Lovewell’s logic: Are employers and staff aligned on financial wellbeing?

Debbie Lovewell-Tuck

Do your employees know how much you care? When it comes to financial wellbeing support, the answer could well be a resounding ‘no’.

According to the results of two research reports published this week, there appears to be something of a disconnect between employers’ and employees’ views on the matter.

First, a survey of 400 US-based HR professionals by mobile employee engagement platform provider Lifeworks, found that 63% of respondents believe financial wellness is an employer’s responsibility.

Tellingly, 44% of respondents also claimed that they were aware which members of their workforce were struggling financially.

However, this message does not appear to be filtering down to employees. Neyber’s DNA of financial wellbeing report, which surveyed 10,000 UK employees, found that more than two-thirds (67%) believe that their employer does not care about their financial wellbeing.

Where the two groups do agree is on the impact that financial pressures can have on employees’ stress levels, behaviour and performance at work.

We know that employers are increasingly putting financial education and financial wellbeing on their organisation’s people agenda, so what more should they be doing to ensure employees are aware of the benefits and support available to them?

Is it simply a case that more communication is needed?

Or is it that there is still work to be done to create a greater culture of trust and openness, to overcome any remaining taboos or stigma about openly sharing financial matters with an employer?

Whatever the reason, supporting employees’ financial wellbeing in the workplace can prove advantageous for all concerned.

Debbie Lovewell-Tuck
Tweet: @EmployeeBenefits