Businesses urged to protect the financial wellbeing of team members

BUSINESS owners and senior managers are being urged to take action to protect their employees – after new figures revealed more than 80%1 of people believe worries about money are linked to worsening mental health. 

The statistics from a survey1 by the Money and Mental Health Policy Institute also found almost half of people in debt also suffer from mental ill-health. 

Now the team at Carlisle-based Rachael Bell Wealth Management – who have been delivering free Financial Wellbeing workshops to businesses and organisations across Cumbria for the last year – are calling for more leaders to take action. 

financial wellbeing

Practice Principal, Rachael Bell, said: “We know that 86 per cent of 5,500 people surveyed by the Money and Mental Health Policy Institute said their financial situation had made their mental health problems worse. 

“This is a stark figure. We want people from all walks of life to know they can be in a position to achieve and enjoy good financial wellbeing. 

“That has to begin somewhere and we believe the Financial Wellbeing workshops we have been delivering across Cumbria are an excellent starting point – for businesses wanting to make a difference to their employees and for the employees themselves.” 

The Financial Wellbeing sessions have been delivered by Rachael along with Practice Manager Pam Brown and Financial Adviser Abigail O’Brien. 

Companies and organisations to have benefitted so far include UK200 leading law firm Cartmell Shepherd, the University of Cumbria and St Mary’s Hospice in Ulverston. 

The sessions themselves have been diverse; young people just starting their professional lives have been joined by those many years their senior. Workers with strong pension pots accrued over decades have sat alongside those who have no pension at all. 

Peter Stafford, Managing Director of Cartmell Shepherd, said: “We offer pastoral support to our team members if we think it has the potential to positively impact their lives. It can come in many shapes and forms, and we felt the financial wellbeing sessions offered by Rachael Bell Wealth Management were a good fit. 

“Finances are about so much more than getting a pay cheque and covering the bills. It’s so important to be financially aware and consider the future as well as the here and now. 

“Good financial health is linked to good mental health, in the sense that money problems can affect our wellbeing. 

“The sessions have proven to be very popular with the team and I’d recommend them to any business looking to further their staff engagement programmes.” 

Rachael added: “Financial stress can come in many shapes and forms and naturally has an adverse impact on an individual’s mental health and therefore on their ability to do their job and perform well. 

“It impacts on working days and productivity. Stress can affect a team member’s confidence and ability to concentrate. It can also adversely affect how they interact and communicate with other employees and a business’ clients or service users. 

“But it doesn’t have to be like that. Employers can – and should – play a key role in ensuring it isn’t.” 

Money and mental health: the facts, Money & Mental Health Policy Institute, 2019, derived from a UK-wide survey of 5,500 people with lived experience of mental-health problems. 

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