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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.

Financial well-being

What matters to employees - financial well-being

The employee view

This survey of employee views on financial well-being is based on the findings from a survey of 1,817 working adults, across all industrial sectors. The survey was done on our behalf by YouGov – and was conducted online via the YouGov panel.

Financial well-being not only affects individual workers but it also impacts business performance, as this report helps to illustrate; one in four workers report money worries have affected their ability to do their job, one in ten say they have found it hard to concentrate/make decisions at work because of money worries and 19% have lost sleep worrying about money, all of which impact productivity. This provides a compelling case for employers to take steps to improve their workers’ financial well-being and so their businesses' bottom line.

Read the full report below and view the infographic below:

This report presents research evidence that shows poor financial well-being impacts on health in terms of poor psychological well-being, higher stress and anxiety levels, and lower levels of good health. In turn, this affects productivity in terms of poorer job performance, short-term decision-making, reduced ability to concentrate, lower productivity and absenteeism. There’s a clear case for taking action and supporting employee financial well-being, making it an integral part of creating a healthy workplace where people can flourish, reach their potential and make a significant contribution to their organisation’s performance. There’s also of course the ethical argument: we should take action because it is the right thing to do.

Read the full report below:

This guide is aimed at leaders and HR professionals in organisations of all sizes and in all sectors that want to improve the financial well-being of their staff. It offers a menu of options that you may want to consider, from starting to develop a financial well-being strategy to refining what you are already doing, and illustrates key steps along the journey for organisations to help their employees make better financial decisions, with benefits for organisations and workers alike.

This report provides insights about using behavioural insights approaches to influence employee behaviour. It is aimed at organisations already planning or taking action to help support employee financial well-being.

It’s aimed at leaders and HR professionals in organisations of all sizes and in all sectors, and builds on evidence from the report Employee Financial Well-being: why it’s important and the report Employee Financial Well-being: practical guidance, available above.

Read the full report below:

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Close Brothers has been helping the employees of some of the UK’s best known organisations to understand and make the most of their benefits for over 45 years.

We are passionate about helping people improve their finances and recognise that they can benefit from financial education throughout their career. Whether you want to add support for those planning to take their pension, improve financial wellbeing as part of your wider strategy or engage new joiners with their benefits, our financial education inspires people to take control of their finances immediately and for the future.

At Close Brothers, we believe great education doesn’t just build knowledge; it effects change. Our expertise is to understand your organisation, your people and your key objectives. We then design a programme tailored to your needs, to help you achieve your goals.