UK 
United States
The much talked about ‘cost of living crisis’ might well have lessened in recent months, but evidence that it still persists is all-too clear.
Whilst inflation might well be down on previous double-digit levels, the fact remains that over the past four years, the rate of change in everyday prices has stayed stubbornly high and is currently at its highest level since the early 1990s. According to the Resolution Foundation, real household income is predicted to fall between 2025-2027, after inflation, council tax rises, NI payments plus other taxes are accounted for. Meanwhile, the Work Foundation reports that one in six workers are either struggling to pay- or are unable to pay, their household bills each month. Some 43% say they have little or nothing left after paying their bills.
The need for financial wellness
Employers have been directly feeling the affects of this, with poor mental health now the biggest cause of sickness absence. Poor metal wellbeing is well-known to be significantly impacted by poor financial wellness. It’s why, unsurprisingly, the CIPD reports seeing a 33% rise in demand for financial wellness initiatives from employees in the last few years.
Fiona Smith
Senior Business Partner
Cogniscant that better financial wellbeing creates happier, healthier employees is top independent law firm, Burges Salmon.
Already a 2025 ‘Best Law Firm to Work at’ [by legal news platform RollOnFriday] for the fourth consecutive year, it’s recently become one of a growing number of enlightened employers that has decided to incorporate specific financial wellness into its benefits suite. And the choice it’s made is to offer personalized money advice sessions for all staff.
