nudge guide based on insights from 350k employees from over 100 top UK companies
Employees' financial health has changed dramatically.
We were already dealing with a debt crisis in the UK - the pandemic has forced an additional 4.2 million people into the red. Financial health has become a pandemic in itself.
It's not just for those in debt, 35% of people have taken a pay cut during COVID-19. Regardless of employment or personal circumstances, we should all prepare for a reduction in household incomes whilst we reinvigorate the economy.
The undeniable link between wellbeing and productivity
Employees with money worries are seven times more likely to have lower productivity or not finish their daily tasks than their colleagues.
The one thing that's for sure, if your finances are sound and you feel in control of your money, you feel in control of your life. That's why financial wellbeing is the key to people’s wellbeing.
Not sure where to start for your people?
Let's expose the elephant - and address poor financial wellbeing head on.
“This year’s events have had a huge impact on many aspects of people’s lives, including their financial wellbeing – and this is taking a toll on business performance and productivity. There are powerful actions that employers can take right now to help employees feel more in control of their finances, from opening up the conversation about money within the workplace to helping them develop the right skills and knowledge. Not only will this improve their general wellbeing, it will enable them to dedicate more time and attention to their job – boosting overall company performance. But these initiatives must be driven from the top. Leadership teams have a responsibility to empower every level of their business and ensure their teams feel supported as we navigate this uncertain period.”
Jeremy Beament, co-founder of nudge.
