Employee Appreciation Day today (3 March) provides an opportunity for employers to address the financial wellbeing support they offer the workforce, according to Fidelity International.
Research from the company found that a quarter (25%) of UK employees think the state of their day-to-day finances is poor, while nearly three in five (58%) believe that meeting immediate financial needs is causing stress.
The Global Sentiment Survey also discovered that 35% of respondents say the current state of their savings is poor, with 37% saving less than previously, which rose to nearly half (47%) among those aged 20–38-years old.
Dan Smith, head of workplace distribution at Fidelity International, said: “This Employee Appreciation Day presents a great opportunity for employers to engage with their employees and address the issues on their minds, looking at how they support their teams’ mental and emotional wellness – particularly as the UK continues to grapple with the cost-of-living crisis.
“Discussing financial wellness of employees may not seem like a normal topic that would fit into the working day of most firms but employers that prioritise financial wellness, and those that have a broader definition of what financial wellness is, have better talent outcomes. Additionally, financial wellness is a key indicator of employee satisfaction.
“When people go to work, they don’t just leave their personal worries at the door. A significant contributor to people’s anxiety levels in the workplace is concern about money, and with employees increasingly looking to their employers for support on financial stability, employers need to be well placed to implement helpful tools and tips.”
The study further revealed that 62% of workers thing their financial stability has risen in importance in the past year, while 57% believe that managing their mental and emotional health has also become more important.
Around 8% of those polled have requested financial advice from employers to help with their planning, with 20-29-year-olds most likely to have done so (24%).
Smith explained that many workplace pension providers will offer guidance and access to resources that address different aspects of employee wellbeing,
He added: “Seeking help is the most important step for any individual, so it’s important that employees are aware of the different options available to them.”