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Staff financial well-being

Savvney helps UK businesses create value by investing in the next frontier for staff well-being; Financial Wellness delivered in a comprehensive Workplace-Based Financial Education programme.

 
 

Fact: Employees are worried about their finances

As a direct impact of the recent banking crisis, recession and austerity measures, many working families are now just getting by – resulting in a silent problem that many businesses have been ill-equipped to deal with and many have not grasped the magnitude of this issue.

 
 
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46% of employees worry about their finances

Almost half of staff surveyed by Barclays said that they worry about their finances. This level of worry if unchecked and continues over an extended period can result in significant stress levels impacting the employees’ ability to focus and perform at their best.

1 in 5 employees lose sleep worrying about finances

There is an eye-watering number of employee that are acutely concerned with their finances that it is starting to impact their lives physically.  Not being able to sleep will directly affect performance at work and consequently the health of that employee.

Should your business be concerned?

 

A decreasing number of business leaders still think there is a barrier that exists between the personal life of the employee and their work life.  However, increasingly this barrier is proving to be artificial. When employees have personal problems, these problems do not “magically” stay at the revolving doors in reception when the staff enters the office.

 
 
When staff have financial problems, they don’t magically drop the problems off at the revolving doors as they come into work in the morning!
— Frank Mukahanana
 
 

Any impact on the business?

These personal financial worries can translate into real business problems like low staff engagement, lost productivity, distracted employees at work and absenteeism.  All of this has a real cost and impact to the business.

 
 

4% impact to the business bottom line

Because of absenteeism, low performance and lack of engagement staff productivity has been lost and this impacts about 4% of the bottom line of businesses. In a climate where businesses are having to work extremely hard to generate profit – 4% is significant and cannot be ignored.

5% absent from work 4.2 days per annum

Due to illnesses related to financial worry, as many as 5% of employees have been absent from work for an average of 4.2 days each year.  For any organisation where their staff are core to their success, this raises heightened concerns which the firm needs to address urgently.

Do your staff want you to help?

 

Problems that staff are facing with personal finances are not going away; rather there is a probability that things may worsen over the next few years as the UK works out its global position post-Brexit. Businesses are often reticent to be seen to overstep their influence, however, the opposite is true of the expectation of staff who think their bosses could be doing more.

 
80% of employees are not satisfied with their employers in helping them manage their personal finances.
— Barclays Report*
38% of employees would vote with their feet and move to a company that prioritised financial well-being.
— Barclays report*

* All statistics quoted are sourced from published report by Barclays: "Financial Well-being: the Last Taboo in the Workplace?"