A third of UK workers’ (33 per cent) greatest concern are their finances, according to DNA of Financial Wellbeing study, which surveyed over 10,000 employees and 500 employers. Finance is closely followed by health (29 per cent) and a good work / life balance (28 per cent).
However, employers believe that the greatest worries of their employees are their work / life balance (43 per cent), workload (40 per cent) and career development (38 per cent) with 33 per cent worried about their financial security.
Three-in-ten (29 per cent) UK employees say that they are unhappy with their career, and more than a quarter say they were not happy with their physical health, both of which can have a significant impact on wellbeing.
Unsurprisingly, employers consider their employee financial well-being to be important for staff productivity. They also recognise the inability of their staff to focus when they have financial worries and the knock-on impact on both their behaviour and job performance.
Encouragingly, some Human Resources teams are recognising the importance of providing greater support to workers, 16 per cent say physical wellbeing and 17 per cent say financial wellbeing of staff was a priority.
A fifth of employers (22 per cent) say that improving or developing the employee benefits package is a priority. For instance, Neyber highlights how workers who are struggling from month to month and who are regularly borrowing to meet basic financial needs and will therefore struggle to take advantage of other employee benefits.
Neyber co-founder and chief strategy officer, Monica Kalia, says, ‘Employee wellbeing should be of utmost importance to employers. We’re slowly seeing a recognition of this amongst organisations, who are considering employee finances as part of overall happiness. Ultimately improving the happiness of employee will improve the overall productivity, so it is in company’s best interests to ensure their happiness and financial wellbeing.’
Further reading on employee wellbeing
