It’s sadly no secret that financial worries are on the rise, with the average household set to be £1,000 worse off this year compared to last.
At Paycare, we’re seeing an increase in individuals concerned about their financial wellbeing – and similarly, companies who are looking to support their teams with the cost of living crisis.
While reversing the utility and petrol price hikes, lowering inflation or sorting out the job market isn’t something many of us have much say in, the good news is that there are plenty of things we can be doing – within our households and as employers – to weather the storm as best as we can and support positive financial wellbeing.
As money issues can have a profound impact on our mental and emotional health, it isn’t just about how we look after our finances, but what how we feel about them and what we can do to manage them.
We’ve put together some top tips for individuals and for companies, sadly none will make extra money appear in your wallet – but they may prove useful when it comes to looking after your financial wellbeing.
Top financial wellbeing tips for individuals:
- Shop savvy – reviewing household spending including any high-cost monthly plans has never been more essential, and using a savings calculator can help support this process.
- Seek out the deals – there was a time when most of us would stick to the same car insurer, for example, every year because it was easier. Now switching between suppliers for everything from contents to cat insurance is a must. Bagging a bargain using discount platforms such as Paycare Perks can also help to save money on everything from the weekly shop and household appliances to holidays and fitness.
- Ask for help – whether it’s a debt charity or online resources, if your financial situation is having a profound impact on your life and/or your health then don’t be afraid to ask for help.
Top financial wellbeing tips for employers:
- Explore cost-effective support – in an ideal world, you’d be able to offset the cost of living increases with pay rises for everyone. But with that not being feasible for a lot of companies, instead it’s worth exploring what support you can provide at low cost to yourself: more home-based working to reduce petrol costs, for example.
- Money-specific benefits – there are lots of benefits out there now which support the financial health of employees, Health Cash Plans and Bundle for example – both of which include access to the Paycare Perks platform, the latter costing just £2 per employee per month.
- Being open – this can include regular wellness check-ins and promoting a culture where employees can discuss their money worries openly, without fear that it’s a ‘taboo’ conversation within your organisation.
For more information about Paycare’s Health Cash Plans, either for individuals or companies, simply visit www.paycare.org/health-cash-plans.
Our blog also has regular health tips covering a variety of topics, and you can find out more about introducing or developing a workplace wellbeing strategy for your business by downloading our free guide.