Employers are being encouraged to play a more active role in supporting people’s financial wellbeing.
According to Hymans Robertson Personal Wealth, nearly two thirds of couples (64%) say the rising cost of living is making money a bigger issue in their relationship.
That might sound like a domestic problem.
But financial stress doesn’t stay at home.
Why employers should act
Money worries can’t be left at the front door.
They follow people into work and make them less productive.
So it’s in employers’ own interests to get on the front foot and address this issue.
After all, cost-of-living pressures aren’t going away.
In fact, they might be about to come back with a vengeance thanks to the Iran conflict.
“When financial stress goes unresolved at home, it can quickly affect focus, wellbeing and performance at work,” said Ollie Le Farge of Hymans Robertson.
This, he argued, makes financial wellbeing an “increasingly important consideration for employers”.
What employers can do
Hymans Robertson recommends that employers provide access to clear financial guidance, education and practical tools.
This, it says, can help people feel more confident talking about money at home, make them more resilient and limit the potential impact of financial worries on their workplace performance.
The consequences of doing nothing
Mr Le Farge pointed out that many people are open to the idea of getting support from their employer.
However, he warned that if they aren’t given the “right space or guidance”, conversations about money rarely happen either at home or at work.
And this, he said, lets pressure build up.
“When financial wellbeing support works well, employees are more likely to engage earlier, feel confident asking questions and make informed decisions before issues escalate,” Mr Le Farge commented.
“Small, intentional interventions can make a meaningful difference.”
Financial wellbeing support has long-term benefits
With the Iran conflict looming large in the headlines and constant warnings about what this could do to the cost of living, many people are feeling overwhelmed right now.
But Mr Le Farge has stressed that supporting financial wellbeing support isn’t just about “easing pressure in the moment”.
Instead, he believes it can help protect “engagement, productivity and resilience over the longer term, and shows employees they don’t have to navigate these challenges alone”.
Written by James Glynn
Senior Financial Content Writer
