Financial well-being at work: 44% ready to leave due to lack of support Discover how the absence of robust financial support in the workplace is driving 44% of employees to consider leaving their jobs, and more. Written by Stephanie Lennox Updated on 23 August 2023 Our experts We are a team of writers, experimenters and researchers providing you with the best advice with zero bias or partiality. Written and reviewed by: Stephanie Lennox Writer A comprehensive analysis conducted by Mintago (the financial well-being platform) surveyed a representative cross-section of 1,333 adults in the UK who are engaged in either full-time or part-time employment. Comprising both full-time and part-time employees, it has unveiled some noteworthy findings. The prevailing concern for 62% of individuals in the UK is the cost of living crisis, marking it as their most significant source of stress. This concern is even more pronounced among those who earn less than £30,000 annually, with 69% of them expressing distress over the cost of living.A substantial 40% expressed varying degrees of stress – with 9% being categorised as ‘very stressed' and 30% as ‘somewhat stressed.' Despite the evident financial concerns, 64% of the surveyed workforce believed that their employers had not adopted measures designed to ameliorate their financial well-being, particularly among individuals earning less than £30,000.20% of these employees did not believe their employers genuinely cared about their financial well-being. The dissatisfaction with current financial support runs deep, as a significant 44% of employees indicated their willingness to switch jobs if a different employer offered superior financial well-being support.What is financial wellbeing support?Financial well-being support encompasses a range of measures and initiatives that aim to improve employees' overall financial health and alleviate financial stress. In the context of the UK's cost of living crisis, where financial constraints are widespread, providing effective financial well-being support becomes even more crucial. Here are some strategies UK small business owners can consider to facilitate financial well-being for their employees:Financial education and workshops: organise workshops and seminars to educate employees about budgeting, saving, managing debt, and making informed financial decisions. Invite financial experts or advisors to provide guidance tailored to the specific challenges faced by employees due to the cost of living crisis.Flexible compensation packages: offer flexible compensation packages that allow employees to customise their benefits to suit their individual needs. This could include options such as flexible working hours, remote work, or additional paid time off.Access to financial tools: provide employees with access to online financial tools, apps, or resources that help them track their expenses, set savings goals, and manage their finances effectively.Employee Assistance Programs (EAPs): EAPs can extend beyond mental health support to include financial counselling services. These programs can offer confidential consultations with financial experts and advisors to address employees' financial concerns and provide personalised advice.Savings initiatives: introduce initiatives that encourage employees to save, such as a workplace savings scheme where employees can have a portion of their salary automatically directed to a savings account or a government-backed savings program.Emergency funds: Explore the possibility of setting up an emergency fund that employees can access during unexpected financial crises. This safety net can help alleviate immediate financial pressures.Negotiating benefits: as a small business owner, leverage your ability to negotiate with benefits providers to secure the best possible deals on healthcare, insurance, and other employee benefits, helping to reduce financial burdens.Transparent communication: keep open lines of communication with employees about the challenges posed by the cost of living crisis and the steps the company is taking to support them financially. Transparency can foster a sense of trust and understanding.Peer support networks: create a platform where employees can share financial tips, advice, and experiences with their colleagues. Peer support can be a valuable resource for navigating financial difficulties.Flexible payment options: explore the possibility of offering flexible payment schedules for employees who may be facing temporary financial challenges.It’s time to get proactiveChieu Cao, CEO of Mintago shares some insights into these findings, stating: “Given the persistent inflation, employees are enduring the ongoing challenges of the cost-of-living crisis and are in dire need of support from their employers, now more than ever before. This requirement is even more acute for those with modest or lower incomes, as our research underscores the disproportionate impact of the economic climate on those earning less than £30,000.”Cao emphasises: “Irrespective of the sector or income level, it is imperative that employers take proactive measures to provide comprehensive and impactful financial well-being support, tailored to suit the unique needs of each team member.” Share this post facebook twitter linkedin Tags News and Features Written by: Stephanie Lennox Writer Stephanie Lennox is the resident funding & finance expert at Startups: A successful startup founder in her own right, 2x bestselling author and business strategist, she covers everything from business grants and loans to venture capital and angel investing. With over 11 years of hands-on experience in the startup industry, Stephanie is passionate about how business owners can not only survive but thrive in the face of turbulent financial times and economic crises. With a background in media, publishing, finance and sales psychology, and an education at Oxford University, Stephanie has been featured on all things 'entrepreneur' in such prominent media outlets as The Bookseller, The Guardian, TimeOut, The Southbank Centre and ITV News, as well as several other national publications.