How to support financial wellbeing in the workplace

Money isn’t everything, but positive financial wellbeing can significantly improve overall welfare and money worries.

For employees, an overall healthy financial status can eliminate poor mental health, plan expenditures, and grow economic achievement.

As an employer, protecting and measuring the financial wellbeing of your employees is a moral duty. By doing so, you’ll be able support them through monetary disasters, like debt or bankruptcy.

Why is this important, and how do you promote it positively in the workplace.

What is financial wellbeing

Financial wellbeing relates to when a person faces monetary needs in their life. It’s about how they use their money and personal finances to survive; like paying bills, spending on essentials, and even enjoying life.

Monetary burden can be managed through budgeting, saving, and living within practical means. As an employer, you should be committed to improving their wellness and reducing 'money-stress'.

Why is financial wellbeing important in the workplace

In the UK, the cost of living crisis is causing more of us to live, 'in the red'. Living on overdrafts and loans quickly becomes the only means of survival and the majority of peoples lives are stuck on survive not thrive.

Through financial wellbeing, you can attain, protect, and utilise monetary resources. This in turn helps to avoid money worries, bad debt management, bankruptcy and overall better financial decisions.

Alongside the economic struggles, people may go through issues with physical and mental health, causing stress and depression; and as a result, millions of workdays are lost through sick leave.

Many employers support financial wellbeing at work as it’s beneficial for overall business. Without recognising it, the consequences can impact your employees and in turn, workplace performance.

Promoting financial wellbeing in the workplace

With living costs increasing year on year, more of us are struggling to find ways to make ends meet.

There are various strategies designed to provide help with savings, debt, and credit issues.

Here are steps on how to promote positive financial wellbeing in the workplace:

Introduce a financial wellbeing policy

You should have a policy on financial wellbeing to protect staff and the overall business. Your policy may include:

• Offering links to governmental advice, like the Money and Pensions Service.

• Ensuring employees are fully aware of their legal and business entitlements.

• Providing insight on monetary challenges and opportunities to all employees.

• Increase short-term savings You can offer connections to financial service providers who can help your staff with saving money. Give information on services like, payroll savings schemes and finance management support.

• Provide access to affordable credit You can provide immediate loans or bigger credit amenities at lower interest rates. These affordable loans can help employees through debts and avoid late charges. Offering access to affordable credit can be life-changing for employees. Programs like immediate loans or bigger credit amenities at lower interest rates are viable methods to facilitate economic support. Understanding various small business loan options can empower those looking into entrepreneurship or coping with financial hurdles, such as larger purchases or debt consolidation.

• Eliminate financial stigma Too often employees struggle with managing financial problems alongside their work life. By eliminating the stigma around monetary concerns, you can support employees through physical and mental issues relating to these problems.

• Reduce employment costs You can easily provide support and care to your staff through reducing employment costs. These can include, providing free breakfasts/lunches, paying work expenses, or offering discounted commute passes.

• Provide aid through sick leave One of the biggest problems involved is dealing with sick leave. Companies might have this process in place, but the benefit amount might be insufficient to live off. By providing additional aid to employees on sick leave, they’ll feel supported during absences. This can then reduce long-term sick leave and presenteeism.

• Actively help through advice and support Offer employees administrative advice on understanding their finances. Employee benefits allows them to access support through appropriate services. For example, if someone is going through sick leave, you should provide correct legal information and entitlements.

Get expert guidance on financial wellbeing in the workplace today

By investing in the financial wellbeing of your workforce, you contribute to a stronger, more resilient workforce and community.

Our services equip individuals with the knowledge, tools, and confidence needed to make sound financial decisions, fostering a culture of empowerment and responsible money management.

Health Assured have teamed up with MUNNY to provide a myriad of workshops and expert financial coaching.

Contact us today or call us direct on 0800 206 2552