Supporting Workers with Financial Wellbeing AdviceNovember 7, 2023
Nearly half (46%) of workers across the UK have sought financial wellbeing support and advice in the last two months.
This is according to analysis of August and September user data for the Wellbeing Centre of our rewards and benefits mobile app Engage.
The analysis reveals that users accessing resources and support about managing their finances and debts accounted for 46% of all user sessions in August and September – up from 29% in July.
Commenting on the data, our Customer Experience Manager Claire says: “Worry and stress over personal finances has a detrimental effect on mental health and wellbeing, with recent CIPD research finding that well over half (59 percent) of people living in the UK say the cost of living or a change in personal finances has had a negative impact on their mental health over the past year.”
As well as the ‘Wellbeing Centre’, Engage provides users with access to more than 780 discounts on everyday household food and essential items. User data for August and September reveals retailers topping the table for the number of user orders made using the app and its exclusive discounts, were for major supermarkets Asda, Sainsbury’s and Tesco.
“The cost of food and everyday essential items reached record highs in many instances over the Summer months,” says Claire. “Little surprise therefore that nearly half of adults say they are spending more than usual on food shopping, according to figures published by ONS, which also revealed that rising food costs were the most commonly reported reason for 54% of adults reporting that their own cost of living had risen, and that as a consequence, four in 10 (45%) of adults have been forced to buy less in the weekly food shop. It’s good news that the cost of some everyday food items has begun to lower, but in general, the price of the weekly shop is still higher than it was 18 months ago,” comments Claire.
“Financial stress has a significant impact on employees’ overall wellbeing and productivity and concentration levels at work. Providing savings on the cost of essential and non-essential expenses, can ease employees’ worries about money and how or if they can make ends meet. We strongly believe that offering employee discount benefits empowers staff to make smarter financial choices and to stretch their hard-earned money further, and that savings on everyday expenses such as groceries, entertainment, and transportation can help alleviate financial burdens.”
Alongside discounts and benefits, we advise employers to utilise their Employee Assistance Programmes to provide additional access to financial – as well as mental and physical – wellbeing resources and support: “All of these benefits together are great for recruitment and retention, because employees who feel supported and less financially stressed because their earnings are going further, won’t feel the need to look elsewhere for a higher salary to make ends meet,” she adds.
“Together all of this leads to improved financial health for all, higher productivity levels and, best of all, happier employees.”
Our Engage employee benefits and rewards platform can be fully branded for clients, and is supported by a dedicated engagement team who work hard to optimise engagement of the app to well over 80% for all clients. Engage is available in 120 languages, and includes My Training, My Health, My Money, My Discounts, and My Work features. More information can be found here.