The cost of living crisis has hit people and businesses across the country and it shows no sign of slowing down. The impact of financial stress on workers’ mental and physical health – from new graduates to senior management – is unquestionable, as is the knock-on effect it has on their employers.
Claro Wellbeing’s Workplace Today report reveals some startling insights into the financial health of workers today – and what it means for businesses. For example, more than two-thirds (67%) of staff say financial stress affects their work, while the average employee spends 3.5 days a year managing their finances during office hours.
But supporting staff financial health goes beyond the cost of living crisis. With a lack of financial education in schools, many people enter adulthood ill-equipped and without the skills and confidence to manage their money effectively. This will continue to cause stress as well as leading to constant job hopping, sickness absence and poor productivity at work until we have the tools to make smarter financial decisions.
World-renowned employee wellbeing expert and former president of the CIPD Professor Sir Cary Cooper, who contributed to our research, says supporting employee financial wellbeing is going to become a significant part of HR strategies. He adds: ‘We can see from the data that workers want their employer to support them with their finances. If you help your teams, they are more likely to stay.’
To find out more about financial wellbeing trends in the workplace today and how much it is costing your business, download our report here.
