Personnel Today
  • OHW+
  • Resources
    • Clinical governance
    • Disability
    • Ergonomics
    • Health surveillance
    • OH employment law
    • OH service delivery
    • Research
    • Return to work and rehabilitation
    • Sickness absence management
    • Wellbeing and health promotion
  • Conditions
    • Mental health
    • Musculoskeletal disorders
    • Blood pressure
    • Cancer
    • Cardiac
    • Dementia
    • Diabetes
    • Respiratory
    • Stroke
  • CPD
  • Webinars
  • Jobs
  • Personnel Today

Personnel Today

Register
Log in
Personnel Today
  • OHW+
  • Resources
    • Clinical governance
    • Disability
    • Ergonomics
    • Health surveillance
    • OH employment law
    • OH service delivery
    • Research
    • Return to work and rehabilitation
    • Sickness absence management
    • Wellbeing and health promotion
  • Conditions
    • Mental health
    • Musculoskeletal disorders
    • Blood pressure
    • Cancer
    • Cardiac
    • Dementia
    • Diabetes
    • Respiratory
    • Stroke
  • CPD
  • Webinars
  • Jobs
  • Personnel Today

Financial wellbeingEmployee engagementLatest NewsESGMental health

Two-thirds don’t want to talk about money issues at work

by Jo Faragher 6 Nov 2019
by Jo Faragher 6 Nov 2019

Two-thirds of employees do not feel comfortable talking about their finances at work, despite a fifth struggling to make ends meet.

Research published by Business in the Community as part of its 2019 Mental Health at Work report found that only 5% of employees believe there is financial support available in their workplace.

Feeling unable to cope financially was highest among 18 to 29-year-olds (26%) and women (23%), compared to 19% of men. More than a third said they would spend more money if they felt down, particularly younger workers (18 to 29), of whom 44% felt this to be the case.

Financial wellbeing

In-work poverty and the role of HR

Use employee benefits to support lower earners, says Work Foundation 

Just over a quarter (28%) of workers in their 50s said feeling down led them to spend more money.

BITC has published a toolkit for employers to offer better support to employees struggling with financial problems.

Its recommendations include: engaging senior leaders to “understand the lived experiences of people who may be struggling”; to identify the needs of low earners; and to promote culture change so employees feel more comfortable talking about money.

Research from Salary Finance, which supported BITC with the toolkit, has found that productivity lost due to financial concerns can be as much as 9% to 13% of total salary costs.

Furthermore, employees worried about money are 50% more likely to be looking for a job, it found.

Nicola Inge, employment campaign director at Business in the Community, said: “Employers need to create the kind of environment that breaks down the barriers around people talking about money to help all their employees.

“We need more employers to take a different approach to their employee benefits packages to make sure that they are meeting the needs of their whole workforce and getting the most value from the benefits they offer.”

Dhiren Master, global insights director at Salary Finance said that low financial wellbeing often correlates with poor mental health, so employers needed to offer a better support system.

“People who have low financial wellbeing don’t need to be told what they need to do. They need practical support that will enable them to get out of the situation they are in,” he said.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

“We believe there is a critical and unique role that every employer can play. Employers that put wellbeing at the heart of their business objectives and work collaboratively with their employees will see a happier, healthier and more productive workforce. This issue will not go away on its own and the time for employers to act is now.”

Compensation and benefits opportunities on Personnel Today

Browse more compensation and benefits jobs

Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

previous post
South Western Railway staff poised for 27-day strike
next post
Boots failed to provide equipment for employee with hearing impairment

You may also like

UK net migration slashed by half in one...

22 May 2025

The Law Society: Navigating the new world of...

22 May 2025

How neuroscience can unlock employee recognition

22 May 2025

HSBC employees warned of office attendance link to...

22 May 2025

Workplace stress: Why it’s time to rebrand resilience

22 May 2025

Restaurant tips should be included in holiday pay

21 May 2025

Fewer workers would comply with a return-to-office mandate

21 May 2025

Redefining leadership: From competence to inclusion

21 May 2025

Pay awards in real terms could fall for...

21 May 2025

Ryanair demands flight attendants pay back salary increase

21 May 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • OHW+
  • Resources
    • Clinical governance
    • Disability
    • Ergonomics
    • Health surveillance
    • OH employment law
    • OH service delivery
    • Research
    • Return to work and rehabilitation
    • Sickness absence management
    • Wellbeing and health promotion
  • Conditions
    • Mental health
    • Musculoskeletal disorders
    • Blood pressure
    • Cancer
    • Cardiac
    • Dementia
    • Diabetes
    • Respiratory
    • Stroke
  • CPD
  • Webinars
  • Jobs
  • Personnel Today