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How to support employees’ financial wellbeing in the cost-of-living crisis

By October 23, 2023October 25th, 2023Member News & Updates

Samantha Wood-Mitchell Chartered FCSI, Chartered Wealth Manager (Wood Mitchell Financial Planning) looks at what financial wellbeing means, why It’s so important for employers, and how you can support it in ways that benefit your staff and your business.

At a glance

  • Financial wellbeing is increasingly important for employers as the rising cost of living puts more pressure on staff.
  • The effects of poor financial wellbeing on businesses include staff absences and loss of productivity. An estimated 13 million worker days are lost each year due to financial worries1.
  • A financial-wellbeing programme can help staff to feel more supported and in control. Find out what’s important to your team and create a solution that fits their priorities.

Most owners of small and medium-sized enterprises (SMEs) care deeply about the wellbeing of their staff – whether that’s mental, physical or financial. They can also see how much these areas impact an individual’s performance at work. Financial wellness is a particular worry as the cost-of-living crisis and rising household debt continue to heap pressure on employees.

A 2023 Chartered Institute of Personnel and Development (CIPD) report2 says managing employee financial wellbeing is rapidly climbing the social, political and business agendas. The potential for significant rises in financial distress and in-work poverty – which one in eight workers already experience3 – means more businesses are looking for ways to help reduce the burden on their staff.

Even if pay rises are unviable, there are many ways you can support your team during this challenging time. This article looks at what financial wellbeing means, why It’s so important for employers, and how you can support it in ways that benefit your staff and your business.

Read the article here.