How financial stress is changing employee priorities

Written by William R on 10th June 2022. Posted in Complicated issues, News, thriving at work, wellbeing

How financial stress is changing employee priorities

The 2022 Wellness Barometer Survey by BrightPlan shows that 72% of staff report being stressed about their finances, affecting their mental and physical health — up 11% on 2021. Top causes of worry are rising inflation, retirement planning and market volatility.

In terms of benefits, the survey claims that finance-related benefits are now the most sought after, leaping ahead of mental health and flexible time off since last year. 88% expect their employer to be actively helping them deal with the cost of living crisis.

Package up

UK software firm IRIS is an example of how some employers are stepping up with a new package of support.

The company has ensured a broad range of benefits to meet the diversity of situations. At the core of the offering is an EAP, alongside a team of mental health first aiders and new web pages giving advice on financial awareness. This is backed up with new offers such as one-to-one financial coaching with an external consultant, and workplace individual savings accounts (ISAs). IRIS has also boosted attention to health cash plans and discount schemes on offer.

Financial times

EAPA UK chair Eugene Farrell said: “A sense of financial insecurity is so often a root cause for mental and physical ill-health, they are all bound up together in ways that can create a vicious circle.

“The first job for employers, and in some ways the most important, is making sure people are paying attention to their finances and not sleepwalking into serious problems with debt. That can mean fundamental changes to lifestyle with implications for partners and families, what happens to expectations of treats and luxuries. And that can affect relationships and sense of self-worth.

“This is why the EAP is important versus any temporary offers or even increases in pay — it’s a way for employees to look at the big picture of money, relationships and their health, how their life might have to change and what’s going to work and how.”