Financial health has become the biggest concern for employees, a new survey by Evelyn Partners has found.
In a survey of 500 business owners, 30% of business owners see financial health, amid the cost-of-living crisis, as the leading concern among employees.
Work/life balance (29%) and mental health (27%) are also seen as key worries for employees. These rank more important than job security (24%), childcare during working hours (22%) and performance targets (17%).
The findings come as Evelyn Partners launches a new employee financial well-being service for organisations to help staff manage their money more effectively.
As part of the service, employees of any level – from junior through to c-suite – can meet with a dedicated financial coach up to four times a year. Through an app, employees of the service are given 24/7 access to digital support including goals tracking and budgeting tools, educational content and financial health checks. Employees will be able to view all their accounts, including banking and pensions, in a single place.
Senior executives with more complex financial affairs, can access executive consulting, meeting with financial planners and tax advisers.
Evelyn Partners will also host both in-person and online bespoke educational seminars for subscribing firms on a range of topics including saving for a house deposit and planning for retirement.
Business risk
Tom Shave, partner at Evelyn Partners, said employees’ financial wellbeing should be viewed as a business risk.
Shave said: “Absenteeism due to stress is a significant problem and a factor driving worrying levels of economic inactivity in the UK. Employees under financial stress are far more likely to suffer mental health problems that could impact their concentration levels and relationships in the workplace, dampening productivity in the process.
“Positively, many employers have become increasingly attuned to the physical and mental wellbeing of their employees in recent years, a consideration that accelerated enormously during the pandemic when staff were required to work from home or put on furlough.”
Shave said an increasing number of businesses are putting more effort and resources into the non-remuneration aspects of the packages they offer to existing and prospective employees.
He added: “Given the well-established link between money worries and stress, we believe that financial wellbeing should be considered as a core component of the benefits offered to staff.
“Our new offering provides organisations with a comprehensive service to improve engagement with their employees at all levels of the organisation and help them gain more confidence about their financial futures.”
