Insurer SunLife’s Cash Happy report, a study focusing on the UK’s spending and saving habits, has found that budgeting really can make you happier!
What’s the issue?Apparently, Britons check their bank balance very regularly – 23% do it every day; but is that because we’re good at budgeting or because we’re watching and worrying about our depleting funds? SunLife found that 44% of people budget formally and 50% do it less formally; the former tend to be younger as they are using online tools and apps, and the less formal tend to be older people. However, research from Scape Group this year found that 23% of young people lack confidence when it comes to managing their money. So just because individuals are using tools and claim to be actively budgeting, it doesn’t necessarily mean that they really understand how to manage their money.
You don’t have to be an expert in finances to get happy though; SunLife found that the more spare cash we have the happier we are. So what does this mean for you and your employees? Well, since one of the leading causes of stress is money worries (and we know that stress causes absence, which costs you money) having happier employees who are in control of their finances means they will be more focused at work. In fact, if you help them get rid of their money worries, then they will feel valued and feel all the more reason to stay with their great, caring employer.
What can you do?Providing tools such as budget planners and apps only does half the job – even if you have the right tools you can’t plan, unless you know how to do it. Financial education can provide the knowledge and skills for employees to be better with their money. It’s clear from the SunLife research that people want to actively manage their money, but maybe they just need a push in the right direction. We think employers should be the ones to provide that push, because your employees are vital to your business, so you should do everything you can to support them in any way you can. It’s also hard for individuals to find a trusted source of help and to know where to go. If employers provide in-house solutions delivered by professionals then employees know they’re getting the right support.
Financial education can help employees with things like debt management, learning how to budget, preparing for retirement, knowing where to save, and even understanding mortgages. In fact, SunLife’s research found that people with insurance and pensions are much happier than those without, and having some savings for a rainy day contributes to happiness too. So helping your employees to be better with money really can make a difference to their happiness and to your business.
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ReferencesSunLife Cash Happy Report August 2015Scape Group September 2015
