There is little doubt that UK household debt is on the increase. Recent Bank of England figures show that consumer debt, excluding mortgages, now totals over £200bn. This is approaching levels not seen since the financial crisis, making the UK the second most indebted economy of the G8 nations.

Money and mental health are often linked: poor mental health can make managing money harder and worrying about money can make your mental health worse.

So, what does this mean for the workplace? We know that mental health is the largest cause of long term sickness absence in the UK, impacting productivity and performance and, yet, as workplaces we are not equipped to manage this effectively. The latest research, commissioned by Business in the Community and supported by Mental Health at Work, shows that only 24% of managers have had any training in managing mental health.

Further research, carried out by employee engagement firm, Reward Gateway, found that:

• just under a third (31%) of workers said their company currently offered no wellbeing programmes and yet,
• over 22 million British workers, or 7 in 10 employees (71%), have felt stress or financial strain in the last five years.

The importance of a caring employer, able to demonstrate that the wellbeing of its workforce matters, is highlighted by the Reward Gateway research, which found that over half (52%) of employees agree that they would choose a company that cared about their wellbeing over a company that pays 10% more.

Lucy Tallick, Head of Wellbeing at Reward Gateway said, “Employee wellbeing is not about crisis management and fixing problems. It’s about helping your people live better and feel better by facilitating sustainable lifestyle changes that really make a difference.

“Employers should take into consideration that everyone has unique desires and needs, and, in order to gain buy in, it's much better to give the employee solutions that provide choice and flexibility. By creating an inclusive programme, you’ll also hugely increase your engagement.”

Get in touch

To learn more about how you can encourage wellbeing in the workplace, give us a call today on 01483 205890.