Why Is Financial Wellbeing So Important?
September 6 2018Read more
Everybody experiences stress in the workplace at one point or another, but when financial worries are a constant factor in your life it can be devastating to your productivity and mental wellbeing.
Employee wellbeing is made up of a range of different factors, but financial wellbeing is particularly important as poor financial wellbeing can lead to the greatest sense of insecurity and unhappiness. With research carried out by Barclays showing that 1 in every 10 employees is silently struggling financially, it’s important for financial wellbeing to be considered more seriously within the workplace.
Although the burden of financial stress can be avoided through sensible budgeting, saving, and living within your means, there’s also a lot that your employer could be doing to improve your financial wellness, reduce your money-related stress, and boost your productivity.
When you’re suffering from money worries, there can be a number of direct and indirect reactions.
Reduced motivation in the workplace might result from a lack of financial wellbeing, as you can feel undervalued, distracted, and hopeless. Financial wellbeing can also contribute towards severe mental health conditions such as anxiety, depression, and high stress levels. Money-related stress can be a trigger for these conditions, all of which can drastically affect your ability to work happily and productively.
At its worst, poor financial wellbeing can affect your physical health as you may struggle to purchase medication you require, pay for gym memberships, or even pay for food for yourself and your family.
With half of employees in the UK saying that the workplace negatively affects their wellbeing, its’s time for a change. Employees aren’t the only ones who can benefit from better financial wellbeing in the workplace, management can also see gains through improved productivity and morale in employees who feel secure financially.
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