Money worries - a growing challenge for automotive families

Money worries are one of the main reasons people reach out to Ben for support. We’re living through challenging times, where cost-of-living pressures have become a daily reality for many automotive families and individuals.

In recent years, Ben has supported a growing number of people with urgent financial needs - helping put food on the table, paying utility bills and covering rent to keep a roof over their heads.

Unsurprisingly, financial stress rarely exists on its own. Money worries are increasingly affecting people’s wider health and wellbeing, meaning we’re now seeing more complex and overlapping challenges than ever before.

Why is this a problem for employers?

Money worries remain a significant issue across the automotive industry, with many workers still feeling the effects of rising living costs. According to Ben’s recent survey report, 1 in 6 people are skipping meals, and 1 in 5 have experienced debt problems.

These pressures add to everyday life stresses and are having a clear impact on mental health which is also a continuing and worrying trend within our industry.

This is reflected more widely too. The Financial Wellbeing Index, which surveyed over 5,000 UK workers, found that 77% say money worries affect them at work. Financial stress is often linked to higher levels of anxiety, low mood and depression. As a result, employers are seeing the knock-on effects through increased absence, reduced productivity and challenges with retention (All Close Brothers).

What can employers do?

Employers have an important role to play in supporting employees who are struggling financially. Here are some practical ways to help:

• Promote self-help resources

  Make financial wellbeing resources visible and part of regular employee communications. Employers can signpost staff to the money section of Ben’s website, which offers a wide range of guidance and support: www.ben.org.uk/money.

• Upskill managers

  By developing managers’ communication and observation skills, they can better recognise when someone is struggling and feel confident having sensitive conversations about money worries and debt.

• Support financial skills development

  Providing opportunities to improve numeracy, budgeting and money management skills can empower employees and reduce long-term financial stress.

• Improve onboarding and employee experience

  A strong onboarding and induction process helps employees fully understand their benefits, including pensions, reward and recognition schemes.

• Encourage open conversations

  Talking about money isn’t easy, but avoiding the subject can increase stress and anxiety. Creating a supportive culture makes it easier for people to ask for help early.

• Build financial wellbeing into your strategy

  Providing financial literacy information and advice should be a core part of an organisation’s overall health and wellbeing approach.

How Ben can help

Automotive industry people can turn to Ben for confidential support with money worries, and employers can partner with Ben to support their workforce.

• Employees can visit www.ben.org.uk/gethelp to get in touch
• Let employees know they have free access to SilverCloud, Ben’s therapeutic platform, which includes a programme specifically focused on money worries: www.ben.org.uk/silvercloud
• To find out more about how Ben can support your organisation and improve employee health and wellbeing, visit: www.ben.org.uk/business.