The link between employees’ financial wellbeing and the overall health of a business may not seem obvious. But how staff feel about money – and the state of their finances – is potentially an important (if overlooked) aspect of business resilience. A workforce that is comfortable with personal finances can arguably increase a company’s productivity and improve its bottom line.
According to research by Octopus MoneyCoach, a provider of workplace financial coaching, 95% of employees at the UK's 50 largest businesses worry about money, and 8 in 10 employees bring this anxiety to work.
The link between money worries and mental wellbeing is well documented. The Money and Mental Health Policy Institute reports that two-thirds of employees who are struggling financially show at least one sign of poor mental health – such as reduced motivation, loss of sleep or poor concentration – which could affect their ability to function at work.