News By Wire

Less than half of businesses have strategy to support staff during cost-of-living crisis

The majority of managers feel ill-equipped to talk about money worries, a survey of 762 managers within UK businesses has found. The new research by financial wellbeing platform Mintago, also found that:

  • 39% do not have a clear strategy in place for how they will support staff during the cost-of-living crisis
  • 57% do not feel well-equipped to support their colleagues through the crisis
  • 66% do not feel comfortable getting involved in their colleagues’ financial lives
  • Just 35% have reached out to staff to see if they have any financial concerns

The majority of managers within UK businesses do not feel well equipped or comfortable in helping their staff through the cost-of-living crisis, according to new research from Mintago.

The financial wellbeing platform surveyed 762 managers within UK businesses. It found that less than half (39%) of respondents said their business had a clear strategy in place for how they will help staff during the cost-of-living crisis.

Over half (57%) feel ill-equipped to support staff within their organisation during the cost-of-living crisis. Even more (66%) managers feel uncomfortable getting involved in their colleagues’ financial lives.

Less than half (46%) see it as employers’ responsibility to support staff during the cost-of-living crisis. Even fewer (35%) managers have reached out to their colleagues to see if they have any financial concerns precipitated by the cost-of-living crisis.

Yet Mintago’s research found that the vast majority (66%) of managers have noticed that employees have raised more concerns about their finances this year than usual.

Chieu Cao, CEO of Mintago, said: “Our research raises some serious concerns. For one, too few businesses have a plan to support staff during the cost-of-living crisis. What’s more, just 46% of managers consider it their responsibility to do so. This mindset is worrying. The cost-of-living crisis is not just a consumer issue, it is an employer issue; it is businesses’ responsibility to ensure they have the practices, resources and support structures in place to protect their staff’s financial wellbeing.

“But managers will evidently need help. Money clearly remains a taboo subject in the workplace, with most managers feeling awkward discussing financial concerns with their staff. Similar numbers feel ill-equipped to help, likely lacking in the resources and training required.As such, perhaps managers don’t see it as their responsibility to support their staff because they simply don’t know how to help. Business leaders ought to support managers, giving them the tools – from educational resources through to financial wellbeing platforms – so they in turn can help employees.

“The cost-of-living crisis is not going anywhere any time soon. It’s likely that employees are looking for their employers to do more to support them during this crisis. Indeed, managers can play a major role in easing the pressures and stresses on their teams, but only if they have the right tools in place. Now is the time for any business without a clear strategy to evaluate what more they can do at this challenging time.”

Press release information

Date:

Image File:

 
Chieu Cao, CEO, Mintago

Area / Region:

Topics / Tags:

Notes to editors

Note to editors About Mintago Mintago is an FCA-regulated financial wellbeing company that helps find lost pensions quickly and provides financial planning tools, supported by over 1,000 pieces of informative content and tips about various aspects of their personal finances for its users. Mintago also helps businesses and employees save money via HMRC’s salary sacrifice pension scheme. Mintago provides a salary sacrifice pension hassle-free implementation program, which creates direct savings on monthly National Insurance payments, with a platform that simplifies managing employee pension contributions. About the research The market research was carried out between 26th and 31st August 2022 among 2,000 UK adults via an online survey by independent market research agency Opinium. Opinium is a member of the Market Research Society (MRS) Company Partner Service, whose code of conduct and quality commitment it strictly adheres to. Its MRS membership means that it adheres to strict guidelines regarding all phases of research, including research design and data collection; communicating with respondents; conducting fieldwork; analysis and reporting; data storage. The data sample of 2,000 UK adults is fully nationally representative. This means the sample is weighted to ONS criteria so that the gender, age, social grade, region and city of the respondents corresponds to the UK population as a whole. Of the sample, 762 work full-time or part-time as managers within UK businesses.

Media contact

Media contact name:

Archie Osmond

Media contact business / organisation:

City Road Communications

Media contact telephone:

07427665598

Media contact email:

All done!
Thank you for subscribing.

Email Subscription