This report shines a light on how financial well-being can impact not just employee health, but also workplace productivity. Money worries affect people regardless of their age, gender or level of pay, and with one in four admitting it negatively impacts their work, it’s clear that organisations should be focusing on financial well-being as part of their workplace agenda. This will become increasingly important over the next 18 months, as rising inflation is likely to lead to a pay squeeze and increased concerns about personal finances.

Employers not only have a duty of care to their employees but will also see their bottom lines benefit if they invest time in developing a financial well-being strategy and play an active role in supporting staff in this area. Today’s businesses need to consider the impact financial worries are having on employee health, happiness and productivity and look at what they can do to help reduce stress levels.

Pensions changes, increasing life expectancy, uncertain economic times rising inflation and constant changes to the tax system mean that the financial landscape has never been more difficult to navigate. Money worries now weigh heavily on a huge number of employees across the country, impacting their performance in the workplace, so it is more important than ever that employers recognise the role they can play in helping staff to understand and improve their financial well-being. Equipping staff with the tools they need to take control of their finances now and for their future will not only improve their own well-being, it has been proven to boost productivity levels – benefiting both business and workers.

Financial well-being is a sensitive issue, and employers need to recognise that employees may be cautious about discussing their financial circumstances with their colleagues, but getting the system right will ultimately benefit everybody involved. Employers should create a well-rounded reward strategy that recognises this and can flex to meet the individual needs of each employee.