FINANCIAL WELLBEING IN THE WORKPLACE
Why is it so important?
Across the UK employers are searching for ways to increase productivity and improve their workforce. Wellbeing is now a vital part of ensuring you have a happy and productive team, but Financial Wellbeing is often overlooked.
You only have to look at some statistics for evidence that Financial Wellbeing is a serious issue for employees;
- 59% of employees surveyed state that financial matters are their primary cause of stress**
36% of workers report a drop in productivity of 1 hour due to financial difficulties hour (per day)***
25% of employees have lost sleep over money worries*
And for Employers, the effect hits your bottom line;
- 4.2 MILLION days of work were lost as a result of 500,000 private sector workers taking time off in the last year due to poor financial well-being.***
- £626 MILLION was the total cost of ‘absenteeism’ due to poor financial well-being.***
- £150 is the average cost to employers for each day lost due to financial distress.***
As an employer, you can gain more from your employees through financial wellbeing.
There’s definitely never been a better time to invest in wellbeing. As a forward-thinking employer, employees wellbeing; both physical and mental, should be high on your priority list.
For many employees, some of the uncertainty of financial stress impacting on their wellbeing can be taken away by helping them to understand and look after their personal finances. But how can you do this?