Money and financial issues are the leading cause of stress for many people. This stress can lead to anxiety, depression, and other mental health issues. Our research reveals that a staggering 81% of employees find money matters stressful. This stress can affect home life and even work life such as employee performance and overall health. On top of this, today’s economy adds on an additional layer of stress that can further impact our mental health. The cost of living is a huge struggle for many employees in Ireland and can significantly exacerbate their mental health.

The importance of self-care in financial well- being for employees

As HR and Wellbeing Leaders, fostering a supportive environment for employees’ self-care is crucial to their mental and financial well-being. Prioritising self-care helps employees build resilience and maintain focus, enabling them to make smarter decisions with their money both at work and in their personal lives. Encouraging self-care in the workplace can help ease financial stress for employees.

One effective solution to improve financial wellbeing is the implementation of financial education programmes in the workplace. According to our research over a third of employee requests for support asked for financial support or guidance. These programmes can provide employees with the knowledge and tools they need to manage their finances effectively. As a result, employees feel less stress and improved mental wellbeing. For employers it can mean lower absenteeism and a more engaged, loyal workforce.

By fostering a culture that prioritises self-care and wellbeing, organisations can enable their employees to live healthier and more balanced lives in both their professional and personal life. Adapting these approaches will help reduce financial stress and in return enhances workplace productivity, morale, and loyalty.

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