During the current cost-of-living crisis employers are being urged to not lose sight of the wellbeing of their workforce.

Indeed, the importance of an employee’s financial wellbeing cannot be underestimated.

At Lifetime we know just how vital it is, and we have the statistics and benchmarking to prove it. For example:

• Over 90% of employers have acknowledged that their financial situation could affect their mental health
• 65.59% of employees said they did not have a plan to navigate the cost of living
• 52.83% of workers said they would benefit from financial planning
• 81.45% said that having financial wellbeing would make them feel more secure
• Over half of employees (51.42%) admitted that they couldn’t support three months’ worth of outgoings if they found themselves unable to work
• Sleepless nights, stress and worry all impact on an individual’s ability to perform their tasks at work

We are sure that as an employer these come across as ‘stand-out stats’ – ones to take note and act upon.

Arguably the biggest ‘why’ when it comes to having a financial wellbeing benefit in your workplace is simple: it is the right thing to do for your people.

The happiness of your employees is imperative. Help them get to grips with their finances. Support them. Provide the necessary guidance and education. Give them the tools to thrive.

Protecting the true driving force behind every organisation – your people – cannot be wrong!

If you think about the 65.59% of people who haven’t a plan to navigate the cost of living, they are probably struggling massively to sleep at night, or have a bad work/life balance because they are unable to enjoy their day-to-day existence. Now it is understandable that perhaps no-one wants to directly think about the impact of one person’s mental health on others, but it is definitely prevalent.

It is frightening when you see the impact of poor financial wellbeing. These ‘stats’, and the people and personal struggles they represent, are pretty stark.

That’s why a beneficial financial wellbeing programme, embedded into company culture, can prove so valuable.

Employees are seeking help, and inaction is not an option anymore.

• Employers interested in helping their people can book a chat to find out more about Lifetime’s financial wellbeing proposal: https://outlook.office365.com/book/[email protected]/