Nearly half (46 per cent) of workers across the UK have sought financial wellbeing support and advice in the last two months. This is according to analysis of August and September user data for the Wellbeing Centre of the rewards and benefits mobile app Engage.
Engage is provided and managed by employee engagement, benefits and outsourced employment administration and payroll solution provider HIVE360, which analyses the app’s users’ habits and trends. The analysis reveals that users accessing resources and support about managing their finances and debts accounted for 46 per cent of all user sessions in August and September – up from 29 per cent in July.
Commenting on the data, HIVE360’s customer experience manager Claire Lidgbird says: “Worry and stress over personal finances has a detrimental effect on mental health and wellbeing, with recent CIPD research finding that well over half (59 percent) of people living in the UK say the cost of living or a change in personal finances has had a negative impact on their mental health over the past year.”
As well as its ‘Wellbeing Centre’, Engage provides users with access to more than 780 discounts on everyday household food and essential items. Its user data for August and September reveals retailers topping the table for the number of user orders made using the app and its exclusive discounts, were for major supermarkets Asda, Sainsbury’s and Tesco.
“The cost of food and everyday essential items reached record highs in many instances over the Summer months,” says Claire. “Little surprise therefore that nearly half of adults say they are spending more than usual on food shopping, according to figures published by ONS, which also revealed that rising food costs were the most commonly reported reason for 54 per cent of adults reporting that their own cost of living had risen, and that as a consequence, four in 10 (45 per cent) of adults have been forced to buy less in the weekly food shop.”
Alongside discounts and benefits, HIVE360 advises employers to utilise their Employee Assistance Programmes to provide additional access to financial – as well as mental and physical – wellbeing resources and support: “All of these benefits together are great for recruitment and retention, because employees who feel supported and less financially stressed because their earnings are going further, won’t feel the need to look elsewhere for a higher salary to make ends meet,” she adds.
“Together all of this leads to improved financial health for all, higher productivity levels and, best of all, happier employees.”
