What can employers do?
First, create an understanding in your organisation about the relationship between mental and financial wellbeing. They are too interconnected to be addressed separately.
Three steps you can take are:
Help break down the stigma and encourage openness. We all have mental health and money plays a big part in it.
Build financial capability with accessible financial education that coaches rather than preaches.
Make sure you offer financial benefits that allow people to take action and make a positive change. Improving financial education is essential, but if an employee is excluded from mainstream credit they may not be able to take action on advice to pay off debt. Providing a route out from under the weight of debt can have a huge, same-day positive impact on their wellbeing. Adding the capability to start a savings habit can create the foundation for a new, more financially secure future.
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