Money and mental health: Why workplace well-being counts

As an employer, supporting the general well-being of your workforce is a win-win situation – after all, it’s good for them and good for business, right? Yet alongside promoting physical and mental health, there’s the issue of financial well-being to consider, too. For World Well-being Week, we shine a light on this subject and discuss how you can best support your team.

A company’s biggest asset is its workforce, and savvy business owners are keen to seize any opportunity to support their team. But it might not be that clear-cut for employers to know how best to safeguard the well-being of their staff, especially when it comes to finances.

In light of the current cost-of-living crisis and the resultant impact on mental health, financial well-being has markedly moved into the spotlight.

The burden of finances

But what, indeed, is financial well-being? According to the Money and Pensions Service, it’s all about feeling secure, confident and empowered, as well as having control of your finances. A lack of financial well-being can have serious and long-term ramifications for individuals, households and employers.

Finances are often the main cause for concern for the majority of people. So it goes without saying that financial stress can be damaging to an individual’s mental health and therefore on their ability to perform well in the workplace.

Well-being within reach

One thing’s for certain, it’s in any organisation’s best interests to take this issue seriously, given that employees are their most valuable asset. Employers are often the first port of call when workers seek support with their financial well-being, yet many businesses are still unsure how best to support employees in this regard.

Here are five ways that you can offer your employees emotional and practical support to help boost their financial confidence and well-being and help them feel on top form:

  1. Engage with wider discussions about financial well-being and mental health to help normalise these conversations with your team. As well as World Well-being Week, there are various opportunities throughout the year for employers to take part in these discussions, such as Talk Money Week, Mental Health Awareness Week and Debt Awareness Week.
  2. Launch a staff survey to help you understand your team’s money worries and what support they’d find helpful. Use the responses to build financial well-being as part of your well-being strategy, involving your colleagues, leadership, finance and HR functions.
  3. Promote the support your organisation offers at key life stages – such as retirement and parental leave. Translate these packages into real conversations so that employees can understand what it means for them.
  4. Promote the financial well-being support you provide, such as employee assistance programmes, workplace pensions, childcare vouchers, season tickets or cycle to work loans, credit union partnerships or pre-retirement support.
  5. Review your onboarding process – help new team members understand and make the most of any employee benefits you offer, as well as make them aware of the support in the workplace.

Employee financial health checks

It’s also important to signpost your employees to helpful resources. One way of doing this is partnering with a financial organisation. At Wellesley, we offer a financial health check service, where we provide your employees with one-to-one personal finance advice, helping to give them confidence and support them to feel in control of their money.

If you’re interested in organising quarterly financial health checks for your employees with a Wellesley adviser, contact us today!


Leading from the front

But it’s not just employees who are feeling the squeeze. The pressure on business owners and the self-employed has intensified in recent years – and this can feel isolating. Taking a proactive approach to talking about financial matters can have a positive effect on your mental health. Outsourcing financial planning – just as you would with any other business need – can mean you have one less thing to organise.

Talk it out

It’s clear that investing in your and your employees’ well-being isn’t just common sense – it’s business sense, too. Working with partners, such as financial advisers, can also help empower you and your team to feel well-equipped to make the best financial decisions – the value of which can be priceless.

If you’re interested in discovering more about how the team at Wellesley can support you and your team, please get in touch.

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