Financial health is now the leading concern for employees, according to a survey by Evelyn Partners.
The research, which asked more than 500 business owners, found that nearly a third (30 per cent) see financial wellbeing amid the cost-of-living crisis as the biggest worry for their employees.
Work/life balance (29 per cent) and mental health (27 per cent) were also seen as big concerns for workers.
Tom Shave, partner at Evelyn Partners, said: “The findings from our research amongst business owners is concerning and underlines that the health of their employees’ personal finances should be recognised as a business risk.
“Absenteeism due to stress is a significant problem and a factor driving worrying levels of economic inactivity in the UK.
“Employees under financial stress are far more likely to suffer mental health problems such as anxiety, sleep deprivation and a low mood, something that could impact their concentration levels and relationships in the workplace, dampening productivity in the process.”
What do you see as the biggest worry/ies for your employees, if any?
Financial wellbeing amid 'cost of living crisis' | 29.96% |
Work/life balance | 29.17% |
Mental health | 26.98% |
Flexible working accommodations such as working from home | 24.21% |
Job security | 23.61% |
Childcare during working hours | 21.63% |
Performance targets | 17.46% |
Progression opportunities | 17.26% |
Training / mentorship | 15.28% |
Physical health | 13.89% |
Lack of workplace diversity | 12.30% |
No biggest worry/ies in particular | 3.97% |
Other, please specify | 0.00% |
The survey, conducted by Censuswide between April 28 and May 9, also found that these other factors came ahead of perceived worries over job security (24 per cent), childcare during working hours (22 per cent) and performance targets (17 per cent).
Shave said: “Positively, many employers have become increasingly attuned to the physical and mental wellbeing of their employees in recent years, a consideration that accelerated enormously during the pandemic when staff were required to work from home or put on furlough.
“In an effort to attract and retain the best workers, businesses are putting more and more effort and resources into the non-remuneration aspects of the packages they offer to existing and prospective employees.”
He explained that facilities aimed at employees’ mental and physical well-being are increasingly widespread offerings, on top of pensions and other benefits, and flexibility over working patterns.
“Given the well-established link between money worries and stress, we believe that financial wellbeing should be considered as a core component of the benefits offered to staff,” he said.
This comes as Evelyn Partners announced the launch of a new employee financial wellbeing service for organisations to help their staff manage their money more effectively now and over the long term.
“Our new offering provides organisations with a comprehensive service to improve engagement with their employees at all levels of the organisation and help them gain more confidence about their financial futures,” he said.
“We believe the service will help organisations attract and retain the best talent, boosting productivity and focus, and lead to better financial outcomes for their staff.”
sonia.rach@ft.com
