Amid the biggest rise in the cost of living in recent memory, nearly one-third of people worry about money on a daily basis.
This worrying statistic is one of the findings of a recent study by financial services firm Wagestream.
It also found that three-quarters of the UK workforce worry about their finances once a week, and more than half say they worry about money more than anything else.
It’s no secret that financial stress can take a toll on our mental and physical health. Constantly worrying about bills, debt and making ends meet can lead to sleepless nights, anxiety and even more severe health issues in the long run.
But what does this have to do with workplace performance? From my experience, the impact can be profound.
Picture this; an employee arrives at work with a cloud of financial worries hanging over their head. It’s like carrying a weight on their shoulders that clouds their focus and drains their energy. Naturally, their performance and productivity suffer as a result.
They may also start missing days as they struggle to cope with the pressure they are under.
When employers actively address and support workers’ financial wellbeing, the results can be truly transformative.
At Gary Walker Wealth Management we collaborate with organisations across Aberdeen and Aberdeenshire to support the financial wellbeing of their biggest asset – their people. We help employees to better understand their own financial circumstances and empower them to make more informed money decisions, wherever they are in their lives and careers.
Our complimentary workshops, delivered by a team of accredited St. James’s Place experts, are invaluable for just about anyone.
Constantly worrying about bills, debt and making ends meet can lead to sleepless nights, anxiety and even more severe health issues in the long run.”
Improving the financial wellbeing of workers isn’t just about providing monetary resources but also fostering financial literacy.
Employers can offer educational programmes and workshops that empower staff to make informed decisions about budgeting, debt management and long-term financial planning. This knowledge equips employees with skills to navigate money challenges independently, promoting lifelong financial stability.
When people feel confident and knowledgeable about their finances they can make smarter choices, both personally and professionally.
This new-found financial literacy positively impacts their overall wellbeing and, ultimately, fuels their performance in the workplace.
Firms can support the future growth and success of their business by committing to a programme, such as the one we offer for free, that nurtures the financial and mental wellbeing of the people who work for them.
It is a win-win situation for employers. It leads to a more engaged, loyal and productive workforce, while contributing to a positive work environment and strong business performance.
Hollie Stephen is a financial education specialist at Aberdeen firm Gary Walker Wealth Management.