How to destigmatise money worries in the workplace
Money worries are a massive contributor to poor mental health. In fact, 70% of people worldwide are affected by financial anxiety and this is rising, at the same rate as inflation.
To make matter worse, one-quarter of people in the UK say they feel depressed because of rising bills. A recent survey from Interactive Investor found “58% of people earning up to £60k have had to save less or stop saving altogether due to inflation, while 54% of those on £60k+ say the same”.
We could be entering a period of retirement crisis. With savings increasingly being cut, it’s crucial that businesses understand the impact that people’s inability to save for their future has on their mental health. When we feel confident about money, we feel confident about ourselves.
Research proves mental health and finances are interlinked. As Sarah Coles, senior personal finance analyst at Hargreaves Lansdown says, “How we feel is inexorably bound up with our finances.”
What can employers do to support employees stuck in a negative cycle of financial anxiety that is spiralling into the workplace? Destigmatising money worries in the workplace is a good place to start. Here are three tips:
1. Open up the conversation
Nine in 10 adults are hesitant to share their financial worries. For this reason, it’s important to start a conversation in the workplace. People who talk about money:
- Make better and less risky financial decisions.
- Have stronger personal relationships.
- Help their children form good money habits for life.
- Feel less stressed or anxious and more in control.
2. Signpost employees to trusted financial education
Destigmatising requires building trust. As an employer, you should be confident that the information you share to improve people’s financial wellbeing is impartial and unaffiliated with financial products. And to decrease the feeling of being overwhelmed by irrelevant information, the financial education and communication needs to be personalised to different needs and skills.
3. Create a financial wellbeing campaign
A campaign to get people talking is a great way to get the ball rolling and to signpost to your financial wellbeing initiatives. Health programmes regularly use in-house initiatives and technology to promote physical wellness – do the same with personal finance. For example, launch a financial health score based on individuals' money management knowledge. When employees have data to benchmark themselves, there is incentive to improve.
By implementing these strategies, organisations can create a supportive environment where employees feel comfortable addressing their money worries. This can reduce stress, improve morale and bring higher productivity, ultimately benefiting both employees and the organisation. Interested in learning more about destigmatising money worries? Get in touch.
In partnership with Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
