New research from Bippit has found that more than half of workers in management positions receive adequate financial wellbeing support from their employer. However, only 20% of non-managers could say the same.
This financial support can include employee assistance programmes and financial education workshops.
“It would appear that non-managers are far less empowered to manage their financial wellbeing at work. They perceive far less financial support in the workplace and are an incredible 5.8 times less likely to have told their employer about their money worries,” says Sam Lathey, Bippit’s CEO.
Lathey also shared thoughts that organisations should ensure managers are fully skilled and trained in order to support their people across the business model.
The research further suggested that managers were unaware of their teams’ financial needs. Less than three-quarters of respondents said they were confident in spotting signs of financial stress in their employees.
However, managers reported being 5.2 times more likely to take time off due to financial stresses.