Financial wellbeing support in the workplace helps employees with money stress

A new survey has shown that the employees who receive financial wellbeing support in the workplace are almost four times more likely to share money concerns with their organisation.

This, in turn, is likely to result in less stress and anxiety, as well as increasing knowledge and experience, which can only help with better decision-making and helping to develop a better relationship with money.

The ‘Dynamic in Financial Wellbeing’ report, compiled by Bippit, surveyed 5,000 UK workers and found that 29% of employees said they didn’t receive any financial wellbeing support from their employer, yet all 660 senior HR professionals polled said their organisation provided support.

As many as 84% of HR professionals said they provided a workplace that encouraged employees to share money worries, but just half (52%) of employees agreed with this.

Commenting on the findings, Sam Lathey, Chief Executive of Bippit, said, “Encouraging open money conversations is a critical business initiative so that employees can be signposted to the right financial wellbeing support at the right time.

“Without this, our organisations are left with an elephant in the room when it comes to financial stress. It’s important that employers consider not only what they offer in terms of financial care, but also how their engagement comms impact the perception of this support, because it’s clear that trust and willingness to talk are influenced by how much employees believe their organisation is doing in terms of financial wellbeing.”

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