- Four out of five (82%) workers are stressed by the current state of the UK economy
- With finances in the spotlight, many are looking for assistance in the form of retirement planning (16%) and education around investing (9%)
- One in six (16%) have also said they are looking to change their jobs due the current climate, according to Fidelity’s annual Global Sentiment Survey
Workers are reaching out to their employers for support during the cost-of-living crisis, with three in ten (27%) looking to them for help in managing their mental health and wellbeing, according to Fidelity’s latest Global Sentiment Survey1.
In line with Talk Money Week (7-11 November), Fidelity’s research highlights the importance of talking about your finances if you are struggling, whether it’s with a family member, friend or employer. It comes just months after the release of Fidelity’s Global Employer Survey, showing that the quest to secure talent remains one of the biggest challenges being debated in Boardrooms around the world.
The cost-of-living crisis is having a detrimental effect on the nation’s wellbeing, with more than four in five (82%) workers saying they are stressed by the current state of the UK economy. Workers are turning to their employers to provide guidance, with many looking for this in the form of retirement planning (16%) and education around investing (9%).
Other forms of support requested by employees include opportunities for ongoing learning (19%), protection such as life and disability benefits (16%) and phased retirement (19%) – highlighting the length and breadth of opportunities for employers to lend a hand during this difficult time.
Dan Smith, Head of Workplace Distribution at Fidelity International, commented: “This Talk Money Week will be one of the toughest for many, with millions of people affected by a growing cost of living crisis. Previously, employees may have wanted to discuss topics such as hybrid working, and while this remains important, health and wellbeing is one of the most significant areas in which employees would like their employers’ help.
“Alongside assistance with their broader wellbeing, employees are increasingly looking at the financial support their employers can provide in addition to their basic pay. We have seen an increasing demand from our clients to help employees with more guidance and advice options covering a range of financial needs.”
Workers are also putting their own measures in place to cut costs, with a quarter (25%) bringing lunches to work and 16% working from home to cut down on their travel costs. At the other end of the spectrum, one in six (16%) have said they are considering changing jobs in order to cope with the cost-of-living crisis.
Dan Smith continues: “Financial stress is a very real concern. Employers have an important role to play in supporting employees through this challenging period. Understanding that financial wellness is a core component of the overall wellness picture and thinking about how employers can help in the broadest possible way will help reduce financial stress for employees.”
Background on Fidelity International’s Global Employer Survey: This latest Global Sentiment Survey from Fidelity International follows the publication of its Global Employer Survey of 1,000 senior leaders, revealing that talent development (48%), acquisition (47%) and retention (46%) are some of the main priorities global organisations are focused on.
Research conducted by Dynata between 14 December 2021 to 12 January 2022 using a global research panel in conjunction with partner vendors. The survey was taken of 1,000 senior leaders at US and non-US based multi-national companies, where the company employs at least 1,000 employees globally, has a presence in at least two countries/regions and at least two continents, and is for-profit or non-profit (government bodies excluded).
Respondents were decision makers with responsibilities for at least one of the following: human resources, diversity & inclusion, compensation & benefits, general operations, and were located in US, Canada, Brazil, France, Germany, Italy, Spain, the UK, China, Hong Kong, or Japan and held titles such as President, CEO, Global Head of Diversity & Inclusion, Global Head of Compensation & Benefits etc.
1Source: The data collection, research and analysis for the above markets was completed in partnership with Opinium, a strategic insight agency. Data collection took place between August 2022 and September 2022.
The sample consisted of respondents with the following qualifying conditions: aged 20-75, either they or their partner were employed full-time or part-time and had a minimum household income of £10,000 annually.