An employee’s financial wellbeing cannot be underestimated

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An employee’s financial wellbeing cannot be underestimated

Lifetime news

Posted on: 27/03/2023

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.

Here at Lifetime we know just how vital it is, and we have the statistics and benchmarking to prove it.

For example:

  • 89.15% of employees surveyed by Lifetime (in our 2022 Autumn/Winter Employee Survey) were worried about their financial future
  • 26% are working from pay cheque to pay cheque
  • 13.56% can’t meet their monthly expenses
  • 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 they 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.

Protecting your most valuable assets – your people – cannot be wrong!

If you think about those 13.56% of people who can’t meet their monthly expenses, 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, is so crucial.

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


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