Wellbeing in the workplace is an executive concern. Most employers have begun to set up financial well-being benefits and initiatives, such as educational tools aimed at helping employees learn how to manage their finances and savings better. Yet, with the ongoing cost of living putting a huge toll on employees’ mental health, financial wellbeing needs to remain a priority for employees, GLORIA NWAFOR reports.
The global cost-of-living crisis has emerged as a catalyst for employees to become more aware of their financial situations, and the need to design campaigns on how the initiatives could support their mental health. The significant connection between mental health and financial well-being is well-known, with financial stress such as debt, unpredictable pay and working hours, and managing unexpected bills contributing to an array of mental health conditions. Employee thriving has implications for workplaces and business performance, as employers who develop a culture of well-being are likely to see benefits across organisational outcomes.
Findings from Financial Wellbeing Research 2024, Reward and Employee Benefit Association’s (REBA), published with WEALTH at work, highlighted that 70 per cent of employers said the mental wellbeing of the workforce was driving change in their financial wellbeing offerings, the highest of all internal drivers. In addition, 62 per cent view a lack of financial literacy as a risk to the workforce, while 28 per cent highlighted not havi.