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Link between financial and mental health

Back in August we released the findings of our Workplace Wellbeing Study and as it was received so well, opening many employers’ eyes to the financial struggles of the modern day workforce, I thought I’d share a few highlights of the independent study that really made people sit up and listen:

 

  • Of the 1,000+ workers interviewed, financial stress impacts their sleep (38%), social life (29%), relationships (29%) and importantly their health (23%)
  • Nearly three-quarters of 18 to 34-year-olds have experienced mental health or well-being issues linked to money
  • 52% of managers see value in providing employees with an on-demand payment app
  • 32% of people have not been able to make it into work as a result of not having enough funds to pay for their commute due to an unexpected cost
  • Financial stress has impacted 21% of the workforce – this rises to 30% for people in higher level roles
  • 25% of workers state that they have suffered from a lack of concentration at work due to their finances
  • 54% of earners say frequency of pay has an impact on their lifestyle choices

 

You can’t get through a day without the subject of mental health popping up in your social feed, in conversations or on whatever news outlet you consume – mental health is a huge issue, but thankfully the stigma is slowly being removed and people are getting more comfortable speaking about it. There is still a long way to go.

 

Whilst recently trailing through the NHS website to reassure myself that my daughters latest rash was just because she had drawn on herself with a pen that she is allergic to and not anything more sinister, i came across this really helpful article on coping with money worries.

 

We are fully aware that we have a big responsibility, given the space in which we exist, to provide clear and objective information on how financial stress impacts on mental and physical health and how we see Hastee Pay being a contributor to the easing of these stresses and reducing the big payday spikes that can cause the problems.

 

Mind, the mental health charity, have advice that states, amongst other factors, that getting organised is one of the key elements to a healthier relationship with your finances. Hastee Pay allows you to do just that, allowing you to smooth your income throughout the month, spending what you need to and removing the big peaks and troughs that can be so stressful.

 

Honesty alert – Hastee Pay or solutions like ours, are not the silver bullet to financial tranquillity, don’t believe anyone who tells you otherwise. If you earn £20k a year, but spend £25k, there is always going to be a deficit. However, good financial education coupled with help and advice from bodies like the NHS and fantastic charities like MIND on how to manage your money, all contribute to a solution that reduces financial stress.

 

We believe Hastee Pay is part of this solution to help workers have a better relationship with their finances and smooth their income across the month.

 

Words by Jamie – Marketing Director



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