Lindsay Cook: Employers must recognise staff financial wellbeing

Employers recognise that financial worries are a cause of workplace stress and that this is not restricted to those on the lowest salaries.

Lindsay Cook

The higher up the pay scale you travel, the more likely it is that discussing money worries is a financial taboo, leaving these employees feeling isolated. 

One of the first things to do is to unravel where the money goes. The fact is that after tax, national insurance, commuting costs, housing, utilities and that ultimate luxury, food, even healthy salaries can look denuded. And that’s before employees layer on things such as entertainment, a car, holidays and school fees.

Acknowledging this and realising that many colleagues may be in a similar boat is a first step towards a less stressed financial attitude

Employers could also deal with work-specific spending issues, such as Friday spending and pay-day spending, effectively treating ourselves for having got through the working week or month.

This form of comfort spending is not necessarily indicative of too much work pressure or job unhappiness, but is worth exploring in a wellbeing context.

Often, people need more information about practical things: whether a student debt will affect a mortgage application, how to save enough for a deposit when they are paying rent, how to cancel a TV sport or entertainment package and pension decisions.

Given that the world is going to continue to become more financially complex, empowering employees to get the most from their pay packet works well for all.

Lindsay Cook is co-author of Money Fight Club: Saving you money one punch at a time.