Brexit is part of our everyday language – but what does it really mean? When it comes to finances, British employees are still in the dark.
Research from Neyber, a financial wellbeing provider, has found that 56% of 18-34-year olds are uncertain about the impact Brexit will have on their finances – suggesting they may benefit from advice or information from their employer.
And, as the Government fights to come to an agreement on the form that Brexit may take, British people are becoming increasingly unsure. While 35% said they were unsure how their finances would be affected by Brexit in 2017, this year the percentage has climbed to 45%.
Other events, too, are causing uncertainty to grow. 11% more people say they don’t understand how British politics will affect their finances, 10% more are unsure about the impact of US politics and nine per cent are confused at the result of terrorism.
And this should be of great concern to employers, according to Jonathan Hollow, the Head of Financial Capability, Strategy and Innovation at MAS.
“A growing body of evidence shows that anxiety about finances leads to poorer mental, physical and social wellbeing, and that this affects attendance and performance at work,” he said. “When your workforce suffers, your business can suffer too.”
Across all factors, younger people (aged 18-34) were more likely to lack certainty, while older employees (aged 55+) felt more certain – suggesting that younger employees could benefit most from financial wellbeing assistance.
Hollow added that financial wellbeing is no longer just an interesting, nice-to-have addition to an organisation’s wellbeing strategy. “Increasingly employees are looking to their employer as a trusted intermediary to help them improve their financial capability,” he explains. “In return, businesses are seeing improved productivity, reduced staff turnover and the beneficial knock-on effects that improve their other wellbeing initiatives.”
To learn more about the financial wellbeing of UK employees, download the DNA of Financial Wellbeing 2018 report below.