Ways of Supporting your Staff with Money Worries
It’s recent the links between mental health and financial wellbeing, but it’s getting more evident. For some of us, money can be a source of stress or anxiety, even if we are in regular work. A study conducted in 2020 found that 52% of UK employees worry about money once a week, and 18% do so daily (Nudge, 2020).
When addressing mental health in the workplace it’s important to explore the underlying causes of employee poor mental health. This could be a number of things, being money and finances one of them. The lockdown restrictions have affected a lot of people financially. Unfortunately, it’s still a taboo for many of us to talk about money and money struggles. That’s why it’s even more important to break down the stigma around it by getting the message out.
Money worries can impact on your employees’ overall health, and on their sleep, mood, and relationships. But the situation can be improved by taking some small steps and asking for help.
Ways of Supporting your Staff with Money Worries
Local Money Advice Service
A new money advice service co-ordinated by Sussex Community Development Association is now available for East Sussex residents, with specialist money advice for people whose debt or worsening financial situation are impacting on their mental health, including the possibility of suicide. You can signpost your staff suffering from money anxiety to contact the advice helpline on 0333 344 0681 or e-mail benefitseastsussex@harcuk.com. This service can also be accessed through Eastbourne, Hastings and Wealden Citizens Advice Bureaus, Brighton Housing Trust (BHT) and Hastings Advice and Representation Centre (HARC).
National Money Advice Services
- Step Change is a debt advice charity that helps people with debt problems take back control of their finances and their lives. They offer free debt advice over the phone on 0800 138 1111 (Monday-Friday 8am-8pm, Saturday 8am-4pm) and on online debt advice tool. Signposting colleagues to those services can help them take practical steps to manage their money stress and improve their general wellbeing.
- The Money Navigator Tool can quickly provide your employees with an action plan based on their own financial situation, outlining what to tackle first, how to stay on top of bills, extra support they are entitled to and free advice for debt, housing or redundancy. This is a very useful tool for everyone who has have their income down, has been furloughed and need help to get back on track, or want to make the most of money saved during lockdown.
Toolkit and Tips for Self-Help
The new Mental Health and Money Toolkit, put together by Mental Health UK, is an in-depth and comprehensive resource to help your staff improve their mental health and money situation. This toolkit aims to help someone understand their finances, prioritise what to pay first, build their confidence and develop their problem-solving skills to take control of their debt. It also talks through how to access and navigate the benefit system, which can be quite daunting. Lastly, it touches on how to break the avoidance cycle, which can make money worries even more anxiety-provoking.
Mind, the mental health charity, has put together some quick tips to organise the finances and improve wellbeing that could be shared with your workforce. It includes how to create a budget, claim any extra money your employees are entitled to or ask for a break from paying interest on their debts, and what to do in the extreme case of not being able to afford bills or food.
Improve wellbeing in your workplace by letting your employees know that there is help and support available for them, and they don’t need to suffer from money struggles on their own.