With rising food costs and the energy bill crisis driving an increase in inflation to 5.5% in the last 12 months, the problem is set to be compounded even further with utility bills set to continue rising and a planned increase in National Insurance Contributions in April confirmed to go ahead and impacting already tight purse strings.
For those employees already struggling to meet their living costs, be it for food, petrol, housing, childcare, the list goes on and on, the knock-on impact that this perfect ‘financial storm’ is having on their mental wellbeing should not be understated or ignored. Affecting their personal lives, their financial situation and mental wellness state can also negatively impact their performance at work and is a serious concern that is increasingly recognised by many employers.
There are, however, a few things that an employer can do to help employees weather the storm, such as pointing them to financial guidance to help them manage financial concerns such as debt, encourage them to revisit and review their mortgage deals, help them to save more by considering their savings options, encourage them not to reduce pension payments if at all feasible and to continue with income protection and life assurance to protect them and their families.
An affordable option for companies seeking to help their employees and support their financial wellbeing can also be found here at MyEva.
MyEva is digital financial advice expert that is regulated by the Financial Conduct Authority to the same standard as Independent Financial Advisors and which is designed to help companies boost their employees financial wellbeing through a financial health-check and professional, personalised guidance and advice.
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