5 ways to connect your mental health strategy with financial wellbeing
Mental health and financial wellbeing are inextricably linked; if an employee has a money problem, it can cause anxiety and stress, while someone suffering with a mental health issue might place finances right at the bottom of the priority list. In both scenarios, their performance at work will likely be affected.
Financial woes do not discriminate. They can arise at any income level and at different life stages and education is only part of the puzzle. For interventions to be effective, employees need to understand what support is available and there should be no stigma associated.
Here are some simple ways employers can ensure they’re taking a holistic and joined-up approach towards employee mental health and financial wellbeing.
Connect your EAP with practical money support
Employee assistance programmes (EAPs) are traditionally viewed as offering emotional or work-based support, but they can also offer debt advice or signposting to financial wellbeing services too. There should be a clear route from wellbeing conversations to specialist debt or financial guidance provided by regulated professionals. Not all EAP services offer this, so check your provision to ensure employees are benefitting from what could be an effective first step.
Make money conversations easier
The shame factor can make it difficult for people to seek support in the first place, it is therefore essential that communications are delivered in an accessible, sensitive way, and have leadership backing. Show that questions about bills, debt, mortgages or retirement are all legitimate reasons to seek guidance. Discretion is also important, to maintain employee trust. They should be able to access help privately, without having to disclose their finances to a manager.
Pair education with personal support
Financial wellbeing shouldn’t simply focus on educating employees on money matters - it’s also about supporting them through their emotional journeys. Resources such as financial wellbeing webinars, followed by confidential one-to-one sessions with an adviser, or workplace visits where appropriate, can help employees understand their options better and identify the right next step for them.
“Mental health support should run alongside practical financial guidance, to give employees autonomy over their own situation. This should include tools and resources to manage their finances practically, i.e. budget planners, and financial health apps,” said Martin Jones, executive director at Gee 7 Wealth Management.
Build a network of financial wellbeing ambassadors
Normalising conversations around finances is the first step to encouraging employees to seek financial wellbeing support.
“Peer ambassadors can be brilliant at starting conversations, removing some of the stigma around money, and signposting people towards help,” said Samantha McLean, financial adviser at Gee 7 Wealth Management. Ambassadors from within your employee pool could act as peer mentors for navigating support, although these team members must have a clear remit and be adequately trained.
“They can offer emotional support, but as soon as the conversation moves into what that individual should actually do, they need to signpost to qualified professionals, rather than attempting to give personal financial advice themselves,” added McLean.
Make support easy to find and use
To ensure that employees make the most of the provision, support should be easy to find, accessible and all in one place. Bring mental health, financial support and everyday savings together in one benefits portal, and ensure that employees receive consistent messaging throughout the year. It’s also a place to highlight options like pay-on-demand, which allows employees to withdraw a portion of their salary they have already earned from shifts or days completed before their official monthly or weekly payday. For some, this can help ease the financial pressure, although employees should be made aware of fees, and it should not be presented as a solution to persistent debt.
Ultimately, effective financial support should be treated as part of the overall wellbeing package.
“There’s still a perception that financial advice is transactional, that you go to an adviser because you need a pension, an investment or a particular product. Good financial planning is much more holistic. It’s about understanding where you are now, what you want your life to look like and helping you work out how your money can support that,” said McLean.
Get in touch for more information on building your organisation's financial wellbing strategy.
Supplied by REBA Associate Member, My Group
We work with UK employers to bring these three things together, offering practical benefits employees use, human support that reaches the people who need it, and a measurable difference to how your people feel about work.
