Mintago has disclosed concerning data about the readiness of UK businesses to address employee’s financial well-being.
In a survey of 503 senior managers across different sectors in the UK, a staggering 87% reported that an employee had approached them in the past year regarding wellbeing issues.
Mental health was the top concern at 48%, followed by job satisfaction (43%) and financial wellbeing (40%). Surprisingly, 68% of managers who were approached about financial wellbeing pointed to the ongoing cost-of-living crisis as the main issue. Other prevalent financial concerns included requests for a salary increment (50%), challenges in maintaining rental or mortgage payments (46%), and anxieties about accruing debt (43%).
Alarmingly, Mintago’s findings indicate a significant gap in organisational support structures. A considerable 33% of businesses admitted to lacking a systematic process to manage employee wellbeing concerns. Moreover, 47% of managers confessed to feeling uneasy about addressing financial wellbeing issues raised by colleagues.
Mintago CEO Chieu Cao commented: “We should not be surprised to see financial wellbeing concerns on the rise – the cost-of-living crisis has been an assault on people’s finances, and money worries are naturally very common. Yet these findings act as a stark wake-up call regarding the dearth of support structures within many workplaces, and it’s crucial that organisations of all sizes and sectors take note.”
He further added, “Almost nine in ten managers across the UK have had an employee come to them with wellbeing issues, with financial wellbeing one of the most common. However, a lack of support structures and meaningful solutions are harming both managers and their staff, and this must be addressed. Ignoring or downplaying these concerns – no matter how uncomfortable they may be to talk about – risks not only the health and happiness of employees, but also the overall productivity and success of an organisation in the long run. It’s time for leaders to build a culture that allows their workforce to raise concerns with confidence, and then back this up with robust tools that deliver support in the areas employees most need it.”
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