In a survey of 1,333 adults in the UK in either full time or part time jobs, the financial wellbeing platform discovered the overriding concern and source of stress for 62% of the respondents was the cost-of-living crisis. This was especially pertinent for those earning under £30,000, 69% of whom expressed distress with the current economic situation.

While the tensions around economic stability are understandable, 64% employees did not believe their employers had adequate resources in place to mitigate their financial wellbeing. Among the under £30,000 earners, 20% did not feel genuine concern from their employers about their financial wellbeing. 

Commenting on the results, Chieu Cao, CEO of Mintago said, “Given the persistent inflation, employees are enduring the ongoing challenges of the cost-of-living crisis and are in dire need of support from their employers, now more than ever before.”

“This requirement is even more acute for those with modest or lower incomes, as our research underscores the disproportionate impact of the economic climate on those earning less than £30,000.”

The survey found that financial wellbeing support was an indicator of whether a worker would choose to stay in their current workplace or be tempted towards another organisation with superior support mechanisms in place.

These include financial education and workshops at work, flexible compensation packages, access to financial tools, savings initiative and employee assistance programs (EAPs) which can extend beyond mental health support to include financial counselling services.

Cao emphasised that irrespective of the sector or income level, it is imperative that employers take proactive measures to provide comprehensive and impactful financial well-being support, tailored to suit the unique needs of each team member.