Mental Health Awareness Week: Financial well-being

Financial well-being isn’t just about managing money, it’s about feeling secure, supported and able to cope with financial stresses. 

According to the Building Societies Association (External), almost a quarter of UK workers say money worries have negatively impacted their performance at work, with one in five taking time off work due to illness caused by financial concerns.* 

This mental health awareness week, we want to highlight financial well-being and mental health, how employers can support their teams, and simple tips to help improve well-being. 

How money problems can impact mental health 

Research from the Building Societies Association highlights that 12% of adults have no savings, while one in five adults is unable to cover an unexpected expense of £300. Without a financial safety net, even small, unexpected costs can quickly become a source of stress and anxiety. 

Living with ongoing financial pressure could affect mental well-being in different ways, including:

• Anxiety or panic attacks triggered by financial pressures or unexpected expenses
• Difficulty sleeping due to worries about money
• Poorer overall health if essentials such as food or heating become unaffordable
• Feeling lonely or isolated as money concerns affect social lives and relationships

When people don’t have savings to fall back on, financial stress could begin to affect daily life, including confidence and work performance. More information can be found at www.mind.org.uk (External).

How employers can support financial well-being

At the Marsden, we believe small steps can make a big difference when it comes to building better habits and improving financial well-being. That’s why we developed our Workplace Savings scheme. This helps employees build savings through a regular amount taken directly from their salary, post-tax and other deductions. With no cost to employers, it’s a simple way to support employees in building financial resilience and reducing money-related stress.

Workplace Savings are different from moving money into a savings account after payday because it’s done before your employee’s wage hits their bank account. This helps make saving effortless and reduces the temptation to spend before saving. Read more about Workplace Savings for employers. 

Simple ways to cope with money worries

If money concerns are affecting your mental health, taking small steps can help you feel more in control. The NHS Better Health website (External) has listed some ways to support your well-being during financially stressful times: 

1. 1. Be kind to yourself - Avoid negative self-talk or unhelpful thoughts. Accept that things might be outside of your control and remember that things change.
2. 2. Talk about your money issues - It could help to talk to a trusted friend or family member. Alternatively, the Mental Health and Money Advice website (External) can help you understand, manage and improve money issues and mental health.
3. 3. Switch off from money worries - Relaxation techniques and meditation can help you feel calmer, which could help with feelings of anxiety about money.

Building better financial well-being together

Financial well-being and mental well-being are closely connected. Helping people build savings, feel more financially secure, and access the right support could make a meaningful difference.

If you’re an employee, read more about our Workplace Savings scheme today. If you’re an employer, register your interest for a callback from our Savings Developer Manager to learn more.