Close Brothers Research: Spotlight on UK financial wellbeing

Four years on from Close Brothers’ last report, this research examines what progress has been made on the financial wellbeing of UK employees

The financial wellbeing index shows an improvement (6%) overall compared to 2019, with significant improvements in some categories; 37% increase in budgeting and planning and 26% in protection. Despite the challenges to personal finances, an increased focus and effort on improving financial wellbeing by employers has made a difference.

The research also reveals a distinct difference between employee and corporate priorities. What’s not clear is whether this is down to a lack of insight or a genuine divergence. For example, the research shows that the biggest financial concern employees currently face is to keep up with normal living costs, but this comes in at only eighth on the corporate priority list.

Key findings

• 96% of employees worry about money, a 4% increase on 2019
• 28% of employees are unhappy with their finances, the same as in 2019
• 22% of employees confirm money worries affect their mental health
• 87% of employees say that money worries affect their work

Supplied by REBA Associate Member, TrinityBridge Limited, formerly Close Brothers Asset Management

TrinityBridge has been delivering workplace financial wellbeing programmes to some of the UK’s best-known employers for over 55 years.

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