Prioritising Employee Financial Wellbeing: A Strategic Imperative for Businesses
In today’s fast-paced business world, supporting the financial wellbeing of employees is becoming a top priority for UK companies. With the rising cost of living and economic uncertainties, many employees are struggling with increased financial stress, which impacts their mental well-being and productivity. Addressing this challenge is crucial for organisations that want to cultivate a positive workplace environment and ensure long-term success.
Research backs up this need: financial stress is currently the number one concern among UK workers, as highlighted by the Champion Health Cost of Living Crisis Survey 2023. According to studies by YouGov Plc and Mental Health UK, a staggering 81% of employed individuals cite money-related worries as a key contributor to burnout and mental health struggles. Furthermore, the PwC Employee Financial Wellness Survey 2023 found that 74% of UK employees seek out employers who actively support financial wellbeing, illustrating the strong link between financial wellness and job satisfaction.
Investing in employee financial wellbeing offers clear advantages for businesses. Companies that provide financial support programs can attract and retain top talent, build a diverse and inclusive workplace, and improve employee engagement. This, in turn, fosters a more productive and resilient workforce, better equipped to navigate the challenges of today’s economic climate.
To support their employees effectively, businesses should focus on a holistic approach that includes educational initiatives, access to resources, and personalised support. Workshops on budgeting, debt management, savings, and retirement planning can empower employees with practical skills. Additionally, offering financial coaching, employee assistance programs, and digital financial management tools can provide the personalised support employees need to build financial resilience and security.
At Roots to Froots, Arlyne has championed this mission of financial empowerment. With a background in finance and accounting, Arlyne founded Roots to Froots to help underserved communities gain control of their financial futures. Arlyne’s vision is to extend this support to more workplaces, offering financial education that truly makes a difference. Under her leadership, Roots to Froots launched the ambitious 10,000 People Project, aiming to empower 10,000 individuals with the tools and knowledge needed to build financial stability.
Partnering with Roots to Froots can be an invaluable step for businesses seeking to prioritise the financial wellbeing of their teams. By working together, companies can provide their employees with tailored workshops and resources that address their unique financial challenges. This support not only boosts morale and productivity but also contributes to a more inclusive and supportive work culture. Investing in financial wellness is not just about benefiting individual employees; it’s about creating a healthier, more successful business environment. Reach out to Roots to Froots today to learn how we can help your organisation thrive.