The upcoming October budget, described by the government as “painful,” is expected to bring significant financial challenges for both businesses and individuals.
With money-related responsibilities increasing for everyone, UK employers are being urged to step up and prioritise the financial wellbeing of their workforce*.
“Financial stress is undoubtedly one of the leading causes of mental health issues and stress at work,” said Kieran Innes, Founder & CEO of Stribe.
“The upcoming Autumn budget is going to place even more financial anxiety on employees – which is why it’s more important than ever for businesses to act now to help their teams feel more secure.”
The ongoing cost-of-living crisis has put pressure on all of us. According to the Financial Conduct Authority, around 12.9 million UK adults have low financial resilience – that’s 1 in 4 of all UK adults.
Research from Stribe shows that employees facing financial worries are more likely to be disengaged and distracted at work, take sick days, and ultimately leave their jobs for better security elsewhere.
“Employers must realise that their teams’ financial health directly impacts their productivity, mental wellbeing, and retention.
Supporting employees financially can make the difference between a thriving, loyal workforce and one that is disengaged and on the verge of burnout,” said Kieran.
With rising costs and uncertainty ahead, the Stribe CEO urges that now is the time to start planning for more tangible financial wellbeing support initiatives.
“Financial support doesn’t necessarily mean salary increases and bonuses – not every business can afford to do that – but employers can start small – offering financial education, adjusting benefits, and offering flexible working. These are the kind of steps that will have a massive impact in the months to come,” he said.
With costs continuing to rise and real wages stagnating, Stribe is encouraging businesses to take proactive steps to support their employees’ financial health.
- Offer financial education: Empower employees to make better money choices with workshops, webinars, or tools for managing finances.
- Review employee benefits: Consider adjusting benefits packages to include options that support financial wellbeing – such as flexible working hours, private health benefits, allowances or discount schemes.
- Introduce financial wellbeing surveys: Use anonymous financial wellbeing surveys to regularly check in with employees to understand their money-related concerns and needs.
- Mental health support: Recognise the link between financial stress and mental health, and ensure that employees have access to mental health resources whenever they need it.
“The bottom line is that financially stressed employees cannot perform at their best. Businesses that fail to act now are at risk of losing valuable talent,” Kieran added.
“Supporting employee financial wellbeing isn’t just a moral responsibility, it’s necessary for successful business and a healthy workforce.”
*Guidance and research provided by Stribe
stribehq.com
