How budgeting advice can help employees to face cost of living stress
The cost of living crisis shows no sign of abating, piling pressure on every type of household after inflation rose by 9.4% in the 12 months to June 2022.
So it comes as no surprise that almost a quarter (23%) of UK adults are concerned about their financial health, with 34% struggling to pay basic living costs such as rent, energy bills and food.
Despite this, only 38% of people actually keep a budget and know what they can spend each month, according to research by financial wellbeing and retirement specialist WEALTH at work. This is particularly worrying when there appears to be a stigma attached to discussing money worries.
One in seven (14%) people, rising to almost one in four (23%) 18 - 34-year-olds, say they feel embarrassed about their financial worries.
WEALTH at work director Jonathan Watts-Lay says: “It’s worrying that the new research shows us that one in four are concerned about their financial health. With inflation rises, the cost of living crisis is not easing any time soon and many households are struggling to pay basic living costs, such as rent, energy bills and food.”
He adds: “It’s important that employees who are struggling with money get the help needed to alleviate this financial bombshell.
“Workplaces are a great source of support which is especially important as financial worries often lead to stress and anxiety, directly impacting employees.
“It’s well known that poor financial wellbeing in the workplace can result in lower productivity and increased absenteeism, which is one of the reasons why looking out for your employees financial wellbeing is so important right now.”
Watts-Lay adds: “If employees are struggling with money, it isn’t something to be ashamed of, but it is vital they face up to it and get help.
“Financial education and guidance delivered in the workplace is key in providing this much needed support. It can help employees understand their finances including ways to save money, manage a budget and what to do if in debt. Many employers offer this as part of their overall wellbeing objective.”
The survey of 2,000 UK Adults was carried out for WEALTH at work by Opinium from 8 - 11 July 2022
In partnership with WEALTH at work
WEALTH at work is a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial future.