Helping employees with money worries

We’re currently living in uncertain times, with cost-of-living pressures taking a toll and we’ve been supporting many more people with their finances. It's also, unsurprisingly, impacting on other areas of their health and wellbeing.

Money worries are one of the biggest reasons why people are contacting Ben for support. We’ve also been providing more funded support for people by putting food on their tables, as well as paying utility bills and rent to keep the roofs over their heads.

Why is this a problem for employers?

The financial wellbeing index surveyed over 5,000 UK workers and a huge 77% said that money worries impact them at work. Money worries also tend to be accompanied by higher levels of stress, anxiety, low mood and even depression. So, it’s no surprise that employers report being affected by increased absence, reduced productivity and retention related to employee’s money concerns (All Close Brothers).

What can employers do?

Here are some tips for supporting employees with money worries:

• Making self-help resources available and part of employee communications is a great way to raise awareness and signpost people to relevant support. Employers can direct their employees to the money section on Ben’s website where there is lots of support and guidance available: www.ben.org.uk/money. 
  
  
• By upskilling managers, developing their communications and observational skills, they can identify when an employee is struggling and feel confident having difficult conversations about money worries and debt. 
  
  
• Providing the opportunity for individuals to improve their numeracy and money management skills is another good way to support them. 
  
  
• Offering a great onboarding, induction and employee experience is important in helping employees understand their benefits such as pension, reward and recognition.
   
• Conversations about money aren’t easy, but not talking about it can lead to stress and anxiety. 
  
  
• Providing information and advice to support the financial literacy of the workforce can become an important part of an organisation’s health and wellbeing strategy.
  
  
• Automotive industry people can turn to Ben for support with money worries and industry employers can work with Ben to support their employees - tell them to visit www.ben.org.uk.
  
  
• Inform them about our therapeutic platform, SilverCloud, which they have free access to. SilverCloud has many programmes available including one on money worries: www.ben.org.uk/silvercloud. 

To find out more about how Ben can support your organisation and the health and wellbeing of your employees, visit www.ben.org.uk/business.