Why money affects your wellbeing

With the cost of living crisis still looming over everyone’s wallets, it has never been more important to make financial wellbeing a topic within the workplace. Creating an open and honest work culture surrounding money can improve colleagues mental wellbeing overall.

Talk Money Week aims to promote conversations about financial wellbeing and breaking the stigma behind money conversations.

Why is talking about money important?

Financial stability has a direct effect on mental wellbeing. Financial difficulties are a common cause of stress, anxiety, and, depression says Money and Mental Health. The stress and anxiety from worrying about money can be all-consuming for a lot of people, especially those trying to keep up with rising bills and payments. This can have a direct effect with mental health in the workplace.

Talking about money has long been a taboo subject for a lot of people in the UK, it is seen as something not to be discussed. However, talking about money has been proven to alleviate money anxieties and increase financial literacy.

According to Talk Money Week, being able to discuss money in an open and honest environment encourages better and less risky financial decisions, stronger personal relationships, builds money confidence, and makes people feel less stressed about money in general.

Watch our podcast episode to find out more about how financial wellbeing is important to our mental health. 

How can you encourage colleagues to talk about money?

1. Normalize conversations about money

Normalizing conversations about financial wellbeing is essential when encouraging your employees to talk about money issues.

If a colleague feels as though the culture in work is an open and honest environment where money isn’t taboo, more people will feel as though they can discuss their financial issues.

Make sure that colleagues know that talking about money at work is not shameful. Adopt an open and honest culture in work surrounding money and financial worries. Speak often in meetings about the importance of openness and that you are there if they need to talk.

2. Lead by example and having good financial literacy

Having good financial knowledge is key for anyone dealing with money. Being knowledgeable and able to assist with a colleague’s money worries is extremely valuable, especially when that individual is experiencing mental health issues as a result of money worries.

Understand ways in which to help better control your finances and pass this information on to the colleagues who need it. Improve your knowledge of budgeting, managing debt, saving, and investing and use this knowledge to help others.

3. Build support and offer training

Consider having training hours or days to promote good financial literacy within your organisation, where colleagues can collaborate, discuss ideas, and increase their level of knowledge of managing money. This is a really good way of letting those who are struggling feel as if they are not alone and have a space to talk.

Use storytelling through real-life stories to make it engaging and relatable. Make it interactive with games and quizzes.

4. Show you care

Just simply showing that you care can ease money worries for your staff. Highlight that you are available for colleagues to discuss their financial worries if they need to. Go above and beyond to personally support them and share your own money worries. Signpost helpful support such as counselling through an EAP.