How to achieve financial wellbeing in the workplace

In the midst of a cost-of-living crisis, finances are at the forefront of everyone’s mind – here’s how you can develop a robust approach to support your staff with financial wellbeing in the workplace

CREDIT: This is an edited version of an article that originally appeared on NHS Employers

A quarter of people in the UK are suffering with money problems so substantial that it is affecting their ability to do their job, according to a new survey carried out by CIPD and Close Brothers Asset Management of more than 1,800 UK employees. 

The number reporting problems rises to a nearly a third (31%) among 18-24 year olds, and those living in London (32%).

Money problems can affect the ability of staff to do their job. Here are some more statistics from the aforementioned survey:

• One in four people are performing poorly in work due to substantial money worries
• Over a third of people are unprepared for unexpected financial costs or a loss or income
• Two in five employees worry about their finances always or often

Healthy financial wellbeing can be defined as ‘how much your financial situation and money choices provide you with security and freedom of choice.’

Financial wellbeing is now more important than ever. As the cost-of-living crisis continues, it is having a detrimental impact for some of our NHS staff. 

This has led to NHS organisations reviewing their current employment packages to support their staff’s financial wellbeing, as ensuring that a comprehensive employment package is offered to staff will contribute to retaining valuable talent and help make you an attractive employer for new recruits.

Advice and recommendations for employers:

• One common misconception around financial wellbeing is that it isn’t the employer’s responsibility, it’s down to the individual. However, the reality is that financial wellbeing is a shared responsibility between the employer and employee
• To support employers, NHS Employers have created an area on its website called the cost of living and good employment, which brings together important resources, examples of good practice and practical examples of what organisations in the NHS are doing now
• Our developing a financial wellbeing strategy guide supports you to establish the foundations you need to develop a robust approach to support your staff with financial wellbeing in the workplace. It includes a four-step approach which means you can start your journey at whichever point is relevant to your organisation

For more information and guidance, view NHS Employers’ financial wellbeing infographic, that looks at what being financially healthy looks like and some of the myths and realities of financial wellbeing.