Six in 10 employees feel that their behaviour changes when they are under financial pressure – which has obvious implications for the wellbeing of the individual as well as the employer.
This figure, taken from Neyber’s study into financial wellbeing of employees found, grew for the younger workforce – 72% of those under the age of 34 said their behaviour changes when they are financially pressured.
Writing in his blog, Dr. Christopher Awosika explains that finances do have the ability to impact our mental and physical health.
He wrote: “Whether you’re worried about paying rent or paying a mortgage, finances can weigh on your mind and affect your mental (and sometimes physical) health.
“When you feel out of control, it can make you feel insecure which can lead to anxiety and depression.”
Employers notice this change. 69% of employers surveyed by Neyber said they believed an employees’ job performance was negatively affected when they were under pressure.
Furthermore, 62% of employers thought that when an employee was under pressure it impacted their ability to seek help – with those under the age of 44 least likely to reach out when under pressure.
To alleviate this negative impact, employers can begin to broach financial wellbeing initiatives with their employees to help mitigate the perceived negative impact of financial pressure.
Speaking exclusively with HR Grapevine, Monica Kalia, Co-Founder of Neyber, explained that financial wellbeing incentives bring a boost for both employers and staff when implemented into benefits strategies.
She said: "Companies have started to understand that responsibility for employees' financial wellbeing doesn’t just begin and end with the pay cheque.
“Furthermore, financial wellbeing is now increasingly viewed as an integral part of a wellbeing and engagement strategy - alongside more established aspects of wellbeing such as mental and physical wellbeing.”
To learn more about the financial wellbeing of UK employees, download the DNA of Financial Wellbeing 2018 report below.
