How to Elevate Employee Mental Health with Financial Wellbeing Support

As the UK marks Mental Health Awareness Week, the conversation around employee wellbeing has never been more pertinent. At Prestige Private Finance, we understand that true employee wellbeing encompasses more than just physical health; it includes mental and financial health as well. Our Corporate Financial Wellbeing program is designed to address these often-interconnected aspects, ensuring employees are supported comprehensively. 

Financial Wellbeing and Mental Health: An Inextricable Link 

Financial stress is a significant contributor to poor mental health. According to the Money and Mental Health Policy Institute, nearly half of adults in problem debt also have a mental health problem.

This link is clear: financial worries can lead to anxiety, depression, and many other mental health issues. Conversely, poor mental health can make managing finances more challenging, creating a vicious cycle that is hard to break. 

Employers have a unique opportunity to intervene positively in this cycle. By addressing financial wellbeing, they can help reduce one of the major stressors in their employees’ lives, thereby improving mental health outcomes. This, in turn, can lead to a more productive, engaged, and loyal workforce. 

The Business Case for Supporting Financial Wellbeing 

Investing in employees' financial wellbeing is not just a compassionate move - it makes sound business sense.

Financially stressed employees are less productive and more likely to take time off work. A 2019 report by Salary Finance found that employees with money worries are 8.8 times more likely to have sleepless nights and 5.8 times more likely to not finish their daily tasks. 

Moreover, the cost of mental health problems to a business is significant. The Centre for Mental Health estimates that mental health issues cost UK employers approximately £34.9 billion each year due to absenteeism, presenteeism, and staff turnover.

By integrating financial wellbeing into employee support programs, businesses can mitigate these costs. 

Our Approach at Prestige Private Finance 

At Prestige Private Finance, our Corporate Financial Wellbeing program is designed to provide tailored support and education to employees, helping them make informed financial decisions about their homeownership aspirations.

We offer educational briefings and personalised mortgage surgeries, ensuring that employees receive the guidance they need to navigate their financial journeys confidently. 

Our approach is human-centric and empathetic, recognising that each employee’s financial situation is unique. We aim to empower employees with the knowledge and tools they need to manage their finances effectively, reducing stress and enhancing overall wellbeing. 

The Broader Impact on Workplace Culture 

When employers prioritise financial wellbeing, it signals to employees that their overall health and happiness are valued.

This fosters a positive workplace culture where employees feel supported and appreciated. Such environments are more likely to retain top talent and attract new employees, creating a competitive advantage in today’s job market. 

Furthermore, promoting financial wellbeing can lead to more open conversations about money and mental health in the workplace. This openness can reduce stigma and encourage employees to seek help when needed, fostering a more supportive and understanding workplace environment. 

Conclusion 

As we reflect on Mental Health Awareness Week, it's crucial to recognise the role that financial wellbeing plays in overall mental health. Employers have a critical role in supporting their employees’ financial health, which in turn supports mental health and enhances productivity and engagement. 

At Prestige Private Finance, we are committed to helping businesses support their employees through our Corporate Financial Wellbeing program. By addressing the financial stressors that can go with homeownership, we can create healthier, happier, and more productive workplaces. 

For more information on how we can help your organisation, please visit our Corporate Financial Wellbeing page. Let's work together to build a future where financial health and mental health go hand in hand.