Financial health is now the leading concern for employees, according to a new survey of more than 500 business owners. 

The research from Evelyn Partners reveals that nearly a third (30%) of business owners see financial wellbeing amid the cost-of-living crisis as the biggest worry for their employees. 

Work/life balance (29%) and mental health (27%) were also seen as big concerns for workers. These factors came ahead of perceived worries over job security (24%), childcare during working hours (22%) and performance targets (17%).  

It comes as Evelyn Partners announces the launch of a new employee financial wellbeing service for organisations to help their staff manage their money more effectively now and over the long term.

This new service will enable employees at every level of an organisation subscribing to the service – whether a new trainee or a C-suite senior manager – to meet with a dedicated financial coach, who will be a qualified financial planner, up to four times a year.

Through a new app the employees of subscribing organisations will get 24/7 access to comprehensive digital support that includes goals tracking and budgeting tools, educational content and financial health-checks. 

Tom Shave, partner at Evelyn Partners commented: “The findings from our research amongst business owners is concerning and underlines that the health of their employees’ personal finances should be recognised as a business risk.  Absenteeism due to stress is a significant problem and a factor driving worrying levels of economic inactivity in the UK. 

Employees under financial stress are far more likely to suffer mental health problems such as anxiety, sleep deprivation and a low mood, something that could impact their concentration levels and relationships in the workplace, dampening productivity in the process.  

“Given the well-established link between money worries and stress, we believe that financial wellbeing should be considered as a core component of the benefits offered to staff.”