26 May 2023

How financial wellbeing benefits can help employees get a better night’s sleep

Financial anxiety is rife during the present cost-of-living crisis. But employers can help via their benefits package

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It might be true that money can’t buy happiness but, according to a sleep study in the USA, being financially secure can buy you a great night’s sleep.

Financial anxiety affects employees’ sleep and in some cases causes insomnia. It’s reported that 30% of adults in the UK have poorer quality of sleep because of financial stress.

There’s no denying that, with the cost-of-living crisis, impending recession, economic and environmental threats, times are tough.

Everyone needs financial resilience right now. Financial anxiety could be affecting your employee’s sleep, and in turn, their performance at work.

Understanding the root cause

Many healthcare professionals will tell employees that they can ease anxiety through meditation, talking to loved ones and trying not to think about the future. While this might help the way they feel, it isn’t getting to the root of the issue. Understanding what contributes to employees’ anxiety is the best first step.

Let your employees know about counselling services and other mental health benefits on offer. Many of the younger workforce (40%) don’t have a strong understanding of the employee benefits available. Perhaps consider a new awareness driving campaign to remind your employees of what’s available to them.

Unexpected bills

Unexpected events such as unplanned medical bills, fines, or even a broken washing machine can affect people’s finances. We can’t control experiences that impact our pockets, but we can plan for the inevitable. Putting money aside for these unexpected events and finding out about other ways to cut costs or looking up how to save on energy bills during winter helps people prepare for the unexpected.

Financial education will help your employees save more. In fact, 41% of people who use personalised financial education once a week say they have saved more.

Take control – and ease anxiety

The best way to manage anxiety is to take control of the cause. When employees are financially unhealthy and don’t have a grasp on the fundamentals of money management, they can experience a sense of panic. Encourage employees to take control by guiding them with personalised financial education.

Financial education that is inclusive means everyone can make progress toward their own financial goals.

Ways people can feel more financially secure and sleep better at night:

Create a budget that’s realistic
Raise awareness of emergency fund planning
Open the conversation about financial wellbeing and build trust with impartial information.

Not sure where to start to support people with financial worries? Get in touch here.