Written by Jenny Wright, Regional Partnership Manager – Yorkshire & Humber, Money & Pensions Service
The government’s Money & Pensions Service is mindful that staff working/volunteering with people and supporting them into work may be struggling with their own financial wellbeing, especially in these difficult times.
In Yorkshire and Humber we have the following information from our recent Adult Financial Wellbeing Survey.
Financial wellbeing in the workplace.
Almost 8 in 10 UK employees take their money worries to work, affecting their performance. Fortunately there are many ways to champion financial wellbeing in the workplace.
What we mean by financial wellbeing
It is about feeling secure and in control. It is knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future. In short: confident and empowered.
That’s our definition at the Money & Pensions Service. We want to see everyone in the UK making the most of their money and pensions. We give free, impartial guidance that helps individuals make sound financial choices. We also support employers and their partner to improve financial wellbeing at work.
Why it matters in the workplace
Money worries are the biggest cause of stress for UK employees. They are damaging to business, often resulting in staff sickness. The case for financial wellbeing at work is compelling.
4.2 million worker days each year are lost in absences because of a lack of financial wellbeing. That’s the equivalent of £626 million in lost output.
Nearly 7 in 10 UK employers believe staff performance is negatively affected when employees are under financial pressure.
Support for your employees
If you would like to find out how you can use the free MoneyHelper tools from the Money and Pensions Service to support your staff, please contact partners@maps.org.uk
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