Just one in five (20%) of UK employees earning less than £30,000 believe their employer cares about their financial wellbeing, according to new research.
A study by Mintago found that only 36% of workers think their organisation has provisions in place to support their financial health, and this figure drops to 26% among those on with incomes of less than £30,000 per annum.
The financial wellbeing platform’s survey showed that support offered to lower earners was also reported to be less impactful, with nearly one in five (18%) saying it improved their financial position compared to the 29% national average.
Of the 1,333 full-time and part-time employees polled, 44% claimed they would quit their jobs to work for an organisation that offered better financial assistance.
Chieu Cao, CEO of Mintago, said: “With inflation remaining at an elevated level, employees are continuing to struggle with the ongoing cost-of-living crisis and require support from their employers now more than ever. This is even more necessary for those on average or lower incomes, with our research showing that those earning under £30,000 are suffering most from the impact of the economic climate.
“Regardless of industry or income level, it is vital that employers step up and deliver robust, complete, and impactful financial wellbeing support. It must fit the unique needs of each individual member of staff – businesses cannot take a tick-box approach.”
The research further revealed that nearly two-fifths (39%) currently feel very stressed or somewhat stressed, cited by 9% and 30% respectively. Of those, more than three in five (62%) believe the increasing cost of living is their main source of stress, which rises to 69% among the lower earners.
