Financial wellbeing - the last great taboo
Did you know that people across the UK are more comfortable talking about mental health and infertility than they are about money?
According to The Employers Guide to Financial Wellbeing, 36% of UK employees have financial worries, and as a consequence are more likely to experience mental or physical health illnesses.
24 July 2020 | 2 min read
Ben Massey
Financial worries are also a concern for employers – when their people are burdened by money concerns they are 12 times more likely to not complete daily tasks; are 7 times more likely to have troubled relationships with work colleagues and are also more likely to actively look for a job elsewhere.
Here are some great ways of seeking help or being a little bit more mindful when it comes to expenditure:
Mindful spending
In your brain, there’s an internal battle going on between your impulsive limbic system and your more logical frontal cortex. During lockdown you may have found yourself spending more time and money shopping over the internet? If so, why not make it a little bit harder to finalise your purchase.
By removing your debit/credit card details from online accounts you’ll give yourself just a bit longer to consider the likely impact of that purchase, and whether or not you really need the item at all.
Resist the impulse purchase
And before you proceed to the checkout to finalise your purchase, pause… why not wait ten minutes, an hour, 24 hours or even a week to decide if you really need the item. Pausing can help prevent those feelings of guilt that often result after an impulsive purchase. Then, if after a time you still decide you need and want the item, purchase it - guilt free.
Don’t be afraid to speak up
According to the Employers Guide for Financial wellbeing (2019), most of us tend to be more stressed about money than anything else. If you are struggling with financial concerns, it’s understandable to feel alone, but you don’t have to be, there are organisations that offer free, impartial advice to help you.
‘We are more stressed about money than any other area of life.’
Support is at hand
Offering financial wellbeing support to your employees can be a very positive step to combat this issue. RPS offers wellbeing sessions that are designed to create a relaxed environment to encourage people to be more open than they might under normal circumstances.
And an Employee Assistance Program (EAP) provider can also support struggling employees sensitively and confidentially.
If you'd like more information about how RPS can support you, perhaps you'd like to attend our wellbeing workshops, then please don't hesitate to get in touch: ben.massey@rpsgroup.com.
Ben Massey
Business Development - Occupational Health & Hygiene