Salary Finance has launched a new guide in association with Yorkshire Building Society, lifting the lid on how money troubles are affecting the wellbeing of UK workers.
The Employer’s Guide to Savings is based on extensive research undertaken by Salary Finance into the importance of saving and how this directly relates to employee wellbeing.
With 70% of us saving less than £100 a month, it is no surprise that 40% of us have financial worries. And three in 10 of us have run out of money before pay day.
It’s clear that money problems are creating real issues, both in our heads and in the workplace. In fact research undertaken by Salary Finance has found that those with money worries lose a total of 3.6 working hours a week due to their financial stress, are 7.6 times more likely to struggle to finish daily tasks at work and are 2.2 times more likely to be looking for a new job.
One way employers can support their staff is in improving their financial resilience is by helping them build their savings. The new guide includes insights into why people do, or don’t, save, and how employers can remove barriers to action and enable their employees to start and sustain a savings habit.
Offering a salary linked savings account to employees makes saving ultra-convenient and helps sustain a savings habit. If the money goes straight into savings, rather than a current account, it isn’t ‘missed’.
We know that 77% of UK workers ‘trust their employer to keep their personal financial situation private from their colleagues and manager’, putting employers in a unique position to provide much needed support.
The added dividend for businesses comes in the form of a healthier and more productive workforce.
For more information, and to download the Employer’s Guide to Savings, visit www.salaryfinance.com/employers-savings-guide/