Integral to any successful well-being programme is an understanding of the importance of how financial concerns can affect employee mental and physical health, as well as a recognition that, as income providers, organisations play a vital role in their workers’ financial lives. Stress caused by pay levels, lack of financial awareness or an absence of employee benefits can affect work performance. In addition, the perception that their contributions are not being acknowledged can have an impact on employee self-esteem, health and productivity.
To help explore this issue further, the CIPD commissioned the Institute of Employment Studies to look at the impact of poor financial well-being on employees and employers, how the current situation may develop and to come up with practical recommendations about how employee financial well-being can be improved. In addition, the CIPD commissioned YouGov to survey UK workers regarding their attitudes to their finances, the barriers they face in improving their financial well-being and how these can be overcome. Together, the research concludes that there has never been a more important time for employers to support their people in becoming more financially independent.