Morneau Shepell’s Mental Health Index found the following;
The Pandemic has forced improvement in some areas too. The level of emergency savings increased and remains higher than in April for UK employees. This has a positive impact on mental health
- A high level of financial risk increases your mental health risk – these two factors are strongly correlated.
- By saving and having a contingency fund, it increases the feeling of control and therefore improves mental health.
Emergency savings is the strongest driver of MHI score, regardless of income
- Those with no emergency savings -27.99
- Those with emergency savings -7.9
More than 1 in 4 working Britons are worse in a worse financial situation due to the pandemic, however there is no consistent experience.
- 26% worse off financially
- 17% better off financially
- Even if your company is doing well and hasn’t been paying people off, employees can still be feeling an impact due to other factors that you can’t always see as an employer, for example an employees partner being laid off, childcare costs are up etc, so financial wellbeing shouldn’t be taken for granted.
Almost 1 in 4 indicate their financial situation is negatively impacting their work productivity.
- 23% rated that their work productivity is negatively impacted by their financial situation.
- Financial wellbeing is as much of a component of a mental health strategy as any other part.
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