Why we still can’t talk about the ‘m’ word

Why we still can’t talk about the ‘m’ word

A survey of 1,428 employees in the UK by MetLife has provided pointers to how the cost of living crisis is putting serious strains on mental health and relationships.

38% said the state of their finances was making them stressed or anxious, and a further 26% had experienced feelings of depression. 31% had lost sleep; 15% said that money problems had led to arguments at home. And the data comes from research carried out in February — before the more recent escalation in energy bills and inflation generally.

The MetLife survey suggests that 30% have no-one to turn to for financial advice (the 70% who do mainly just mean talking to their partner our family).

Not talking

A separate report, Aviva’s 2022 Working Lives report, has highlighted an underlying issue. Around 75% of employees have never had a conversation with their life manager about financial wellbeing — confirming the idea that people are uncomfortable with talking about personal finances at work.

The 45-54 year-old age group of employees were least likely to have talked about financial wellbeing; 18-24 year-olds were most likely.

At the same time, awareness of the central role of stable finances for both employees and organisations is high. 35% of employers said the cost of living crisis was their top boardroom concern; 34% of staff said wages were their main worry.

Orderly house

EAPA UK chair Eugene Farrell said: “Talking to professional EAP advisers is a hugely beneficial way for employees to start organising their finances, to get a grip on outgoings and how they can get themselves onto the most solid basis possible.

“Managers can flag ways to get help, but they’re not in a position to solve problems. And going to a boss with just worries and fears, hoping this will lead to a salary increase just isn’t the best or most practical approach.

“Employees need to be able to help themselves first of all, with the clear-eyed support and insights from an EAP, to demonstrate they are taking action.”

Why we still can’t talk about the ‘m’ word -EAPA UK