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NewsTackling money worries in the workplace
Tackling money worries in the workplace

Why should employers be concerned about financial wellbeing?

Around 60 per cent of stress-related absence at work is for non-work causes, according to the Chartered Institute of Personnel Development (CIPD). The increase in personal debt and growing worries over job security are, according to CIPD, likely to undermine positive mental health and increase stress levels.

High employee stress levels tend to be associated with high levels of sickness absence.

The Social Market Foundation has identified low financial capability and resilience as a significant cause of stress across the UK workforce. Such stress can affect working life too with one in four workers reporting that money worries have affected their ability to do their job.

Even relatively well-paid workers are still at risk from worries about a large unexpected expense. Nearly 50 per cent of workers are not putting any money aside for anything more than regular bills and nearly a third of all workers have no savings or investments of any kind.

Companies are beginning to recognise the link between employees’ wellbeing and their financial wellbeing. A payroll partnership with WCCU addresses a source of stress that is outside the control of the employer though its impact is manifest in the workplace either in terms of sickness absence or reduced productivity.

The partnership enables staff to save regularly directly from their salaries, building their financial resilience in uncertain times.
WCCU membership at work also enables staff to access affordable, low-interest loans and repay them directly from their salary, avoiding the kind of problem debt that can lead to stress.

It's clear to us and our corporate partners: financial wellbeing equals employee wellbeing.

Find Us here:
  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: