Being an Employer of Choice: Mental health and financial wellbeing are inextricably linked!

Sometimes, all it takes to drastically improve your employees’ quality of life is a conversation and guidance that can lead to a positive impact that they feel every day. Nobody is immune to money worries and financial stress. So, let’s get talking, break down taboos and change lives.

Poor mental health and financial problems are often closely tied. Fixing one can often help fix the other. Talking about money worries is a bit of a taboo subject in the UK. The topic is surrounded by stigmas such as debt, poor mental health, and absence from work, so we avoid it. But sweeping things under the rug doesn’t work. Long-term, if we don’t break taboos, taboos can break us.

Financial education plays a huge part in increasing preparedness and reducing stress. But stress and worries can build barriers in people’s minds, a powerful resistance to engaging. They may have the answers but feel overwhelmed or unsure where to start. So, to forge a path forward, we need to be there with them.

To help people see through the haze of financial stress, we need to connect with people as individuals, on their own level.

A vicious cycle

Poor mental health can lead to money problems:

• Depression may lead to a lack of motivation to manage finances
• Manic highs and lows can lead to impulsive financial decisions
• Self-soothing by buying things can lead to overspending

And money problems can lead to poor mental health: Stretched budgets could mean less food, heat, or medicine.  Financial communications might trigger feelings of anxiety and panic and persistent worrying could lead to sleep problems and burnout

This cycle can get out of control, spiralling downward and affecting relationships, work, and every other part of an employee’s life. It’s critical we let them know that help is at hand.

Breaking the taboo

If you don’t offer much support yet, it’s a good opportunity to get employees involved. Ask them what they want and need and build around their answers.

Maybe some want private 1-2-1 meetings, while others would prefer group workshops or an anonymous online forum. By starting the conversations here, you’ll already be taking steps to normalising talking about money and financial stress and showing that it’s important to your business.

Why employers should care

Why dedicate resources and people to tackling financial stress? According to UK charity Mental Health At Work, 66% of employees feel like their company doesn’t care about their financial situation, making them more likely to salary hunt elsewhere and less productive in the working day.

In other words, beating financial stress is in your business’ best interests too. And if you have limited resources, you can partially rely on the government’s Money and Pensions Service.

About Un:Fade Employee Benefits Consulting

Specialists in seamless employee benefits, payroll and fintech solutions consulting. Helping you stand out as an EMPLOYER OF CHOICE by examining your benefits program to ensure cost-effectiveness, and alignment with employee and business goals