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02 Sep 2022
by Jamie Styles

4 ways to support financial, and overall, wellbeing with benefits

A benefits package should address all aspects of employees’ wellbeing

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While wellbeing is often divided into separate categories (mental, physical, financial), the reality is all of them are linked. When any one of them suffers, the others are affected. Physical health affects mental health and vice versa, and both affect employees’ financial health.

Link between mental and financial wellbeing

Studies have shown a strong, sometimes cyclical connection between financial worries and mental health problems such as depression, anxiety and substance abuse. Financial difficulties are very stressful and affect not only how someone feels, but also their wellbeing and health behaviours.

People worrying about making ends meet may understandably feel unable to muster the enthusiasm or spare the funds for activities they previously used to care for their mental and physical health.

In much the same way, employees who are feeling overstressed, low or depressed may not have sufficient motivation, energy or time to manage their finances. People dealing with poor mental wellbeing may put off paying bills or balancing accounts and shop and overspend to distract themselves from their negative thoughts or feelings.

To make matters worse, the resulting overdraft and past-due notices may trigger further mental health-related issues such as trouble concentrating, worries and anxious thoughts, and sleep problems. And the cycle begins again, damaging employee and organisational wellbeing in the process.

So how can employers use benefits to better support employees’ financial wellbeing?

1. Keep your employees up-to-date

The obvious is often neglected: ensure your employees know what support is available to them through your organisation. This needs to happen regularly (not just when you’ve added a new benefit) and via various channels, as most of us are prone to forget about tools and services we don’t use.

2. Add flexibility

Wherever you can add flexibility to your benefits and policies, do so. Allowing employees to work from home or use flex-time to work around their personal obligations (and avoid peak commute times) saves them money and stress. Extending this flexibility to your benefits by adding telemedicine, digital-first mental wellbeing support and teletherapy options on top of more traditional in-person benefits serves two purposes simultaneously. One, making it easier for people to get help when needed, and two, saving them transport costs.

3. Centre employee wellbeing

Put employees’ overall wellbeing (including physical and mental health) at the heart of your efforts. Make this especially clear in the benefits you offer and promote and your company culture. When your employees’ mental and physical wellbeing is supported, they’re more likely to have the capacity to take care of their financial health.

4. Make your key benefits universal

While companies with a global presence may have locations with varying benefits needs, certain critical benefits (easily accessible mental health and wellbeing support, sick leave) should be available across all locations and all employee populations. These core benefits should be designed to help protect and support your staff in good times and bad.

For more on mental health benefits and how to gauge your results, download our free pocket guide The KPIs of Mental Health.

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In partnership with Koa Health

At Koa Health, we believe digital mental health solutions are the answer to mental health issues.

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