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Financial concerns can increase the risk of poor mental and physical wellbeing.
Research for the Money & Pensions Service found 57% of people who had experienced a mental health problem in the previous three years said thinking about their financial situation made them feel anxious.
Those who had experienced mental health problems in the last three years were four times more likely to be behind on important bills, four times more likely to have borrowed money to pay debts, and three times more likely to run out of money for food and bills.
Furthermore, YouGov research confirms that 80% of workers say stress around their personal finances affects their performance at work.
Rachel Murray, Head of Employee Health and Wellbeing at Bupa, says providing more support, and signposting this more clearly, will give organisations an edge in the ability to recruit and retain talent.
“Employers can’t predict or protect against many of the challenges which lie ahead, but by providing purpose and a sense of community within the workplace they can provide a supportive environment which will help teams navigate this new world,” she says.
Steps to success
Organisations need to be equipped with the tools and resources to help meet employee expectations and promote the resilience and wellbeing of their teams. Click here for the full checklist.
They can implement a range of practices to support their employees which can include:
- Creating an open culture that allows employees to feel comfortable discussing their mental health. This may include upskilling line managers and signposting information, resources and employee assistance programmes.
- Consider the variety of needs for different generations in the workplace. For instance, younger adults will be looking for information and support around student loans and getting on the property ladder while older team members approaching retirement will be looking for ways to protect and maximise their pension.
- Promote good mental and physical health across the business, and encourage staff to seek help if they are struggling.
For resources and guides on how to promote good mental health in the workplace and support employee financial wellbeing, take a look at the full article here.
This article has been abbreviated by Health & Protection.