- Almost one in two UK adults (45%) don’t feel confident managing their money day to day.
- One in five people say their employer is not doing enough to support their financial wellbeing
You may think that we are pulling your leg with these stats, considering it is April 1st, #aprilfoolsday!
But sadly this is no April Fool’s joke. It is reality in 2022.
Those statistics come from research carried out by the Money and Pension Service and CIPD (The Professional Body for HR and People Development) respectively, and are a worrying indicator of where we are headed if we don’t take action, together as a society.
The CIPD survey (in which YouGov polled more than 2,500 employees) showed that even before the cost of living crisis reaches its full height many employees are struggling financially, and don’t really know where to turn for support.
Around 10% (one in 10 employees) of those who took part in the survey even admitted that they do not think their job protects from falling into poverty!
Employees’ fears don’t end there.
- 28% of those surveyed admitted to having money problems which affect their job. That rises to 34% for those earning less than £20K.
- 19% say they struggle to sleep because of money worries
- Just less than half of those surveyed said their pay would be enough to help them save for retirement
The CIPD says employers need to start offering greater financial wellbeing support to their workers. We totally agree!
The CIPD research also highlighted not only the impact a financial wellbeing service can have, when implemented at the heart of a company, but also the value that the workforce place on it.
So, remember. This is no joke. The time to act is now. Offering help and support to your employees is the RIGHT thing to do. A financial wellbeing programme could make a massive difference to the lives of your people.
If you want to chat about having such a programme in your organisation then get in touch: https://www.lifetime-fm.com/book-a-demo/