Financial Wellbeing at Work: A Call to Action for Sussex Businesses

In the dynamic landscape of Sussex, businesses are thriving, yet employees face financial uncertainties that underscore the need for prioritising financial wellbeing. Against the backdrop of global challenges such as the ongoing COVID-19 pandemic, a cost-of-living crisis, and geopolitical tensions, Sussex employers are urged to take proactive measures to support their workforce.

In navigating these uncertainties, it is crucial for Sussex businesses to recognise that addressing financial wellbeing is not just a moral imperative but a strategic necessity, especially with the looming potential for a recession. Poor financial health not only impacts bank accounts but also directly influences physical and mental well-being, subsequently affecting overall work performance.

Research indicates that 81% of employees feel uncomfortable discussing their finances, highlighting a significant communication gap. Sussex employers are encouraged to actively foster an environment that facilitates open conversations about financial concerns, bridging this crucial gap in communication.

Implementing practical initiatives, such as promoting the building of emergency funds and instilling a savings culture within the workplace, can alleviate money worries and reduce financial stress. An alarming 4.2 million worker days are lost each year due to absences related to poor financial wellbeing, translating to £626 million in lost output. Recognizing this impact, it becomes imperative for Sussex businesses to invest in the financial wellbeing of their employees.

Wave Community Bank, a proud member of the Sussex Chamber of Commerce, presents Chorus—a free Workplace Saving Scheme designed to empower employees. Through this scheme, employees can seamlessly save directly from their wages or access loans to navigate financial challenges. For more information on Chorus, please contact Jason Smith at [email protected] or visit https://www.savewithchorus.org.uk.

In conclusion, financial wellbeing is not a luxury but a necessity for organisational success. Sussex businesses are encouraged to seize the opportunity to invest in the financial health of their workforce now. It is a pathway to enhanced performance, resilience, and a brighter future for all, contributing to the continued prosperity of Sussex's vibrant business community.