 414 8020.