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Finances now biggest cause of stress in the workplace

by Benefits Expert
04/10/2023
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Employers think the cost-of-living crisis is now the biggest cause of stress among their workforce, according to new research from Group Risk Development (Grid).

These findings were consistent across much of the workforce, with around one in three employers saying this was the biggest cause of stress for generation X, generation Z and millennial workers. However, employers cited health concerns as being a bigger cause of stress and anxiety for baby boomers — again cited by around one in three respondents.

In similar research undertaken in 2022, employers thought that stress and anxiety related to finances and debt was a primary issue for just Gen Z and millennials.

The fact that employers now recognise this as being the most pressing issue for  Gen X too, reflects the ongoing cost of living crisis, particularly how rising interest rates are impacting mortgage repayments.

There were similar findings when employees were asked about their own health and wellbeing concerns. Stress and anxiety relating to finances was the most common issue troubling gen Z, millennials and generation X-ers. 

Baby-boomers agreed with their employers that living with long-term chronic illness or health conditions (e.g. diabetes) is their most pressing health and wellbeing concern.

Grid spokesperson Katharine Moxham said: “Employees are mostly in agreement about what their most pressing health and wellbeing concerns are, however, the important thing is for employers to put support in place to help alleviate this stress.

“Although stress and anxiety related to finances and debt is most employees’ primary concern, there are lots of other issues that are in close contention, including concerns relating to general lack of fitness (due to non-active lifestyle/sedentary working) and related to work (such as pressures of overwork, uncertainty of future). It’s therefore important to cater for all health and wellbeing concerns across all employee generations.”

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Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

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Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
byBenefits Expert from Definite Article Media

As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater. 

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
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