Removing taboo around money key to cut financial stress
By siliconindia | Thursday, April 16, 2020
Having worries about money, especially during the COVID-19 crisis which has disrupted businesses across the sectors, is quite natural. But not talking about it may do more harm than you could probably think of, suggests a new report.
Those with worries about money are more likely to suffer from depression and anxiety. Moreover, these worries may also lead to reduced productivity, said the guide from Britain-based Salary Finance Ltd. which offers technology platforms to help people become financially healthier and happier.
On an average, about 2.7 hours are lost on worries about money and those with financial stress are more likely to be looking for a new job, it added.
Worries about money affect both the employer and the employees.
"Therefore, nurturing a culture that encourages employees to talk more openly about their worries about money can help employers find the right solutions," said Salary Finance which partners with employers to help their people take control of their money.
Founded in 2015 by the former Head of Google UK & Ireland, a former banking consultant and a social impact entrepreneur, the company has grown from three founders to a team of nearly 200, operating in the UK, the US and India.
"Your culture is the beating heart of everything you do as an organisation and should be central to your programme. Stamping out the stigma, and encouraging people to talk and share their stories will help people feel they are not alone," Salary Finance said in a blog on Tuesday that detailed how to go about creating a financial wellbeing programme.