Supporting employees to tackle money worries and mental health

The theme of ‘community’ is an important one when it comes to mental health. We’re all part of a variety of different communities - families, schools, neighbourhoods, work and sometimes religious or cultural communities.

We know that one in eight people around the world currently lives with a mental health condition, and half of us will experience such a condition at some point in our lives¹.

So it’s important to recognise that, within our communities, a lot of us may be struggling with our mental health at any given time. And it’s equally important to recognise that our communities can be an important part of supporting us when we’re going through difficulties.

The 2024 Fidelity Global Sentiment Survey revealed that only about half of workers in the UK say their physical and emotional health is good, and nearly half (44%) are stressed about their own or their family's mental health².

As a direct result, the topic of managing mental health has become an important concern for many. In fact, just over half of UK workers (51%) report that taking care of their mental health has become more important over the past year.

How can employers create a community

A supportive community can help us feel happy, safe and protected from harm and discrimination - all of which directly lead to improved mental health.

Yet despite the value of community, less than half of workers we surveyed said their personal and social life is good. And, 45% of those surveyed said relationships with family and friends have become more important to them in recent times².

Given that we spend a lot of our daily lives at work (particularly in office-based cultures), the importance of supportive relationships at work can’t be underestimated. Positive relationships with colleagues and managers inside a work community are crucial. According to the survey, 84% of workers who were asked described having supportive relationships at work as something they felt was ‘very important’ and an important part of staying in a job.

For that reason, a lot of employers are choosing to support their employees' mental health through specific benefits, workplace policies, and sometimes even connections to external experts and services. Over one in four - approximately 26% - people surveyed identified that they’d find this kind of support helpful.
 
To increase the number of people who engage with this type of workplace support, it’s important to make sure that these workplace policies and services are accessible, relevant and easy to use. It also works well if managers in the workplace actively promote wellbeing procedures and demonstrate personal engagement with workplace support.

We’re part of your community

It’s important to remember that at Fidelity, we’re part of your community, and also part of your employees’ community. We’ve got tools and support to help to increase financial wellness, reduce stress and improve overall wellbeing, especially when someone is going through a tough time.

Money and mental health

Unfortunately, finance can be a big source of stress. Our survey showed that the increasing cost of living and worries about the economy are other common causes of stress for workers in the UK.

The relationship you have with money can shape every part of a person’s life. That's why we're here to help your employees feel more confident about their financial futures - whether it's looking after the retirement savings in their schemes or simply building better money habits. Since money can be a big contributor to mental health issues, we have put together a list of helpful sources to support your employees:

• Our financial wellness hub
  Visit our financial wellness hub to find out about little things you can do to feel better about your money and your financial future.
• Extra support if you're feeling vulnerable
  There are all sorts of reasons why you might feel vulnerable during your lifetime. We can't promise we've got all the answers to life's problems, but we can promise to listen and deal with your needs sensitively and compassionately. So if you're feeling vulnerable, call us on 0800 3 68 68 68 or email us at pensions.service@fil.com.
  
  Read more about how we support our more vulnerable customers.
• Other supportive communities
  If you need wider support with your financial situation, there are plenty of expert organisations that can help.
  • MoneyHelper - is available for money and pension concerns.
  • Step Change, Turn to Us and National Debt Adviceline - can help with any debt-related issues.
  • Citizens Advice - is able to support on both money and debt queries.

Sources:
¹ ILC-Mind-the-age-gap-final-report.pdf
² The Fidelity Global Sentiment Survey 2024