As the world comes together to celebrate World Mental Health Day with the theme for 2024 being ‘It is Time to Prioritise Mental Health in the Workplace’ We wanted to take the opportunity to shed light on the vital link between financial well-being and mental health. Through our work with organisations and their employees throughout Ireland we understand that financial stress can significantly impact a person’s mental health, creating a domino effect into every aspect of life, including home life and work life.
‘It is Time to Prioritise Mental Health in the Workplace‘
Financial stress is increasingly common in Ireland today, with many employees concerned about their financial security and the strain of the cost-of-living crisis.
As part of our workplace programmes, we conduct surveys with the workforce. These surveys not only provide us with insights into key areas that employees are struggling with, but they give us a true insight into the connection between financial stress and how it can have a profound impact on mental health. Some results from our last employee survey show some stark findings:
- 81% of employees find money matters stressful.
- 86% of employees find the cost of living stressful, rising to 90% of female employees in Ireland.
The three things most likely to trigger financial worries are:
- Not having enough savings (53%).
- Inability to pay for a sudden bill (42%).
- Not being able to afford luxuries (i.e., holidays) (34%).
These results paint a picture of just how many employees are struggling with their finances and how these concerns can manifest themselves in various mental health issues at home and in the workplace.
How can we help with financial stress?
We help with financial stress by providing employees in your organisation with financial education through our tailored financial well-being programmes. We use World Health Organisation approved health promotion methods to help employees improve their financial health by teaching them how to connect their income and savings to the lives they want to live. We believe in prevention rather than cure.
We use a three pillared approach to improving the financial health of employees in the workplace:
Understand
We want to understand the attitudes, opinions, trends, and existing financial literacy levels of your workforce before we design a programme bespoke to the needs of your organisation.
Educate
We believe in a “no surprises” approach to empowering employees to target future financial events to ensure that each employee fully understands the various elements that make up their financial worlds.
Communicate
Our communications are designed to be fun, engaging, and interactive to ensure a high level of engagement.
By addressing financial stress through our tailored programmes, we aim to not only improve employee’s financial health but also significantly enhance their mental wellbeing, promoting a healthier mindset.
If you are a HR or Well-being leader looking to help your employees, feel free to contact us today.
