Financial wellbeing top concern for employees, business owner survey reveals

Financial health is now the leading concern for employees, according to a new survey of more than 500 business owners*. The research for Evelyn Partners, the UK’s leading integrated wealth management and professional services group, 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%). 

23 May 2023
Authors
Tom Shave

Financial wellbeing top concern for employees, business owner survey reveals

Financial health is now the leading concern for employees, according to a new survey of more than 500 business owners*. The research for Evelyn Partners, the UK’s leading integrated wealth management and professional services group, 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 ground-breaking new employee financial wellbeing service for organisations to help their staff manage their money more effectively now and over the long term - a move that will help plug the advice gap for those needing help to get their finances in better shape.

Building on Evelyn Partners’ unrivalled expertise of both advising individuals on their personal finances and an extensive range of professional services to businesses, 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. They can also message them at any time for further guidance. 

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. Employees will be able to view all of their accounts – including banking and pensions – in a single place via open banking and for those who wish to make investments, access to Evelyn Partners’ award-winning Bestinvest platform. 

For senior executives with more complex financial affairs, Evelyn Partners will provide executive consulting, enabling them to meet with financial planners and tax advisers and then choose whether to engage with them for formal, ongoing advice.   
Evelyn Partners will also host both in-person and online bespoke educational seminars for subscribing firms on a range of topics, such as how to create a financial plan, saving for a house deposit, planning for retirement, and understanding existing employee benefits. 

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. 

“Positively, many employers have become increasingly attuned to the physical and mental wellbeing of their employees in recent years, a consideration that accelerated enormously during the pandemic when staff were required to work from home or put on furlough. In an effort to attract and retain the best workers businesses are putting more and more effort and resources into the non-remuneration aspects of the packages they offer to existing and prospective employees. Facilities aimed at employees’ mental and physical well-being are increasingly widespread offerings, on top of pensions and other benefits, and flexibility over working patterns. 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. 

“Our new offering provides organisations with a comprehensive service to improve engagement with their employees at all levels of the organisation and help them gain more confidence about their financial futures.  We believe the service will help organisations attract and retain the best talent, boosting productivity and focus, and lead to better financial outcomes for their staff.” 

*Nationally representative survey of 504 business owners aged 18+ with turnovers of £5m+ conducted for Evelyn Partners by Censuswide between 28th April 2023 to 9th May 2023:

What do you see as the biggest worry/ies for your employees, if any?  (Tick up to 3) 

Financial wellbeing amid 'cost of living crisis'

29.96%

Work/life balance

29.17%

Mental health

26.98%

Flexible working accommodations such as working from home

24.21%

Job security

23.61%

Childcare during working hours

21.63%

Performance targets

17.46%

Progression opportunities

17.26%

Training / mentorship

15.28%

Physical health

13.89%

Lack of workplace diversity

12.30%

No biggest worry/ies in particular

3.97%

Other, please specify

0.00%

About Evelyn Partners

Evelyn Partners is the UK’s leading wealth management and professional services group, created following the merger of Tilney and Smith & Williamson in 2020. With £62.2 billion of assets under management (as at 30 June 2024), we are one of the largest UK wealth managers ranked by client assets and the seventh largest accountancy firm by ranked by Group fee income (source: Accountancy Age 50+50 rankings, 2023).

We have a network of offices in 30 towns and cities across the UK, the Republic of Ireland and the Channel Islands. Through our operating companies, we offer an extensive range of financial and professional services to individuals, family trusts, professional intermediaries, charities, and businesses.

Our purpose is to ‘place the power of good advice into more hands’, and we are uniquely well-placed to support clients with both their personal financial affairs and their business interests. Our personal wealth management services include financial planning, investment management, personal tax advice and, through Bestinvest, we have a multi award-winning online investment service for self-directed investors. For businesses, our wide range of services includes assurance and accounting, business tax advice, employee benefits, forensics, fund administration, fund governance, recovery and restructuring and transaction services. 

For further information please visit: https://www.evelyn.com/

Disclaimer

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication.

Issued by the Evelyn Partners group of companies (the “Group”) which comprises Evelyn Partners Limited and any subsidiary of Evelyn Partners Limited from time to time. Further details about the Group are available at: https://www.evelyn.com/legal-compliance-regulatory/registered-details