Many workers don’t feel supported financially by their employer

(2 minutes to read)

CIPD: ‘While the government is best placed to provide immediate support for people affected by the cost-of-living crisis, our research shows there are opportunities for employers to do much more to support the longer-term financial wellbeing of their people’.

With the cost of living rising, 19% of workers say they don’t feel their employer is doing enough to support their financial wellbeing.

A YouGov poll of more than 2,500 employees revealed that 12% say their pay is not enough to support an acceptable standard of living without having to go into debt for food and bills. Ten per cent believe that their job does not protect them from falling into poverty.

As many as 28% admit that they have money problems that impact their job performance, which rises to 34% for those earning less than £20,000. Nineteen per cent say they have lost sleep due to worrying about money.

The CIPD is recommending that all employers need a financial wellbeing policy put in place committing to supporting people to achieve a decent standard of living.

Charles Cotton, senior reward and performance adviser at the CIPD, the professional body for HR and people development, said, “Even before the current cost-of-living crisis unfolded, work was failing to protect many people from poverty and failing to support good financial wellbeing in the way it should.

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“While the government is best placed to provide immediate support for people affected by the cost-of-living crisis, our research shows there are opportunities for employers to do much more to support the longer-term financial wellbeing of their people.

“The biggest difference an employer can make is to pay a fair and liveable wage. But even organisations who can’t afford to increase wages right now can support their workforce in other ways.

“Our research highlights that employers with a financial wellbeing policy really do make a much-valued difference to the lives of their people. Unfortunately, the cost-of-living crisis is likely to push more and more employees into in-work poverty. This, along with the competition for talent right now, should motivate all organisations to adopt a financial wellbeing policy or improve their existing one.”

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Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
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