Mental Health Awareness Week 2024

It’s Mental Health Awareness Week 2024, so this week we’re recognising the interconnectedness of financial wellbeing and mental health. While money isn't everything, our financial situation can significantly impact our stress levels, happiness, and overall quality of life. ?

This year’s #MHAW theme is movement. In the typical sense, moving your body more can help you shift energy and improve your physical and mental wellbeing. But in terms of finances, welcoming movement can have a similarly positive effect. Whether this is learning more about pensions, switching to a higher interest savings account, or reevaluating your will – it’s all ‘movement’ towards taking a more active role in your finances.?

When it comes to the workplace, the statistics speak volumes. When surveyed, 47% of employees said that their mental health has suffered as a result of rising financial stress, with 21% of those surveyed having considered taking time off work due to the impact it’s had.?

Money worries can impact negatively on employees' mental wellbeing, but can also have a knock-on effect on their productivity and job satisfaction. In today's fast-paced world, juggling personal and professional responsibilities can be overwhelming, and financial worries only add to that burden.?

Here are some tangible ways employers can empower the future financial health and therefore overall mental wellbeing of their employees:??

1. Financial Education: Expand employees' financial literacy through webinars, workshops, and resources on budgeting, saving, investing, debt management, and retirement planning. Knowledge and confidence are key to maximising financial health.?

1. Varied Benefits: Offer flexible compensation options, such as remote work opportunities, to reduce costs for employees. Expand your benefits package to empower employees to make choices that support their individual circumstances.?

1. Future Planning: Help employees plan for the future by educating them on the importance of looking ahead. Offer them access to tax-efficient savings methods like AVCs, or tools to help them choose the most cost-effective investment options.?

1. Debt Management Assistance: Provide guidance on managing and reducing debt effectively via financial tools such as Snoop, which helps employees identify their spending habits and set future financial goals. Signpost charities like StepChange.org, which can help employees tackle tricky financial situations head on.?

1. Effective Communication: Keep employees informed about available financial support, benefits, and resources through regular and varied communication channels. Open dialogue around money is key to fostering a more comfortable environment around financial health in the workplace.?

The link between financial wellness and positive mental health cannot be understated. By promoting financial literacy and offering staff access to comprehensive financial education, tools and resources, employers can cultivate a more supportive culture around money in the workplace.??

This Mental Health Awareness Week, let's prioritise not just our physical and emotional wellbeing but also our financial wellbeing – because when we’re worrying about money, we’re affecting our mental health. Let’s prioritise movement towards better financial education, tools and resources that’ll empower greater financial wellness for employees.?

Source: St James’ Place?

My Money Matters