There is a rapid rise in the number of employees reporting a lack of financial wellbeing support in the workplace.
That’s according to the results of BrightPlan’s 2022 Wellness Barometer Survey.
The survey suggests that since 2021 there has been a significant increase in employees reporting financial stress.
Seventy-two per cent of those employees surveyed said they are stressed about their finances – which in turn affected their mental and physical health, as well as workplace productivity.
With a worrying 11% increase over the past year, employer financial stress is at an all-time high according to the survey.
Emerging from the report as the top financial concern of employees is rising inflation (79%).
Other key employee financial concerns in the report were:
- Retirement planning (59%)
- Market volatility (56%)
- Having sufficient emergency savings (55%)
- Paying off debt (44%)
Financial wellbeing is now the most desired benefit for workers.
It appears that the rise in financial stress has led to shifting priorities for workers.
Benefits that focus on financial wellbeing are now the most desired benefit for employees, having risen from the number three position (with 29%) in 2021, to the number one spot this year (54%).
And nearly nine out of 10 employees (88%) expect their employers to provide tools and resources to help them with their finances.
Employees are also looking closely at their employer for improved health benefits (33%) and flexible time off (30%).
The effect of offering enhanced benefits is noticeable, with 95% of workers saying they would have a positive impact, and that:
- 60% of employees surveyed say they would work harder
- 59% would feel more financially secure
- 58% would be more engaged and productive
- 34% would be more committed, and stay longer
Meeting the needs of every individual in your organisation is a fundamental principle in our financial wellbeing offering. Lifetime passionately believe that we can help people achieve all the things they want, today, tomorrow, and for the rest of their lives. employers, please feel free to book a chat with us: https://www.lifetime-fm.com/book-a-demo/