New research from Wagestream highlights that the cost of living crisis remains top of mind for UK workforces – and is still impacting their ability to concentrate at work.
Mind Over Money, a new report with input from Wagestream, Money and Pensions Service and University of California, Berkeley, found the mental bandwidth used by employees worrying about money costs them up to 13 IQ points – in turn, damaging workplace productivity.
Key findings:
- 76 per cent of your colleagues are worrying more about money, as the cost of living rises
- 52 per cent say money is their biggest concern
- 13 IQ points can be lost, due to financial stress
What needs to happen?
Wagestream says that action needs to be taken because financial and related mental health issues are negatively affecting a significant proportion of the workforce, in terms of wellbeing and performance.
Per the CIPD guide on Financial Wellbeing, 2024: “Employees not only need but now also expect this support from their employer.”
Cost of living support for every colleague
More than 1,000 employers now offer financial wellbeing support through Wagestream – the UK’s most widely-used financial benefits platform.
Built with charities and the Fair by Design inclusion campaign, the platform offers 12 benefits in one mobile app, including:
- Budgeting tools and an interactive payslip
- Pay that’s flexible, with Earned Wage Access
- Education that’s personalised and engaging
- Savings accounts with 4.7 per cent AER*
- Credit that’s affordable, with workplace loans repaid through salary
- Discounts on groceries and retailers
“If you’re thinking about offering Wagestream, don’t think – just do it,” says the wellbeing manager, Co-op and winner, ‘Best Financial Wellbeing Strategy – Large Employer’, Employee Benefits Awards 2024
Find out more about the Wagestream offering.
*4.7per cent representative AER, subject to variability. Interest-bearing savings are available to all Wagestream members aged 18+ excluding US citizens and those with tax residency outside the UK. Workplace Savings and Workplace loans are provided by Wagestream Finance Ltd, a Wagestream company.