Financial education and wellbeing
A quarter of people in the UK are suffering with money problems so substantial that it is affecting their ability to do their job, according to a new survey carried out by CIPD and Close Brothers Asset Management of more than 1,800 UK employees. The number reporting problems rises to a nearly a third (31 per cent) among 18-24 year olds, and those living in London (32 per cent).
Financial wellbeing is a shared responsibility between the employer and employee.
Healthy financial wellbeing can be defined as:
'how much your financial situation and money choices provide you with security and freedom of choice.'
Financial wellbeing is now more important than ever. As the cost-of-living crisis continues, it is having a detrimental impact for some of our NHS staff. This has led to NHS organisations reviewing their current employment packages to support their staff's financial wellbeing, as ensuring that a comprehensive employment package is offered to staff will contribute to retaining valuable talent and help make you an attractive employer for new recruits.
Advice and recommendations for employers
- One common misconception around financial wellbeing is that it isn’t the employer’s responsibility, it’s down to the individual. However, the reality is that financial wellbeing is a shared responsibility between the employer and employee.
- To support employers, we have created an area on our website called the cost of living and good employment, which brings together important resources, examples of good practice and practical examples of what organisations in the NHS are doing now.
- Our developing a financial wellbeing strategy guide supports you to establish the foundations you need to develop a robust approach to support your staff with financial wellbeing in the workplace. It includes a four-step approach which means you can start your journey at whichever point is relevant to your organisation.
Emerging practice and case studies
Further tools and resources
- The Government has increased financial support to make healthcare studies more affordable. The announcement on 1 September 2023 will mean eligible students on nursing, midwifery, allied health professions, medical and dental courses will be able to claim 50 per cent more for travel and accommodation expenses, while more students from low-income families will be given financial help.
- View our financial wellbeing infographic, which looks at what being financially healthy looks like and some of the myths and realities of financial wellbeing.
- NHS Employers has worked with the National Forum for Health and Wellbeing at Work to contribute to a financial wellbeing guide aimed at boosting support for employees. The guide redefines the challenge of supporting employee financial wellbeing following the COVID-19 pandemic, in the context of the current cost of living crisis. The forum's first guide, released in 2020, highlighted the growing concern of financial matters for many employees at the time of the pandemic.
- Visit the CIPD in-work poverty web pages for further information.
- Find out how to support our NHS people experiencing stress:
- The Claro Mental Health Project Report looks into the link between money and mental wellbeing.
- Work foundation employer briefing looks at financial wellbeing during the cost of living crisis.
