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WHAT IS FINANCIAL WELLBEING?
Everybody experiences stress in the workplace at one point or another, but when financial worries are a constant factor in your life it can be devastating to productivity and mental wellbeing.
Employee wellbeing is made up of a range of different factors, but financial wellbeing is particularly important as poor financial wellbeing can lead to the greatest sense of insecurity and unhappiness. With research carried out by Barclays showing that 1 in every 10 employees is silently struggling financially, it’s important for financial wellbeing to be considered more seriously within the workplace.
Although the burden of financial stress can be avoided through sensible budgeting, saving, and living within means, there’s also a lot that employers could be doing to improve financial wellness, reduce money-related stress, and boost the productivity of the workforce.
THE IMPACT OF RESTRICTED WORKING HOURS ON FINANCIAL WELLBEING
CIPD states that:
- 1 in 4 workers report that money worries have affected their ability to do their job,
- 1 in 10 say they have found it hard to concentrate or make decisions at work because of money worries and,
- 19% have lost sleep worrying about money
HOW CAN POOR FINANCIAL WELLBEING AFFECT YOUR EMPLOYEES?
When somebody is suffering from money worries, there can be a number of direct and indirect reactions.
Reduced motivation in the workplace might result from a lack of financial wellbeing, as individuals can feel undervalued, distracted, and hopeless. Financial wellbeing can also contribute to severe mental health conditions such as anxiety, depression, and high-stress levels. Money-related stress can be a trigger for these conditions, all of which can drastically affect an individual’s ability to work happily and productively.
At its worst, poor financial wellbeing can affect physical health due to struggles purchasing medications, gym or leisure facility memberships, or even paying for food for self and family.
SUPPORT: LIGHTHOUSE CLUB CONSTRUCTION INDUSTRY HELPLINE
Encourage your workforce know about the Construction Industry Helpline, made possible by the Lighthouse Club Charity. This charity, whose mission is to ensure ‘no construction worker or their family is alone in times of crisis’ is supported financially by NFDC through the donations of the Federation’s membership community, with the goal of ‘helping our own’ within the demolition industry in times of hardship and crisis.
Lighthouse Club’s free and confidential helpline is open 24/7 – Tel: 0345 605 1956.
Lighthouse Club Helpline Posters, Pocket Cards and other resources are available via NFDC. Just ask for a pack – display posters in communal areas – in canteens, welfare facilities, anywhere you can.
ADDITIONAL SUPPORT ORGANISATIONS – WEB LINKS:
|Debt & Money Advice Services|
|Benefits & Advice if Struggling with Living Costs|