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Wednesday, June 24, 2020

Financial Wellbeing and Mental Health

It goes without saying that there is no health without mental health and the negative effects of economic recessions on people’s mental health can be far-reaching.

The links between financial concerns and mental health are well documented with financial issues often reported as being the biggest worry for employees.

Our current circumstances have exacerbated these concerns for many people and employers now have a duty of care to recognise the heightened psychological and mental effects of financial uncertainty, furlough and redundancy upon their people.

Of course, there is no magic wand for employers to clear the uncertainty ahead but helping to remove some of the stigma around talking about financial concerns can be a useful first step.

1. Culture – let employees know that it’s ok to talk about money

It’s important to let your employees know that it’s ok to talk to someone about their financial worries. If people feel more comfortable with this and recognise that many people have financial trouble, they are more likely to use your EAP or financial support.

2. Offer / Signpost to an EAP

An Employee Assistance Programme is a must. More and more companies are offering these as awareness of mental health issues increases. While many EAP’s are implemented to help combat mental health issues such as depression and anxiety, they can actually be used to help specifically with financial worries.

3. Offer financial support through the employee benefits platform

This could include alternative ways to save with ISA’s and investment options or some form of financial education. It could also include ways to help manage debts or salary sacrifice loan options. Salary sacrifice is a great way to help alleviate financial issues, particularly where debts are involved.

Contact us at HappyMaven for a free 30-minute consultation to discuss your wellbeing and business priorities. We are here to help you with the turbulent journey ahead.

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