Workers are reaching out to their employers for support during the cost-of-living crisis, with three in ten (27%) looking to them for help in managing their mental health and wellbeing, according to Fidelity’s latest Global Sentiment Survey.
Also, four in five (82%) workers are stressed by the current state of the UK economy.
With finances in the spotlight, many are looking for assistance in the form of retirement planning (16%) and education around investing (9%).
One in six (16%) have also said they are looking to change their jobs due to the current climate, according to Fidelity’s annual Global Sentiment Survey.
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In line with Talk Money Week (7-11 November), Fidelity’s research highlights the importance of talking about your finances if you are struggling, whether it is with a family member, friend or employer. It comes just months after the release of Fidelity’s Global Employer Survey, showing that the quest to secure talent remains one of the biggest challenges being debated in Boardrooms around the world.
The cost-of-living crisis is taking its toll: what wellbeing support are employees asking for?
The cost of living crisis is having a detrimental effect on the nation’s wellbeing, with more than four in five (82%) workers saying they are stressed by the current state of the UK economy.
Workers are turning to their employers to provide guidance, with many looking for this in the form of retirement planning (16%) and education around investing (9%).
Other forms of support requested by employees include opportunities for ongoing learning (19%), protection such as life and disability benefits (16%) and phased retirement (19%) – highlighting the length and breadth of opportunities for employers to lend a hand during this difficult time.
Dan Smith, Head of Workplace Distribution at Fidelity International, commented: “
This Talk Money Week will be one of the toughest for many, with millions of people affected by a growing cost of living crisis. Previously, employees may have wanted to discuss topics such as hybrid working, and while this remains important, health and wellbeing is one of the most significant areas in which employees would like their employers’ help.
“Alongside assistance with their broader wellbeing, employees are increasingly looking at the financial support their employers can provide in addition to their basic pay. We have seen an increasing demand from our clients to help employees with more guidance and advice options covering a range of financial needs.”
Workers are also putting their own measures in place to cut costs, with a quarter (25%) bringing lunches to work and 16% working from home to cut down on their travel costs. At the other end of the spectrum, one in six (16%) have said they are considering changing jobs in order to cope with the cost of living crisis.
Dan Smith continues: “Financial stress is a very real concern. Employers have an important role to play in supporting employees through this challenging period. Understanding that financial wellness is a core component of the overall wellness picture and thinking about how employers can help in the broadest possible way will help reduce financial stress for employees.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
- Amelia Brand
- Amelia Brand
- Amelia Brand
- Amelia Brand
