Better financial support ‘would boost loyalty and productivity’

Many people would work harder and stay loyal to a company if they were given better financial support.

According to Wagestream, money worries are the biggest concern for employees right now, ahead of issues such as their mental and physical health.

As a result, many would like to get more support and guidance on looking after money from their employer.

Figures showed that if the right help was in place:

• nearly one in five (18%) would work harder
• one in five (20%) would focus more at work
• more than one in four (28%) would be more likely to keep working for a company

Meanwhile, nearly half (48%) said they’d move to another employer if they offered better financial wellbeing support.

Wagestream pointed out that the vast majority of UK employers do have financial wellbeing support in place.

But the survey showed that just one in five employees think this meets their needs.

In addition, less than half (46%) said they believe their employer cares about their financial wellbeing.

“For decision-makers across HR, reward, benefits and executive leadership, the imperative is clear,” said Prelini Udayan-Chiechi, chief marketing officer at Wagestream.

“Fostering financial resilience is not only a moral responsibility, but also a distinct strategic advantage.”

Figures from Wagestream show that almost a third (31%) of employees are worried about money right now.

That’s up from 19% last year.

Meanwhile:

• over a quarter (27%) said they worry about money every day
• almost half (48%) worry about money at least once a week
• four in 10 (42%) have overwhelming concerns about their finances

One particular problem is that many working people have little to no money in savings.

The study found that a third of employees have £500 or less in savings, while one in six don’t have any money saved at all.

And worryingly, almost half said they believe setting savings aside this year isn’t realistic.