Oonagh Morrison, Regional Manager at Wesleyan Financial Services, the specialist financial services provider for teachers
Financial wellbeing has been a blind spot that is now starting to get the attention it deserves, with a growing appreciation of the wider implications for employee wellbeing and performance. Still, research by the CIPD – the UK’s professional body for HR and people development – found that only one in ten (11%) employers with health and wellbeing strategies actively focus on financial wellbeing, compared with 57% that actively focus on mental wellbeing. But, with almost half (47%) of UK employees experiencing money worries, there’s clearly an opportunity for employers – including academy trusts – to do more. So, what is financial wellbeing and why is it so important for you as trust leaders?
Under pressure
The Government’s Money and Pensions Service defines financial wellbeing as “feeling secure and in control of your finances, both now and in the future. It’s knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future.” Financial wellbeing has become an especially pertinent issue recently because of the cost-of-living crisis. Personal finances have been under pressure over the last two years, as rampant inflation means prices have soared across the board – and for teachers and staff, this will have been no exception. Between March 2019 and 2023, for example, energy prices increased by more than two thirds, while the cost of food rose by nearly a fifth. And we are by no means out of the woods yet.