FINANCE SALES & MARKETING HR SOLUTIONS EMPLOYEE ENGAGEMENT

In the midst of rising living costs , the current UK workplace has overlooked the crucial necessity of providing employees with essential financial education . Consequently , workers grapple with financial challenges , impacting both their health and accumulating debt .

The research finds that only 46 % of HR professionals actively promote a culture of financial openness , with a mere 16 % of employees actually feeling this support at work . This significant gap underscores the challenge in creating supportive workplace environments for financial discussions , with nearly half ( 48 %) of surveyed employees stating that their employer does not offer any financial wellbeing support .

Amidst this financial unease , the survey highlights around two in five ( 41 %) employees surveyed are currently in debt – of those who are in debt , a fifth ( 20 %) say it ’ s not manageable .

Recognising the need for change , HR professionals acknowledge their role in supporting employees . Three-quarters ( 75 %) believe they need to do more to enhance financial wellbeing , with 84 % stating that the current cost of living crisis has heightened the importance of supporting their workforce ’ s financial wellbeing .

This acknowledgement stems from increased demand , as 68 % of HR professionals report a surge in requests for financial education or support initiatives in the past year . On average , almost a fifth ( 19 %) of their current workforce proactively approached them seeking financial wellbeing support . Overall , it ’ s clear that current support is not enough to meet the demand .

TAKING CARE OF THEIR PEOPLE ’ S FINANCIAL WELLBEING IS JUST AS IMPORTANT AS THEIR OVERALL HEALTH FOR A HAPPY AND ENGAGED WORKFORCE .

This lack of financial support , coupled with the stigma surrounding money issues , hinders employees from seeking help . To cultivate a supportive workplace , businesses must not only bridge this gap but also address the discomfort associated with discussing financial challenges .

The impact of this financial unease is reflected in the anxiety experienced by the UK workforce , with three-quarters ( 75 %) worrying about money at least monthly or more often , and over a quarter ( 26 %) dealing with daily concerns . The survey also reveals a reliance on friends / family ( 43 %) and search engines ( 29 %) for financial education , while only 12 % turn to their employers for advice .

Employers are also recognising the tangible impact of poor financial wellbeing on their teams . Over half ( 53 %) of HR professionals have witnessed negative effects on employees , including increased stress ( 66 %), decreased productivity due to distraction ( 62 %), lowered confidence ( 39 %) and an increased likelihood of taking sick leave ( 35 %).

Burcin Ressamoglu , CEO at Pluxee UK , said : “ Employers play a big role in helping with financial smarts and overall wellbeing by promoting financial openness and offering guidance , as well as access to relevant resources . Taking care of their people ’ s financial wellbeing is just as important as their overall health for a happy and engaged workforce .” x

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