A new study by Aviva found that 73% of employees have never spoken to their employer or line manager about their financial well-being.
As a financial health platform, we are deeply troubled by this statistic - it highlights the pervasive stigma surrounding financial conversations in the workplace and serves as a stark reminder of the critical need to promote open, transparent, and supportive dialogues about money, long-term goals, and planning in every workplace across the globe.
The benefits of this discussion in the workplace are clear. Employers can offer access to financial wellness programs and coaching, like Otto, to help employees take control of their finances. This can improve financial literacy, reduce financial stress, and ultimately, help employees feel more engaged and supported in the workplace. Failure to do so has a demonstrable impact on productivity and overall well-being. Yet, many employees may not feel comfortable or know how to approach the topic. 🤝
For employees, it's important to remember that your financial well-being is just as important as your physical and mental well-being, but this aspect has long since been neglected by employers. However, by taking steps to improve workers’ financial health, their mental health will improve, and, as a knock-on effect, their physical health will likely see improvements as well. 🧘♀️
But it's not just about individual actions - creating a workplace culture that supports financial wellness is also important. Employers can play a role in normalising discussions around money and providing a supportive environment for employees to talk about their financial challenges. 🎙
So, if you're struggling with financial stress, don't be afraid to start the conversation with your employer or line manager, suggesting the solutions we’ve discussed in this post. By actively talking about these issues which statistically are affecting a majority of employees, companies can create a supportive and productive workplace that prioritises the well-being of all employees.
It’s a win-win. 💪
Source: Aviva’s Working Lives Report 2022