The unpredictable nature of life and work means things change constantly, including finances, and the cost of living crisis could further challenge your employees’ financial resilience.
Our research shows that financial wellbeing initiatives can make a positive difference to employees’ work performance and your business.
What is financial wellbeing?
Financial wellbeing is how people feel about the control they have over their finances and their relationship with money. This includes their ability to respond to unexpected expenses and make informed choices.
Financial wellbeing gives people the ability to do what makes them happy now, while also being able to plan for the future.
Why care about employee financial wellbeing?
We know that employee financial wellbeing can be an important contributor to a company's success. Happier, more financially confident individuals can lead to a more resilient workforce.
Stress can take its toll on our wellbeing, wherever it comes from. It’s estimated that absenteeism due to financial stress costs UK employers up to £3.7 billion a year. By addressing money worries, you could see better employee focus and productivity. Employees with healthy financial wellbeing have peace of mind that they can meet their financial goals and have a good money mindset.
As people are the driving force behind your business – helping to build your employees financial resilience is vital.