options, they should not shy away from the issue of financial wellbeing at work. Besides one-off bonuses and pay rises, there are several mechanisms and forms of support which can make a real difference. The option to sell back unused annual leave may suit some individuals, whereas retail discounts and/or membership schemes may help with the purchase and use of critical products and services workers need. In approaching the issue of financial wellbeing at work, our research found there are key principles which should form a large part of any approach. EMPLOYERS SHOULD PROACTIVELY ENGAGE WITH STAFF TO DEVELOP SUPPORT THAT MEETS THEIR NEEDS It is vital that staff are involved in decision-making around financial wellbeing measures in the workplace. Not only will this result in greater efficacy, but it can also help to avoid unintended consequences. We heard of the danger for lower-paid workers who hold active Universal Credit claims, of their support being affected by one-off cost of living payments, despite the well-intentioned nature of this support. Our worker interviews revealed frustrations that decisions around financial wellbeing support were made remotely, and not through involved consultation. The deep anxiety coursing through workplaces can to an extent be assuaged through involving workers in the design of financial wellbeing measures – providing increased certainty through precarious circumstances. STIGMA ABOUT MONEY MANAGEMENT CAN HOLD PEOPLE BACK FROM GETTING SUPPORT THEY NEED While it is important to involve workers in decisions around how a workplace will respond to the cost of living crisis, it is also important for employers to approach the issue in a tactful manner. Our research highlighted how a sense of stigma can cause financial wellbeing in the workplace to go un-addressed. The fear of being judged or a general sense of discomfort were cited by workers we spoke to. While this finding points to broad, societal norms that exist around personal finance, where appropriate, employers need to approach the issue of financial wellbeing in the workplace discreetly. PROVIDING GREATER JOB SECURITY IS KEY TO UNDERPINNING FINANCIAL WELLBEING There is something of a ‘first order’ principle within all of this. While there is a place for a range of financial wellbeing support, for workers who receive low pay and face insecurity, the most effective form of support is through reviewing and improving terms and conditions, with staff and union representatives. Our interviews identified something of a divide between workers in less secure and lower-paid forms of work, vis-à-vis employees in more secure and betterpaid roles. The latter group were more often aware of a broader range of support mechanisms in comparison to less secure workers, who were more immediately concerned with pay, which may be illustrative of a more transactional relationship between individuals in less secure work and their employers. Our Shifting Sands report sets out a suite of policy recommendations through which employers can protect the financial wellbeing of their workers, including: Senior leaders should review their employment contracts and prioritise increasing job security Employers should develop a strategic approach to financial wellbeing and embed it into their organisation’s overall approach to health and wellbeing Employers should consult with workers to shape financial wellbeing strategies and provide as much certainty about the future as possible Employers should cultivate an inclusive culture around financial wellbeing within their organisations Alongside the research briefing, we launched an employer guide, setting out through practical examples the steps that can be taken to engage with staff around financial wellbeing in the workplace – and provide the support they need. FIFTY FOUR DEGREES | 37 Trinley Walker is a Policy Advisor with the Work Foundation at Lancaster University, a leading think tank for improving working lives in the UK. The report Shifting Sands: Employer Responsibility During the Cost of Living Crisis, is authored by Trinley Walker and Asli Atay, of the Work Foundation. t.walker9@lancaster.ac.uk
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