Corporate Adviser
  • Content Hubs
  • Magazine
  • Alerts
  • Events
  • Video
    • Master Trust Conference 2024 videos
  • Research & Guides
  • About
  • Contact
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG
No Result
View All Result
Corporate Adviser
No Result
View All Result

Financial problems ‘hidden epidemic’ in workplace wellness

Employers urged to address issue to boost productivity levels and improve employee mental health.

by Emma Simon
November 26, 2018
Share on FacebookShare on TwitterShare on LinkedInShare on Pinterest

More than half of employees with financial worries say they underperform at work, according to new research. 

MetLife said this showed these financial problems were causing significant problems for employers and were a ‘hidden epidemic’ for those tacking workplace wellness. 

MetLife research has found more than half (55 per cent) of employees with financial problems admit they achieve less at work than they would like, while nearly two out of three (66 per cent) of those with financial worries show signs of poor mental health.

At its ‘Rethinking Employee Financial Wellbeing Symposium’ MetLife says employers can address these issues by adopting techniques from behavioural economics which do not need major investment but can deliver short- and long-term business benefits.

MetLife’s own data  shows nearly two out of five (39 per cent) of employees live from payday to payday and 60 per cent are concerned about job security. 

MetLife UK’s employee benefits director Adrian Matthews says: “A comprehensive approach to employee mental health has to include efforts to support financial wellbeing across the workforce. Employers are uniquely positioned to help.” 

But he points out that there is not a single thing that will address the issue in totality. 

“Financial education on its own is not sufficient, especially for people under stress or suffering poor mental health. The sheep dip approach where everyone gets a 15- or 20-minute talk needs to be a thing of the past.”

He says financial wellbeing is driven by a combination of being in control; having the capacity to withstand financial shocks; confidence in the future; and choices on how to spend and save. He adds that if any of these are missing financial resilience is weakened.

Actions to help promote financial wellness can be relatively low-tech and do not involve major investment, the symposium heard. Changing financial behaviour can be as simple as amending communications and forms as well as adapting scripts for call centres.

Employees need to buy in to the process and solutions for their financial issues need to be signposted and focused on progress and commitment. Behavioural techniques such as closing the intention behaviour gap and leveraging social norms to help drive good habits can help.

However, experts advised that the key issue is to have the conversations about financial worries and increase engagement with staff about benefits and how employers can help. 

VIDEO

Corporate Adviser Special Report

REQUEST YOUR COPY

Most Popular

  • Ros Altmann: Link tax relief to higher allocations to UK investments

  • Barnett Waddingham connects first client to dashboard

  • TPT first provider to confirm CDC plans

  • Govt set to delay announcement of ‘Mansion House Accord’

  • Aviva appoints Noon as Master Trust chair

  • 1.6m more people facing poverty in retirement: Scottish Widows

Corporate Adviser

© 2017-2024 Definite Article Media Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy policy
  • T&Cs
  • Contact

Follow Us

X
No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.