Around 100 major employers have backed a campaign to boost financial wellbeing this winter.
The businesses, including Asda, SUEZ, Next and Brakes, have signed up to the Winter Warmers campaign, delivered through Wagestream’s financial benefits platform.
Campaign signatories pledge to help their employees manage the growing financial pressures of winter and build positive financial behaviours.
The campaign, which launched this week, expects to reach 600,000 employees during December. Campaign activities will support employees to spend smarter, save more and budget better, through personalised money coaching and access to workplace savings, exclusive discounts.
The extra costs of Christmas can cause financial stress to soar, with recent research finding that 53 percent of Britons are worried about how they will afford the festive season, particularly with rising energy bills, heightened inflation and higher interest rates than expected.
Michelle Sutton, head of reward and pensions at SUEZ, said: “Financial wellbeing support is important all year round, but with the festive season comes increased financial pressure. Joining this campaign was a no-brainer, as it will not only give our colleagues increased financial support, but also encourage positive habits to build long-term financial health.”
Andrew Jurd, head of retail HR at Next, said: “The cost of Christmas continues to rise each year, and we understand that financial concerns can leave colleagues feeling stressed, anxious, and preoccupied. This campaign will help to support our team by highlighting existing benefits, introducing new perks, and providing guidance to help them save, budget, and spend better over the festive period and beyond.”
Community body, the Financial Wellbeing Forum (FWF), which advocates for workers’ financial wellbeing, also backed the campaign.
Therese Procter, FWF chair and former Tesco chief people officer, said: “It’s just fantastic seeing people leaders working together to support workforces with the cost of living this winter. Financial wellbeing continues rising up the board agenda, because financial stress is the invisible blocker of workforce wellbeing and productivity. The employers involved here will see the benefits among their team and on their business in the longer-term.”
Emily Trant, chief impact officer at Wagestream, said: “Extensive research has shown that money worries have an enormous impact on someone’s ability to think clearly, equivalent to losing up to 13 IQ points. By joining this campaign, these progressive employers are not only only supporting the wellbeing of their employees through a financially challenging time, but also helping to build better financial futures, and will reap the rewards of enhanced engagement and productivity too.”
