Your financial health also affects your mental health

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Your financial health also affects your mental health

Lifetime news

Posted on: 10/05/2022

There’s an important theme running through this week.

And we want to play our part in highlighting it!

It is…..Mental Health Awareness Week!

Your mental health is so, so important. It can affect how we feel, think and act. It can heavily influence our emotional, psychological and social wellbeing.

At Lifetime we believe that your financial health also affects your mental health.

Indeed, one in four employees say they lose sleep about financial concerns and eight out of 10 take those worries into the workplace.

Employees with money worries are almost five times more likely to suffer from depression while four out of five workers, according to PwC, find it impossible to get from one pay cheque to another.

Those are concerning statistics.

The awareness and concern for mental health has increased throughout society, but the link between financial and mental wellbeing is clear. There is no point in businesses spending money attempting to improve their employees’ mental wellbeing without a focus on financial health too.

Money is tough to talk about, even with those close to us. Only five out of 10 workers surveyed by Lifetime said they were confident and knowledgeable about general financial matters.

Only 27% said that they have a clear idea about when they will be able to retire.

Discussing money worries with your employer would, to most people, be an even more uncomfortable situation, so having an independent, trusted service – available 365 days a year – can help overcome that barrier.

This isn’t just about debt or about being hard up, it’s about engagement with all aspects of your personal finances and how that links to your professional life too. It’s about education – understanding and demystifying personal finance, starting with the basics like how to read a pension statement. According to the CIPD, 62% of 18-25-year-olds want to save for the future, so there is a will and desire to engage.

Encouraging employees to talk about money and giving them answers in a safe, neutral environment could change their whole financial perspective, helping them enjoy the here and now, while also planning for the future. Questions that staff may be asking themselves might include: Can I afford to buy a house or start a family? How should I budget for my weekly shop? Will my family be OK if I am unable to work? When can I retire? Or, will my current pension provide a comfortable income in the future?

If you want to help your staff answer the big questions in their lives, then let’s have a chat, https://www.lifetime-fm.com/book-a-demo/

  • Mental Health Awareness Week runs from 9-15 May. This year the aim is to raise awareness of the impact of loneliness on people’s mental wellbeing and the practical steps which can be taken to address it.

#mentalhealthawarenessweek #mentalhealthawarenessweek2022


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