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One in five employees ‘struggling to make ends meet’

Toolkit suggests employers should help workers be more open about money

A fifth of employees are struggling to make ends meet financially, a survey suggests.

The poll of 4,000 people found 18-29 year olds (26%) are struggling more than other age groups, while women (23%) are struggling more than men (19%).

More than a third (34%) said they spend more money when they are feeling down, rising 44% of 18-29 year olds compared to just 28% of those in their 50s.

Business in the Community has launched a toolkit, Ensuring Everyone Benefits: Improving financial wellbeing through employee benefits that work for everyone, in partnership with Salary Finance which provides guidance for HR teams to create an employee benefits package that improves the financial wellbeing of all workers.

Recommendations include engaging senior leaders, identifying the needs of low earners and promoting culture changes to make it okay to talk about money.

Nicola Inge, employment campaign director at Business in the Community, said employers need to create the kind of environment that breaks down the barriers around people talking about money to help all their employees.

“We need more employers to take a different approach to their employee benefits packages to make sure that they are meeting the needs of their whole workforce and getting the most value from the benefits they offer,” she stated.

Dhiren Master, global insights director for Salary Finance, added: “Employers that put wellbeing at the heart of their business objectives and work collaboratively with their employees will see a happier, healthier and more productive workforce. This issue will not go away on its own and the time for employers to act is now.”