If you simplify overall wellbeing into only two parts, health and wealth; to achieve an improved overall wellbeing you need to improve both.
Until recently, financial wellbeing was missing from the wellbeing strategies of many organisations but a growing body of research is now causing more and more organisations to realise that overall wellbeing can’t be achieved without financial wellbeing and that in actively targeting improved financial wellbeing, there are benefits for the business as well as individual employees.
Close Brothers Business Barometer research in April 2016 found that only 24% of businesses included financial wellbeing as part of its overall wellbeing strategy. The CIPD Financial Wellbeing in the Workplace research in January 2017 shows that a quarter of all workers are so worried about money it is affecting their ability to do their job, this rising to almost a third of workers in London and those aged 18-24.
Money worries don’t only impact younger workers or those on lower earnings, everyone will worry about money at some point during their lives. The CIPD research shows that 20% higher earners’ (£45,000-£60,000) productivity and effectiveness at work was impacted due to money worries. Whilst worrying about how to manage debt was on the list contributing to financial wellbeing concerns, it wasn’t top of the list – it was 4th after earning a wage sufficient to support a reasonable lifestyle, saving for the future and being fairly rewarded for the work they do.
People worry about money at different stages in their lives like saving for a home, the cost of raising a family, funding relatives in care, where to invest their savings, losing their job, providing a buffer for financial shocks and so on.
Improving financial wellbeing not only benefits individual employees, it is also good for business helping to increase engagement, retention and productivity.
Adding financial wellbeing to an overall wellbeing strategy need not be complex or expensive. Start with the key risk areas and build from there.
48% have access to workplace wellbeing tools 21st March 2017 11:26 am Nearly half (48%) of respondents are offered tools by their employer that are designed to promote wellbeing in the workplace, according to research by Robert Half. It's the secrets of the happiest companies and employees report, which surveyed 2,000 UK adults who work on a full or part-time basis, The research also found: 63% of respondents experience stress in their jobs. 17% of respondents are able to leave work early on a Friday, and 11% are limited in the amount of overtime they can do. 17% of respondents can utilise flexible-working policies. 15% of respondents have access to a subsidised gym membership, 10% of respondents have access to corporate sporting and fitness activities, and 9% can take advantage of tools that encourage physical activity, such as Fitbits.