The cost of money worries

As financial pressures continue, workplaces are increasingly recognising poor financial literacy as a key financial wellbeing risk, according to the latest Financial Wellbeing Research 2023 (63% compared to 58% in 2022).

The report from The Reward & Employee Benefits Association (REBA), in association with WEALTH at work, surveyed almost 200 companies representing over 1.5 million employees.

It found that employers expect financial pressures to continue, such as high childcare costs (64%), rental costs (66%), high consumer inflation (75%), and energy prices (77%), and that these factors are a risk to the financial wellbeing of their staff, which is why employees should understand what support is available, as well as how to access and make the most of it.

Aston spoke to Jonathan Watts-Lay, director at WEALTH at work.

Photo by Colin Watts on Unsplash