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Money worries are hurting your business

 

1 in 5 employees says they will look for a new, higher-paying job in the next 12 months if the cost of living crisis worsens. With financial stress and staff retention strongly linked, it pays to invest in your current team.

67% of employees say money worries affect their work...

Do you feel your money worries affect your work performance_ (1)

...of which, 59% say it makes them less productive.

Employees with money worries also take more sick days, feel undervalued and actively look for higher-paying jobs.

What effect(s) do money worries have on employees work_ (1)

And it’s not just the lowest paid who are impacted.

It’s your entire workforce.

In fact, the more an employee earns, the more likely they are to spend time on a personal financial task, while at work.

Probability of researching a financial task while at work

All the while, an overwhelming 81% of employees say a financial wellbeing programme would increase their satisfaction.

Do you think availability of a financial wellbeing programme would increase your satisfaction as an employee_

It could even see them stay longer at your company.

Would a financial wellbeing programme result in you staying longer at your job_

Many employees even know what kind of support they’re after.

chart (1)

There are clear signs financial education and wellbeing programmes provide a big opportunity for employers, when competing for talent.

69%

Think their employer should do more to support their personal finances

73%

Would welcome their employer offering guidance that helps them save money every month

76%

Would use a financial wellbeing programme, if their employer offered it

And, so far, few employers have managed to get it right.

_How well does your employer support your financial wellbeing_

Learn how to create a financial wellbeing programme that gives your people these benefits:

 

Financial benefits

  • 19% increase in pension income per year

  • 39% increase in financial asset value

  • £47k average monetary benefit after 10 years

 

Emotional benefits

  • 10% feel less stressed about the future

  • 44% feel more confident about managing their money

  • 28% feel more secure after putting a financial plan in place

Learn more about financial wellbeing

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How much should you be spending on employee benefits?

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Researching financial wellbeing providers to create a shortlist can be hard work. Before you start, take a step back...

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How to improve financial wellbeing: 6 tips to feel good about your money

Here, we’ll cover our six top tips about how to improve financial wellbeing, so you can start feeling more financially...

How much could a financial wellbeing programme save your team?

 

Get a forecast on how many employees are likely to be in debt, stressed, or need help managing money, based on sources including ONS.

 

Calculate ROI

 

Data has been taken from ONS, MAPS, YouGov, PWC.