According to a recent survey we completed in February 2022, a massive 76% of employees said that they felt anxious about their financial future. This could be affecting their mental health and their ability to do their jobs.
I imagine that the feeling is probably mutual with you right now. Costs are creeping up and the last thing you need is good people walking out the door, for more money at your competitors. The hole you will no doubt have to fill by offering someone else even more money to come over but right now you don’t have the money to spare to pay them what they are asking.
Understanding the Problem
So, you enjoy your job and your pay is ok, seems pretty fair for what you do but you would always like more. Suddenly all over the news is talk of a potential crisis and the reporters are saying we are all going to struggle to pay our bills. Your parents told you about the last time things like this happened and it sounded horrible.
Suddenly the bills just got wacked up, your weekly shop takes a chunk out of your bank account rather than a nibble and now just getting to work is costing a fortune. You are suddenly hundreds, even thousands of pounds worse off and there is absolutely nothing you could have done about it.
You now can’t go on that holiday that you always treat yourself to for a good year’s work and the last week of the month you are using money on the credit card that you don’t know how you’re going to pay back.
Things seem hopeless and you know that there is no way you can get a pay rise where you are, to cover these growing costs. Let’s have a look and see what better paid jobs are out there…
Solutions to the Problem
Anxiety is a mental state often brought on from stress and clearly the stressors here are very real and the usual solution, more pay, itself is under stress. However, often we can prevent these stressors from escalating into anxiety by gaining more control over the situation.
Solution 1 – Financial Review:
Many will forget the all-important step of sitting down and looking over the budget, looking over the savings and making them both more efficient. We often just take the card and spend as we need to until the bank balance says no. Approaching the month differently, planning your expenses and tightening the straps on the loose finances can have a positive impact on mental wellbeing. Seeing that it is actually possible to still do what you need to do in a controlled way, be it perhaps cancelling some direct debits you don’t need or inviting people round for dinner rather than going for a sloshy meal out.
Solution 2 – Reinforce Financial Security:
Often, we forget how financially well off we are. Sitting down and looking up the value of our home and how small the mortgage has gotten is mentally healthy. Looking back at the pension plans that we have had in the past and seeing that there is actually a nice fund built up is encouraging. Finding the positives and showing that someone could be worth hundreds of thousands of pounds.
Solution 3 – Get Advice:
Many people go all through their lives without seeking advice from professionals. If I wanted something done in your line of work, I would come to you and get your advice on it. Our line of work is finance and so coming to us for advice is a great place to find out what you could be doing better.
Why offering financial wellness sessions to your employees can only be a good thing
If you went to your employees and said that you can’t give them a pay rise because they probably just aren’t managing their finances properly, then you aren’t going to win any prizes for boss of the year.
Giving your employees a free benefit where they can meet with an independent Financial Adviser Team that specialise in helping people improve their financial wellness can only be a good thing, and the fact that you are encouraging them and willing to set some time aside for them to talk about their personal financial concerns could definitely win you friends.
For eligible companies, we can arrange confidential meetings with your staff and provide meaningful advice that can help them work out exactly where they are and make what might appear to be a big problem, a bit more manageable.
So, Give us a Call
So, if you would like to take that first step and talk to a Financial Adviser, why don’t you contact us here: Contact us . We are independent Financial Planners and our job is to make sure that what you do put away is working hard for you behind the scenes.
Fusion Financial Ltd is an appointed representative of In Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Fusion Financial Ltd. Registered in England and Wales No 11600565. Registered Office: Marlborough House, 298 Regents Park Road, Finchley, London, England, N3 2SZ.
