` The importance of financial wellbeing—and minimising money stress | Reward and Employee Benefits Association (REBA)
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07 Mar 2019

The importance of financial wellbeing—and minimising money stress

A BITC study1 has shown a—long suspected—causal link between financial insecurity and mental ill-health. Everyone experiences stress in the workplace at some point, but when three-fifths of surveyed workers report mental issues caused by money concerns, clearly something needs to change.

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The burden of financial stress can be lessened by careful budgeting and saving. But there are a lot of positive steps an employer can take in order to manage the stress felt by staff. And reducing that stress will boost engagement and productivity…

How does negative financial wellbeing affect employees?
There are lots of effects of financial stress. Staring down the barrel of money worries can leave people feeling undervalued, distracted and hopeless. It’s a constant worry—and it can lead to serious conditions like anxiety and depression. These drastically affect the ability to work happily and productively, and contribute to absenteeism. 

In the very worst cases, poor financial wellbeing affects people physically. Medication, food and activity are all expenses, and cutting back on these can have a serious negative effect.

Reducing your employees’ financial stress
With over 60 per cent of employees in the UK experiencing work-related mental health issues, it’s time to make some changes. Improving their financial wellbeing won’t magically solve every problem—but it’s a good place to start.

And employees aren’t the only ones who benefit from better financial wellbeing in the workplace. Management can also see gains, through improved productivity and morale, when staff feel secure financially.

Here are just a few ways that employers can help to minimise money stress:
Provide financial education and guidance as part of a wider wellbeing programme. Even understanding their payslip can be complex for employees—simplifying some processes, and showing how others work, can reduce the burden of stress.

Offer competitive salaries. This one might sound obvious—and expensive—but doing some research, and seeing what other companies in your sector offer, is worth the effort. If you’re seen to be active and generous, you’ll make your workers happier, and attract the best talent.

On top of that, a good benefits package is a must. Performance incentives in the shape of bonuses, clarity about pay bands and good private pension schemes are a great starting point.

Try offering flexible work schedules, and consider remote working. These can reduce childcare bills for many employees, which will be very welcome. 

Give your employees the gift of financial wellbeing, minimising their stress and making life easier—and they’ll reward you with loyalty, focus and hard work.  

This article is provided by Health Assured. 

References

1. Seizing the momentum, Mental Health at Work report 2018, Business in the Community  

In partnership with Health Assured

Health Assured is the UK and Ireland's most trusted health and wellbeing network.

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