Today is Blue Monday, the most depressing day of the year. With this in mind, it is vital that employers consider how they can enhance the wellbeing of their employees in a meaningful way – and improving their financial wellness will be an important first step, as employee benefits expert and CEO of Mintago, Chieu Cao, states below:
Chieu Cao, CEO of Mintago said: “The monetary pinch of Christmas and the New Year can leave many employees feeling worried about their financial situation on what has come to be called ‘Blue Monday’. And such concerns can have lingering effects on other elements of people’s lives. Indeed, Mintago’s recent research found that financial anxiety negatively impacts the job performance of a quarter (23%) of UK adults.
“As such, employers must play a more active role in alleviating employees’ financial stress – and improving engagement with workplace pension schemes would be a positive step in achieving this. Something as simple as granting employees access to information about their pension, such as the value of their savings and what that means relative to their goals, will help employees feel in control of their finances. And from there, employees will feel empowered to assert control over other elements of their finances, from savings and investments to mortgage repayments. In an increasingly volatile economic landscape, effective financial management can make all the difference to an employee’s financial and overall wellbeing.
“Greater understanding and visibility of their pensions and monthly contributions will enable employees to regain control of their finances, which will ultimately positively impact their job performance. As such, employers will benefit from a happier and more productive workforce.”