If your answer is yes, don’t fret, many of us will have the same response. Poor financial wellbeing is not limited to any one type of person, and money worries can affect virtually anyone, with research showing that it is the highest source of worry for UK employees. In fact, Salary Finance found that in 2020, 26% of UK employees are worrying about money on an ongoing basis, outweighing career (22%), health (18%) and relationship concerns (14%). Even during a pandemic, money worries are coming out top.
This has been constant for a number of years, with much research showing that financial wellbeing is of huge concern to UK employees. With this, more and more employers are beginning to acknowledge financial wellbeing, but still, there is a long way to go.
For a number of reasons, employers have traditionally shied away from talking about this issue in the workplace. However, this is beginning to change. An increasing amount of companies are understanding that to have happy and productive employees, they need to acknowledge financial wellbeing as it is a crucial factor of a person’s overall wellbeing.
It’s true that sometimes financial stress can make people reach the point of despair, with Mental Health at Work estimating that over 100,000people in England every year attempt to take their own life whilst struggling with problem debt. It’s impossible to ignore how financial wellbeing can drastically affect a person’s work, and of course, their life.
At OpenMoney, we believe that employers are in a privileged position to help their staff with their health. It is important that employers provide for the wellbeing of their employees, which can only be properly done with the inclusion of financial wellbeing.
As WorkLife members you have access to financial wellbeing tool, OpenMoney. OpenMoney allows you to connect all your accounts; your current account, any ISAs, your pension, even your student debt! This way you can see all of your money in one place which makes it easier to visualise and make calculations based on what you have in total.
The aim of OpenMoney is to lead you down the road to financial freedom. While OpenMoney offers the service of investing, firstly, it will ensure that all of your basic financial needs are taken care of. Giving you digital advice and a handy budgeting tool to make sure you are making the most of your money, you will feel secure that you are in the right place financially.
Having this knowledge, security and autonomy over your earnings will lead to positive financial wellbeing and the ability to invest when your spending habits and savings are in a good place. OpenMoney is here to help you sensibly and safely maximise the money in your pocket.
Visit your WorkLife portal to find out more and download OpenMoney today.