HOW THE WORKPLACE CAN EASE THE COST-OF-LIVING CRISIS | Jonathan Watts-Lay

Podcast Radio Business Interviews

Jonathan Watts-Lay, co-founder and director at WEALTH at work,talks to Clayton M. Coke of Podcast Radio Business to discuss how employers can help staff through the cost of living crisis and believes any employees struggling with their finances should speak to their boss to find out what help is on offer.

The REBA/WEALTH at work Employee Financial Wellbeing Survey 2022 is published on TUESDAY 18th OCTOBER 2022 – it says companies’ productivity and performance is at risk of dipping unless employers do more to support their employees’ financial wellbeing amid the deepening cost-of-living crisis which is highlighting to board level the importance of making sure workers feel secure and in control, despite their finances coming under increasing pressure while 59% of employers say poor financial literacy is a key financial wellbeing risk.

Employers cite rising energy prices as the No 1 risk to the financial wellbeing of their staff (91%), with other cost-of-living concerns, such as rising consumer inflation (81%), rising rent costs (63%), wages not being high enough to cover the cost of living (50%), and high household debt levels (49%) also factors. In addition, given recent interest rate hikes, many will now also be concerned about mortgage costs as interest rates could head evenhigher, while 71% of those using credit as a safety net report a negative effect on their health, relationships, or ability to work.

Employers see enhancing the general good health of their staff (85%), creating equity and fairness (69%) and ensuring inclusivity across the entire workforce (68%) as the main reasons to offer financial wellbeing as a benefit.

They know they must focus more on inclusivity with support for low earners (32%), and families and dependents (38%) among the key areas to introduce in the next two years while 41% plan to offer sustainable wellbeing products and services in this time. As the crisis deepens, boards have become more aware of the importance of financial wellbeing – even more so than staying ahead of competitors and the fallout of Brexit - with 70% of workplaces saying increasing financial capability is a priority.