What is financial wellbeing?
If you were to ask your friends and colleagues ‘what is financial wellbeing’, they’d probably give varying answers, but ultimately financial wellness can be defined as your happiness and your relationship with money, as well as your feelings of control around your finances.
Just like your physical and mental wellbeing, financial wellbeing is completely individual to you. Therefore, what you consider to be a good level of financial wellbeing will be completely different to somebody else.
Why is employee financial wellness important?
Worries over financial wellbeing have a significant impact on employees and, in turn, a big impact on business. The pandemic and its implications have magnified financial concerns for many employees, only adding to growing stress and worry already felt by employees.
Financial wellbeing at work is essential. 78% of UK employees rely on finance options, such as credit cards, in order to source money quickly between paydays; among London-based employees, this rises to 91%.
Financial stress is reported to impact employees’ sleep (38%), social life (29%), relationships (29%) and health (23%).
A study found that a whopping 80% of employers discovered that financial stress was lowering employee performance. A further 96% of employers think financial wellbeing at work is something their employees want and would benefit from.
How do you boost employee financial wellbeing?
Quite simply, through education. And that’s exactly why Ellie is here to help.
85% of employees cited financial education as extremely important to them. 87% of employees felt that being in control of their finances was more important than earning as much as possible.
Ellie will guide employees on the Tictrac platform through a series of practical solutions, strategies, and action plans so that employees can create their own healthy financial habits that get results. Employees will be able to boost their overall financial wellbeing and reduce their stress as they learn more and take action.
Personalised action plans, practical strategies and financial health and wellbeing
tips are all available to your employees exclusively on Tictrac to help them become happier, healthier and wealthier.
Find out how our Corporate Wellbeing platform can help support your staff’s wellness needs.