In fact 47% of adults1 reported that their cost of living had increased compared to a month earlier and it’s thought that 1 in 82 Brits are actually experiencing in-work poverty.
Financial problems aren’t something that just effect individuals in isolation. Clearly there’s a huge impact on families – and on businesses too.
Money worries can mean people lose sleep, or are contending with cold and hunger - all of which can impact their physical health. They will also be under considerable stress, itself one of the leading causes of sickness absence in the workplace. There is a clear link between financial problems and mental ill-health which goes both ways - with money worries causing anxiety, and mental ill-health affecting people’s ability to manage their finances well.
All of that means that financial wellbeing is currently moving up consciousnesses and agendas in the workplace. Businesses across the UK are looking at how to tackle these issues, from salary benchmarking to flexibility on pay schedules, overtime, and pension contributions, through to signposting, debt support, and specialist EAP programmes.
Not all Equipsme members will have access to the Equipsme support line - provided by our partners at Health Assured, and chosen by around 33% of businesses we work with. But Health Assured have a whole host of freely available information, advice and resources that businesses and individuals can access at any time.
If you or someone you know is struggling with money worries, you can take a look at Health Assured’s Financial Wellbeing articles here. You can also sign up to support webinars, taking place throughout the rest of the year.
Financial webinars:
Bills, bills, bills
11th June at 1pm
Register here
Getting our of debt
23rd September at 2pm
Register here
All our information is desk-based research from credible sources only, including the NHS and medical/disease charities.
Sources:
- https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/expenditure/articles/impactofincreasedcostoflivingonadultsacrossgreatbritain/julytooctober2023
- https://community.cipd.co.uk/cipd-blogs/b/voice_on/posts/now-is-the-time-for-employers-to-take-action-on-in-work-poverty?
Created at May 2024
