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27 Jul 2020

Key ways to support employees with the intertwined issues of financial resilience and mental health

The concept of financial resilience – that is, the ability to cope with sudden and unexpected expenses in life with minimal impact – is absolutely linked with worker mental health, according to Business in the Community’s (BITC) 2019 Mental Health at Work report.

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BITC found that nearly a quarter (24%) of employees who experience poor mental health symptoms, that are unrelated to work, cite financial difficulties as a cause. More than one-third (34%) reported that their financial situation negatively affects their mental health. And 64% of employees report that they wouldn’t feel comfortable talking about financial difficulties at work.

This is a lot of people in the workforce, all suffering from serious issues brought about by financial concerns. These concerns bring about stress, inability to focus, absenteeism and long-term sickness absence, all of which in themselves have serious ill-effects on productivity.

It is, however, possible to support employees who may struggle with financial resilience – and it’s not especially difficult. Here are a few suggestions:

Training

Not everyone really understands how finances work. Payslips, tax codes, reward statements – the average employee might not be au fait with what a lot of this means. And that’s ok – we’re not all accountants. But when you have a solid understanding of the basics and the fundamentals, it’s a lot easier to be financially confident. So, providing access to guidance – online tools, webinars, information packs and helplines (as part of an employee assistance programme) – are perfect ways to support employees’ financial learning.

It’s a good idea, too, to ensure that line managers are able to spot the signs of developing mental health issues – stress, anxiety, irritability and tiredness are common, but sometimes misinterpreted. If managers are trained well, they can sensitively discuss issues with employees, and signpost them to whatever help may be appropriate.

Ask what you can do

Almost any workplace wellbeing situation can be improved by confidently asking how you can help. Before you make any changes – before you even start thinking of changes to make – consult your people. Ask what their concerns are, and how you could make those concerns easier to deal with. A lot of the time, the answer will be ‘please pay us more’ – not always practical or possible for the employer. But sometimes, you’ll learn something completely new. And you’ll be better-equipped to make that problem go away.

Benefits

Providing good benefits and reward packages as incentives for hard work are a good way to increase financial resilience and engagement. When people know they have goals to work toward that benefit not just the organisation, but themselves as well, you’ll find that productivity leaps. Make sure you’re signposting these benefits well, they can make all the difference for some people.

So as you can see, it’s not too hard – or too expensive – to make sure your people are supported well, and are given the tools to harden their own financial resilience. Can you really afford not to make this a priority?

This article is provided by Health Assured.

In partnership with Health Assured

Health Assured is the UK and Ireland's most trusted health and wellbeing network.

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