The importance of financial wellbeing
In the midst of the greatest cost-of-living crisis in generations, ensuring the financial wellbeing of your workforce is paramount, and arguably more important than ever. Team members at all levels are feeling the strain, and channels of communication must be opened to ease the burden of worry felt by so many. Research has found that people who have positive financial wellbeing are far less stressed about money, which in turn, has a positive impact on their overall mental and physical health.
Poor financial wellbeing is also linked to productivity in the workplace, with some of the common causes being down to:
- Stress and tiredness as a result of reduced sleep from being kept awake worrying about finances
- Absence from work due to poor mental health which financial stress is a key contributor to
- Managing finances and thinking about financial worries during working hours
- Poor decision making as a result of constant financial worries
The key to a strong strategy is remembering that your company consists of individuals with differing needs. Employers should select the most appropriate support for their people and ensure that advice is tailored to each person’s specific needs – not a ‘one-size-fits-all’ solution.
How can we help?
At PM+M we have designed a unique programme that offers personalised advice to help employees effectively manage their financial health. Delivered by experts from our financial planning team, our financial wellness sessions provide an introduction to financial planning best practice and guidance, covering topics such as:
- Budgeting
- Savings
- Effective planning
- Goal setting
- Useful hints and tips
Key benefits
Some of the key benefits of our financial wellbeing programme include:
- Reduced financial stress: by providing employees with the tools and knowledge to manage their finances, our workshops will help to reduce financial stress. Lower stress levels can lead to increased job satisfaction and improved mental health.
- Enhanced productivity: When employees are worried about their financial situation, it can negatively impact their work performance.
- Increased employee loyalty: Employers who invest in the wellbeing of their staff are more likely to retain their top talent. Offering a financial wellbeing programme can help create a sense of loyalty among employees who feel that their employer genuinely cares.
- Positive workplace culture: A culture that promotes financial wellness fosters open communication and support among employees.
- Attraction of top talent: Companies that offer comprehensive benefits packages, including financial wellbeing programmes, are more attractive to potential job seekers. This can help in recruiting the best talent.
For further advice on supporting the financial wellbeing of your employees or to obtain a quote for a tailored financial wellbeing programme for your organisation, contact a member of our financial planning team by emailing financialplanning@pmm.co.uk or call 01254 679131. The results can be transformative and help to create a positive, healthy, more engaged and productive workforce for your business.
