Businesses that fail to tackle their employees’ financial stress are more likely to encounter poor work performance, lack of engagement, mental health issues and staff absenteeism.
Financial wellbeing is about feeling secure, confident and empowered, according to the Money and Pensions Service. It’s about being in control of your finances. An absence of financial wellbeing can have serious and lasting implications for individuals, households, employers and society.
Financial stress can have a large impact on staff productivity in the workplace and is costing employers billions a year in lost productivity, turnover, and recruitment fees, yet many organisations do not recognise the link. According to PwC’s 9th annual Employee Financial Wellness survey (2020) more than half (58%) of employees admit they’re stressed about their finances with 47% distracted by their money worries at work.
Patrick Leahy, Co Founder of Financial Wellbeing company Float, said:
“With money worries taking up such a large part of all our lives, it’s no wonder that they can transfer into and impact the workplace. Our financial wellbeing survey has been designed to make the process easy for employers to gather the information from their workforce. The survey is quick and easy to complete, and all responses are anonymous and cannot be traced back to any individual employee.
A report is produced summarising results, analysing your employees’ wellbeing, alongside market benchmarks and highlighting any concerns or areas that may need addressing. The report can be kept and be used to develop a financial wellbeing strategy, or even measure the impact of one that’s already in place.”
Float has a suite of technology products that aim to promote financial wellbeing and inclusion. The range of features and products support employees whatever their circumstances. Through the use of AI and personal one-to-one care, a tailored, appropriate service is provided to each employee. This includes Counselling and guidance for those in severe economic stress through to IFA regulated services and everything in between. Float will curate the vast and complex information surrounding financial wellbeing, providing the employees with the relevant education and products relevant to them.