An insightful piece in Personnel Today looking at lessons from mental health support and how they can inform financial wellbeing support.
Financial wellbeing is probably the newest pillar in a fully rounded wellbeing approach for an organisation, so important during these stressful times in the world economy, and in his piece Sam Lathey from Bippit offers some good advice for businesses looking to include it.
In the realm of employee wellbeing, financial wellbeing is finally catching up to mental wellbeing. While there are similarities between the two, there are also important differences that employers must recognize.
In terms of stigma, there needs to be a common language for discussing personal financial situations, just as there is for mental health.
Additionally, senior leaders in organizations are less likely to share their money stories, possibly due to fiduciary responsibilities.
Furthermore, while mental health is seen as existing on a daily spectrum, personal financial situations are often viewed as fixed.
Finally, organizations should empower employees to manage their own financial wellbeing through proactive, personalized solutions.
By addressing these areas, employers can accelerate progress in financial wellbeing and ensure that employees feel comfortable discussing and improving their financial situations.