We all need to be willing to talk more about money, and get rid of those feelings of embarrassment or anxiety that often arise from doing so.
In fact, research suggests that British people would prefer to talk about politics, religion or sex, rather than talk about money. However, life goes on whether or not we are happy to talk about things we find embarrassing.
Currently about 28.7 million working age adults in the UK are not satisfied with their finances. No wonder – we live lives of ever-increasing financial complexity. We must deal with busy lives and the complexities of major financial decisions, as well as key life events such as bereavement, buying a home or nearing retirement. Everything seems to influence the world of finance: from global political issues such as Brexit, to local issues like housing, schooling and work prospects.
The Financial Conduct Authority’s Financial Lives Survey 20173 reported that 25.6 million people (half of UK consumers) showed one or more characteristics of potential financial vulnerability. Faced with difficult economic conditions people are concerned about how they spend, save, invest and manage risks in order to protect their standard of living, especially for the long term. Yet when faced with an unexpected £300 bill, 11.8m adults (23%) would have to borrow or could not pay .
Neyber’s DNA of Financial Wellbeing 2018 research gives compelling answers to the question: ‘Why is financial wellbeing important?’ It shows the links between the physical, mental and financial welfare of working people in the UK. Every employer should care about these findings.
A growing body of evidence shows that anxiety about finances leads to poorer mental, physical and social wellbeing, and that this affects attendance and performance at work. When your workforce suffers, your businesses can suffer too.
The good news is that more and more organisations are focusing on the issue of money management skills, and the amount of help available is increasing in both availability and effectiveness.
Download your copy of the DNA of Financial Wellbeing 2018 to learn more about the financial wellbeing of UK employees