Financial Wellbeing - Let's Talk Numbers

FINANCIAL WELLBEING – LET’S TALK NUMBERS

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The impact of financial stress on employees is something that no employer can ignore. Inflation and the cost of living have both negatively impacted the workplace whilst geo-political concerns continue to provide instability in prices and concern amongst everyone in the UK. Nobody is immune to the ravages of inflation and as President Ronald Reagan once famously said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.”

For HR professionals and People/Wellness Teams seeking to create workplace environments that are rewarding, encouraging, productive and engaging places to be, Financial Wellbeing has crept to the top of the agenda and the numbers are staggering:

• 26% of your workforce are worried about their finances.
• Financially stressed employees are 13.4 times more likely to have sleepless nights.
• On average 2.8 working hours a week are lost to financial worry.
• Quality of work is 7.5 times more likely to be negatively impacted through money worries.
• The ability not to finish work on time rises 8.7 times among the financially stressed employees.
• Employees with poor Financial Wellbeing are 6.5 times more likely to have relationship problems internally with colleagues.
• Financially stressed employees are 3 times more likely to be a ‘flight risk’ and looking for alternative employment. ‍

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And the impact on your business:

• 20-29 productive days are lost per annum per financially stressed employee.
• Additional recruitment costs to your business.
• Increased training and onboarding costs
• The net cost to your business of not addressing Financial Wellbeing is between 13% and 17% of your total employment costs. ‍

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Can you afford to ignore Financial Wellbeing in the workplace? ‍

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How can Prift help?

The first step to helping employees at all levels is to consider engaging, company-wide, with Prift’s Financial Wellbeing platform. Prift is designed to help all employees at all levels of your organisation. Spotting a gap in the market for personalised financial guidance and using all of the advantages of Open Banking whilst tapping into the nascent advances in Open Finance, Prift is delivering the ultimate Financial Wellbeing platform at a price point that makes securing a financial future and gaining financial literacy available to all.  

With no technology integration required into corporate systems, employees can immediately start to plug in their current and savings accounts, loans, credit cards, ISAs, pensions, mortgages and even house valuations to get a real-time view of their finances and, crucially, a projection into the future. Employees can also benefit from immediate savings on every day house expenses through shopping discounts at most high street retailers, restaurants and services. ‍

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Prift integration is simple, quick and easy...

Embedding Prift into your employee benefits proposal is a cinch. No costly technology integrations. No set-up fees. No lengthy lead times. It’s as easy as signing an agreement per employee, sending us their email addresses, and simply let the Prift automated platform do the rest - the most powerful Financial Wellbeing system in the UK today is ready to use. ‍

What are you waiting for?