If you’re struggling with the recent increased cost of living, you’re not alone. A recent survey by the BBC has reported that 81% of the British public are financially worried and over half who completed the survey have been buying less groceries and skipping meals. But the problem goes beyond just food, many people including your employees, have cut spending on shopping, socialising, household appliances and transport. Janine Cowell, who has now started growing her own vegetables to save money is one of the many who have had to alter their living conditions to manage the increase. “Those people who may not have worried about these things before are now worrying about them constantly.” She shares.
But as decreasing your cost of living becomes a priority, financial anxiety can increase leaving your staff feeling overwhelmed. Here are our expert tips on supporting employees with their financial anxiety.
1. Show your understanding of their difficulties
Mental health and money are intrinsically connected. Staff with mental health difficulties are more likely to struggle with their financial wellbeing and vice versa. While every employee will be in a different financial situation, financial anxiety doesn’t discriminate. Talk to your employees and let them know you’re on their side and doing your best to support them. Let them know that they can come to you if they are struggling financially. If you spot the signs of an employee struggling such as decreased productivity, isolation, and increased irritability; reach out to them and start a conversation. Just talking can provide a huge relief.
One way of supporting your staff’s wellbeing is by offering wellbeing resources. The OptiMe app provides a range of wellbeing resources that can help reduce financial anxiety such as relaxation exercises and our OptiMe wellbeing support line – confidential and open 24/7, so employees can talk through their worries in a safe environment.
2. Provide financial education to your employees
Educating your employees on how they can manage their finances will help them feel more in control during this unpredictable time. Provide educational financial resources for
employees so they can make practical everyday changes. Workshops on the OptiMe app cover a range of educational financial wellbeing topics such as ‘Discover smart money saving tips’ and ‘An introduction to budgeting’.
3. Check what financial support is available to your employees
Remind employees that there’s no shame in struggling financially and encourage them to reach out for financial support. Visit Citizens Advice to see what financial support is available near you. This includes support for food, household necessities and energy bills. Visit the help and support page on the OptiMe app to find a range of support organisations.
Are you looking for support with your employee wellbeing? Your employees’ wellbeing is important to us. We help you create a positive working environment that supports your team to flourish, stay connected and reach their full potential. From increased productivity and better employee engagement to reduced sickness absence and higher retention rates, investing in your employees’ wellbeing has outstanding benefits for your people, business, and communities. Click here to sign up and receive a free trial of our OptiMe app today!