Financial resilience and mental wellbeing
If your business prioritises mental health but isn't addressing financial matters, you're missing a key factor in reducing stress and enhancing employee wellbeing.
Financial stress is one of the leading causes of mental health issues in the UK, affecting everything from productivity to job satisfaction. What’s more, those with pre-existing mental health conditions and neurodivergence are more likely to struggle with their finances.
You can improve overall mental wellbeing by giving your people the tools they need to be financially aware and support their financial resilience.
Building financial resilience
When your people are worried about their personal finances, it affects their ability to focus, engage, and perform at work. This stress can spill over into the workplace. How it shows up for people will vary but can include higher absences, disruptive behaviours or poor performance.
Financial resilience is the ability to manage financial stress, adapt to financial challenges, and recover from financial setbacks. By improving your people’s financial literacy, you can help build this resilience. Financial training gives employees the knowledge and skills to manage their take-home pay effectively, reduce debt, save for the future, and make the most of their workplace financial benefits.
Promoting financial wellbeing
73% of financially stressed employees say they would be attracted to another employer that cares more about their financial wellbeing. If you’re invested in your people, you need to recognise the importance of financial wellbeing as part of a holistic approach to employee health.
Offering financial training as part of employee learning and development is a proactive way to address financial stress. You can cover topics such as budgeting, saving, investing, and retirement planning, providing employees with the tools they need to achieve financial security.
Benefits of financial resilience
Focusing on financial resilience can enhance your company’s reputation as an employer of choice, attracting top talent and reducing turnover.
When your people are financially resilient, they are more likely to be engaged and productive at work. They’re also less likely to experience stress-related health issues that can lead to absenteeism.
Investing in your people’s financial resilience is an investment in your business's long-term success.
