Shock Report: Nearly Half of UK Workers Desperate for Financial Wellbeing Help

Escalating Financial Worries Impact Mental Health and Work Performance, Reveals Recent App Data Analysis

2 mins read
happy couple dancing and clapping
Photo by Jack Sparrow on Pexels.com

Key Takeaways:

  • 46% of UK employees are seeking advice on financial wellbeing amid rising living costs.
  • Employee benefits apps like Engage offer crucial support with financial, mental, and physical wellbeing.
  • Utilizing Employee Assistance Programs for additional support can boost recruitment, retention, and overall employee satisfaction.

The Surging Demand for Financial Wellbeing Support

The latest user data analysis of the Engage rewards and benefits app, managed by HIVE360, paints a concerning picture of the UK’s workforce. In the last two months alone, nearly half (46%) of the workers have turned to the app for support and advice on managing their personal finances and debts. This number marks a steep rise from 29% in July, signaling an escalating need for financial wellbeing assistance.

Deepening Financial Stress among Employees

HIVE360’s Customer Experience Manager, Claire Lidgbird, highlights the gravity of the situation: “Worry and stress over personal finances has a detrimental effect on mental health and wellbeing.” Citing recent research by the CIPD, she notes that a significant majority of UK residents report a negative impact on their mental health due to cost of living changes. These financial stresses are not only affecting personal lives but also seeping into workplace productivity and concentration.

See also  Exposed: The Secret Tool 62% of Professionals Are Using to Land Jobs - Are You Missing Out?

Engage App: A Beacon of Support in Troubled Times

Engage’s Wellbeing Centre is more than just an app; it’s a lifeline for employees grappling with financial difficulties. It not only provides vital information on managing finances but also offers access to over 780 discounts on essential items. User data reveals a surge in discount usage at major supermarkets like Asda, Sainsbury’s, and Tesco, underscoring the struggle to cope with soaring food prices and overall living costs.

The Positive Impact of Discount Benefits

“The role of discount benefits in easing financial burdens cannot be overstated,” says Claire. She stresses that savings on daily expenses such as groceries and transportation can significantly alleviate financial pressures. With the price of food items like milk, cheese, and eggs showing the first monthly fall in two years, there’s a glimmer of hope amidst general price hikes, especially with petrol prices rising sharply.

A Holistic Approach to Employee Wellbeing

HIVE360 goes beyond mere financial advice, encouraging employers to utilize their Employee Assistance Programs (EAPs) for a more comprehensive approach to employee wellbeing. This includes access to resources for mental and physical health, alongside financial guidance. Claire adds, “Combining these benefits is not only great for recruitment and retention but fosters a happier, more productive workforce.”

The Empowerment of Technology in Employee Engagement

Engage, which can be fully branded for clients, is supported by a dedicated team ensuring high user engagement. Available in 120 languages, it covers a range of features from My Training to My Discounts, addressing various aspects of employee life.

HIVE360’s Pioneering Role in Employee Engagement

HIVE360’s innovative engagement solutions and outsourced payroll services reflect their commitment to easing employers’ administrative burdens and enhancing employee wellbeing. Their bespoke solutions create a unique bridge between employers and their workforce, setting new standards in employer-employee relations.

See also  The Golden Era of FinTech: Unraveling the £474 Million Powerhouse in the West Midlands

Conclusion: Fostering a Culture of Support and Wellbeing

The data from Engage and insights from HIVE360 demonstrate the growing need for employers to pay attention to their employees’ financial, mental, and physical wellbeing. In an age where employee satisfaction is paramount to success, platforms like Engage and the comprehensive services offered by HIVE360 are not just beneficial but essential in creating a positive, productive, and supportive work environment.

About HIVE360:

Established as a leader in compliant PAYE payroll support and comprehensive employment administration, HIVE360 is dedicated to streamlining business operations and boosting the bottom line for its clients. Their advanced engagement platform and app offer a multitude of benefits, ensuring effective communication and support for healthcare, training, and lifestyle, tailored to individual business needs.


Sign up to our newsletter & get the most important monthly insights from around the world.


Ready to Amplify Your Brand with Business Today?

Discover the power of sponsored articles and partnerships to reach decision-makers, professionals, and a dynamic audience. Learn more about our advertising opportunities and connect with us today!

Click here to explore our Promotion & Sponsored Articles page.

Are you looking to make an impact? Contact us at [email protected] to get started!

See also  Breaking: nexfibre Surpasses 800,000 Premises Milestone! What's Next

Business Today News

BusinessToday.news is an online publication committed to delivering comprehensive and insightful coverage of the latest business news, trends, and practices. With a focus on finance, technology, entrepreneurship, and other critical areas, it serves as a valuable resource for professionals seeking to stay abreast of the rapidly evolving business landscape.

Leave a Reply

Your email address will not be published.

Latest from Blog

About

BusinessToday.news is a premier online platform dedicated to providing the latest news and insights on a wide range of topics related to the business world, including technology, finance, real estate, healthcare, and more.

Newsletter

Copyright Unstructured.Media. All rights reserved. Explore our sitemap