A recent poll asked 5,000 employees and 600 senior HR professionals in the UK about their finances. The results showed that 24% of employees worried about their finances every day, which was an 8% increase from the year before.
The findings also showed that 68% of employees were hiding financially driven mental health concerns while at work. The reasoning for doing so was reportedly out of fear of embarrassment or being told off.
At the same time, 93% of the HR professionals questioned said the organisation they worked for now had a financial wellbeing strategy, compared to just 51% in March last year. A workplace financial wellbeing programme can potentially include a wide range of group protection insurance, such as mortgage protection insurance, life insurance, and critical illness cover.
Despite these initiatives being implemented, it seems that there is still great concern among employees about their financial situations. For example, only 52% of employees felt their employers supported their financial wellbeing, although 91% of HR professionals said they believed they did indeed support employee financial wellbeing.
What might be causing financial concerns at work?
In recent months, the cost of living has significantly increased, being labelled as a crisis by many. Despite this, wages and salaries are not increasing enough to counterbalance high inflation, leaving many people unable to afford to pay essential bills.
In fact, data from the Office for National Statistics (ONS) shows that salaries increased 3.8% in the last quarter of 2021. When one takes into account the rate of inflation, however, this is actually a 1% decrease.
How can we reduce financial stress at work?
One way to help reduce your own financial stress in the workplace, could be to consider protection insurance products. This form of cover is exactly that; protective of a certain aspect of the policyholder’s finances. For example, mortgage protection insurance could allow you to keep paying off your mortgage even if you lose your stream of income.
Having this safety net could help to significantly reduce your external stressors at work, allowing you to be happier, healthier, and more productive.
So, if you find yourself spending time worrying about your finances at work, or notice that your employees seem to be stressed due to financial concerns, give our advisors a call about all manner of protection insurance, including mortgage protection insurance. Our advisors are available on 0800 316 6917 to direct you to the right cover to suit your needs.