Wellbeing strategies that focus only on physical and mental wellbeing are missing a key piece - financial wellbeing. Without it overall wellbeing cannot be achieved and worrying about money can also impact mental and potentially physical health.
A focus on financial wellbeing is becoming even more important with the rise of defined contribution pensions, increasing longevity and the increased responsibility this places on all individuals to take control for and plan their finances for today and for their future.
Our research in November 2015 showed only 24% of employers have financial wellbeing as part of their overall wellbeing strategies. You Gov Barclays research in 2014 confirmed 1 in 10 employees worry about money with 1 in 5 losing sleep over it and estimated a 4% loss of productivity due to employee's financial worries.
Financial wellbeing is an increasingly important focus for organisations who want to make a difference for their people and to their business so it must be included in wellbeing strategies for holistic wellbeing to be effective.
Workplace health and wellbeing programmes aim to make employees healthier, happier and more productive. But, as well as evolving to reflect the latest thinking in health and wellbeing, these programmes can also adapt to help address some of the key challenges organisations are facing. For many employers, one of the most significant challenges they are facing is the ageing workforce. Government figures published by The Parliamentary Office of Science and Technology in October 2011, An ageing workforce, show that a third of the workforce will be aged 50 plus by 2020, with the number aged over 65 already well in excess of one million.