Julie HayesJulie HayesFebruary 25, 2019


Last year, it was recorded that household debt in the UK was ‘worse than at any time on record’.

The average total debt per household, including mortgages, was £59,288 in October 2018 – that’s over £30,000 per adult. 
It’s therefore likely that you as an employer will, at some point, hire someone who is experiencing financial difficulties. Despite this, around half of employers disagree that their employees’ financial wellbeing is their responsibility 
Employees who are worrying about money are likely to be stressed, and even anxious, compromising their focus and leaving them prone to making mistakes at work. As a result of the stress they are under, they are also more likely to take time off work for illness. 
Studies have shown that debt can actually trigger a mental health problem, or worsen an existing condition. One-in-four British adults with a mental health problem also struggle with problem debt, while those with problem debt are twice as likely to develop major depression as those not in financial difficulty. In the words of Martin Lewis, founder of Money Saving Expert: “Be under no illusions. Mental health problems can cause severe debt, and severe debt can cause mental health problems.”
With that in mind, here are our tips to help you support your people with money problems: 

1. Financial education 

Many adults struggle to manage their finances due to financial products, such as pensions and loans, becoming more and more complicated and a lack of financial education at school. About 17m workers possess the numeracy skills of a primary school child, according to research by charity National Numeracy, and estimates poor numeracy could cost the economy £20bn per year. 
Financial education can be as simple as providing leaflets, email newsletters, workshops or one-to-one sessions on basic financial management skills. Where possible, the rule of thumb is to offer employees a range of sources to get their information from. 

2. Consider paying a living wage 

With a 5.7 percent decrease in the average real wage, more people are struggling to make ends meet. Also known as the ‘real Living Wage’, The Living Wage Foundation offers accreditation to employers who pay an independently calculated Living Wage (this is different to the Government’s ‘National Living Wage’). It’s based on what families need to live and, as of January 2019, it stands at £10.55 per hour for London and £9.00 per hour for the rest of the UK. 
According to the Living Wage Foundation, 93 percent of Living Wage business have reported benefits since becoming accredited. Additionally, 86 percent of Living Wage employers reported improved business reputation and 75 percent said that staff motivation and retention rates improved. 

3. Create a culture of support 

Creating a culture where employees feel comfortable about seeking support can make all the difference. Recognising that financial stress is usually temporary and not a sign of the employee’s character is important, as is letting your employees know where they can turn if they are in financial difficulty.

Employees are the greatest resource of any business, and ensuring they get the financial support they need is an important step towards fostering a happy, healthy work environment. Being proactive in supporting your employees demonstrates your dedication to wellbeing in the workplace, making work a less stressful – and more productive – experience for everyone. 

Inform. Inspire. Include.
A free way to improve your business.

Customer Experience Magazine is the online magazine packed full of industry news, blogs, features, reports, case studies, video bites and international stories all focusing on customer experience.



UK Trademark UK00002648900

EUIPO Trademark 018131832

Contact Information

For article submissions:
Paul Ainsworth

For general inquiries, advertising and partnership information:
Tel: 0207 1932 428

For Masterclass enquiries:
Tel: +44 20 86385584

Customer Experience Magazine Limited
Company number: 12450532
International House, 24 Holborn Viaduct,
United Kingdom, London, England, EC1A 2BN


Find a job in customer support with Jobsora


weight loss: yoga and weight loss funny weight loss images lemon juice for weight loss chicken diets weight loss penis before and after weight loss rapid weight loss exercise hula hoop weight loss best over counter weight loss pill free weight loss pills what diet pills work to lose belly fat minnie driver weight loss why take water pills for weight loss quick healthy breakfast for weight loss black beans weight loss best cardio workout for weight loss weight loss orlando fl black coffee diet for weight loss body wrap diy weight loss skinny me weight loss surgical procedures for weight loss best diet plan for quick weight loss grapes and weight loss celexa side effects weight loss extreme fast weight loss treadmill walking for weight loss diet pills paxil clean eating blogs weight loss nac and weight loss weight loss and menstruation keto weight loss expectations wheatgrass weight loss kate this is us weight loss weight loss pills most effective terfamex diet pills dr oz diet pills for belly fat levothyroxine 75 mcg weight loss dnp diet pills for sale colonial heights weight loss diet pills fda raw honey benefits weight loss fat trapper diet pills zen bodi weight loss

vape: how to use brass knuckles vape pen resa stick vape aces vape best mod tank for clouds good vape setup wholesale vape cartridges blossom vape juice can you bring e cigarette in seaworld what can i use instead of vape juice sprite vape juice e cigarette lung capacity cbd vape juice for pain vaping making me feel sick nike vapor strike 4 low d vaporesso gen kit hybrid top cap mech mods how to clean kangertech subvod diacetyl vaping tfv12 q4 coils dabs vape rta starter kit ooze vape mini vapor mods tiger vape purple box mods charlottes web cbd tfv8 big baby coil michigan banned vaping uwell crown ceramic coil e cigarette nicotine lung disease smok tfv8 rba deck vape pen clearomizers uwell mess pro ecig accessories dry uwell caliburn my vaporatore how to fill a juul pod baby beast vs uwell crown expired e juice crown uwell tastes burnt variable voltage ecig kit the voopoo vape take apart smok alien 220w orange

male enhancement: sex power medicine foods to help testosterone sildenafil 20 mg cost viagra blood pressure sildenafil price 100mg vxl male enhancement side effects how long do pills last vigrx plus reviews enlarging pennis size do penis pump work male drive max amazon niacin testosterone medium size cock contact spotify phone cheap generic viagra 100mg extenze male enhancement pictures blue medicine penis enlarge massage penis news big white dick gay get well soon sexy cialis lasts how long girles have sex borax for erectile dysfunction lack of sex symptoms tadacip 20 mg hard lump on penis viagra before and after sexy stores supplements to improve memory hormone balancing supplements chinese men penis enhance herbal what is erectile dysfunction symptoms erection pills for men yohimbe uses extenze reviews 2020 enlarging pennis top rated diet pills ways to increse penis size male enhancement 36 cock extensions

cbd oil: cbd oil for gout endoca raw cbd oil cbd while breastfeeding how to use full spectrum cbd oil cbd oil and pain cbd podcast cbd san francisco hemp cbd legal cbd cannabidiol buy cbd oil top brands where to buy cbd in ct cbd oil manufacturers usa cbd saved my life cbd oil balm carpal tunnel cbd dosage for bone cancer motor oil cbd wholesale dropship skin element reviews cbd thc topical absolute scientific cbd oil zija cbd patches best cbd oil for inflammation where can i buy high cbd seeds ignite cbd jaydens juice cbd oil review shark tank cbd oil episode acne cream amazon cbd skin oil take significado canobis oil koa distributors cbd and blood thinners medical marijuana dosage cbd oil effects on high blood pressure what cbd products are legal in texas cbd to thc cbd w polsce legalne top cbd gummies what type of cbd oil do i need for seizures cbd cigarettes usa where to buy cbd oil in bloomington il cbd oil youtube