It’s true that money can’t buy happiness but, according to the State of America’s sleep study, being financially secure can buy you a great night’s sleep.
Financial anxiety is affecting employees’ sleep, and in some cases causes insomnia. It’s reported that 30% of adults in the UK alone have poorer quality of sleep because of financial stress. So, if it’s financial worries keeping us up at night, let’s figure out how to alleviate the worry.
There’s no denying it – the cost-of-living crises, impending recession, economic and environmental threats – times are tough.
Everyone needs financial resilience right now. But, have you considered how financial anxiety may be affecting your people’s sleep, and in turn, their performance at work?
Understanding the root
Many health-care professionals will tell your employees that they can ease anxiety through meditation, talking to loved ones, and trying not to think about the future. While this might help the way they feel, it isn’t getting to the root of the issue. Understanding what contributes to your employees’ anxiety is the best first step.
Consider: Letting your employees know about councelling services, and other mental health benefits on offer. A surprising percentage of the younger workforce (40%) don’t have a strong understanding of the employee benefits available to them, perhaps consider planning a new awareness driving campaign to remind your employees of what’s available to them.
Unexpected finances
Unexpected events can impact your people’s finances. Things like unplanned medical bills, fines, or even a broken washing machine. We can’t control experiences that impact our pocket, but we can plan for the inevitable. Think, putting money aside for these unexpected events, and finding out about other ways you can cut costs such as medical bill forgiveness or looking up how you can save on energy bills during winter.
Consider: Financial education will help your employees save more. In fact, 41% of people who use personalized financial education once a week say they have saved more.
Use control
The best way to manage anxiety is to take control of the cause. When your employees are financially unhealthy and don’t have a grasp on the fundamentals of money management, they can experience a sense of panic. Encourage your employees to take control by guiding them with personalized financial education.
Consider: Financial education that is designed for inclusion, so everyone, no matter their current understanding, can make progress toward their own financial goals.
Ways people can feel more financially secure, and sleep better at night:
- Create a budget that’s realistic
- Raise awareness of emergency fund planning
- Open the conversation about financial wellbeing and build trust with impartial information.
Not sure where to start to support people with financial worries? We are always here to help… Get in touch!