New research from Mintago reveals that employees earning less than £30,000 bear the brunt of the cost-of-living crisis, with their employers offering limited financial wellbeing support.
The survey, conducted among 1,333 UK adults in full- or part-time work, highlights that 40 percent of workers are experiencing high levels of stress, with 62 percent attributing it to the rising cost-of-living.
For those earning less than £30,000, this figure rises to 69 percent. Shockingly, only 36 percent of employees report that their employers have implemented initiatives to enhance their financial well-being, with the number dropping to 26 percent among low earners.
Furthermore, a mere 18 percent of this group believe that the support provided by their employers has actually improved their financial situation.
The survey also indicates that just 20 percent of employees earning under £30,000 feel that their employers genuinely care about their financial well-being, and a substantial 44 percent would consider leaving their current jobs for an employer who offers better support in this area.
Chieu Cao, CEO of Mintago, said:
“With inflation remaining at a level, employees are continuing to struggle with the ongoing cost-of-living crisis and require support from their employers now more than ever. This is even more necessary for those on average or lower incomes, with our research showing that those earning under £30,000 are suffering most from the impact of the economic climate.
“Regardless of industry or income level, it is vital that employers step up and deliver robust, complete, and impactful financial well-being support. It must fit the unique needs of each individual member of staff – businesses cannot take a tick-box approach.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
