4 tips for supporting parents still struggling with the cost of living
For the UK’s estimated 13 million working parents, the cost-of-living crisis remains a challenge and is often exacerbated by the responsibilities and financial pressures caring for children can bring.
An Opinium poll commissioned by Unum UK highlighted the dual financial challenges for this workforce demographic, revealing that more than one in five (21%) of UK workers consider themselves part of the ‘sandwich generation’. These are people caring for both young children and ageing parents or relatives.
As the pressures on the sandwich generation increasingly grow, the effect on their health and wellbeing is evident. According to Unum’s research, 20% say they’re less productive at work and 13% have felt compelled to leave an unsupportive employer. Unfortunately, 21% of sandwich generation workers said their employer did not offer support to help balance their work and home responsibilities.
By better understanding employees’ needs and helping them engage with benefit packages, employers can provide a wide array of support services for parents navigating the cost-of-living crisis, while protecting workplace health, happiness and productivity.
4 tips on how a comprehensive benefits package can help parents in the current challenging financial environment:
1. Protecting mental health support
On average, almost half of survey respondents living with children described themselves as feeling stressed, two-fifths as anxious and one-third experiencing burn out, according to a Censuswide survey of 3,025 full-time and part-time UK employees in October 2023. These are all contributing factors to poor mental health.
Putting measures in place to help reduce anxiety and stress is an effective way to ensure your working parent population is as productive and healthy as possible.
Many employee benefits packages include mental health services such as counselling and online resources, which are provided at no additional cost to employers. To encourage employees to access these services, employers could consider offering unlimited mental health support, meaning employees have the right number of sessions to manage an issue effectively, increasing the likelihood of a positive outcome.
2. Provide dental cover
Since the start of 2023, on average 24% of respondents living with children say they have avoided dental appointments to help make ends meet. Offering dental insurance is a great way to help ease some of the financial pressures facing working parents and their families. It offers affordable access to routine treatments and wider dentistry services, as well as support and guidance for everyday preventative dental care.
3. Embrace flexibility for a better work-life balance
Almost 25% of survey respondents with children at home cited managing their caring responsibilities as one of their biggest day-to-day concerns. Flexible working arrangements can be a lifeline for parents grappling with the cost of living.
This is because flexible working such as flexitime, job sharing or hybrid working gives employees more freedom about how, when and where they work. This could reduce childcare spending compared with a rigid 9-5, office-based role as it lets parents drop children off later or pick them up earlier.
4. Engage your workforce
When asked how they plan to cope with the concerns about the cost of living or other financial related anxiety, two-thirds of respondents with children at home already have a plan in place.
Employees with children at home are already looking for solutions and support with the cost-of-living crisis. That’s why signposting them to the services and resources you offer through their benefits package will help encourage working parents to access the support they need.
A comprehensive Employee Assistance Programme (EAP) is a great way to provide confidential tools for managing finances and promoting financial resilience and wellbeing.
One way employers can help struggling parents is to provide a supportive workplace culture and by offering a comprehensive package of employee benefits. Where affordable for the business, these should prioritise mental health, provide access to quick and affordable preventative healthcare and offer a flexible approach to working.
Good general working practices and the diligent use of employee benefit added-value services could prove key to these workers staying well and in work.
For more information about the Unum Cost of Living research click here.
