How to help employees struggling with financial stress
How can employers support their people in a challenging economic climate?

Financial stress was identified as employees’ top concern in 2023, affecting nearly half of all workers according to one survey.1 And, just because the calendar has ticked over to a new year, it doesn’t mean financial matters drop off people’s radars.
In fact, it is likely come into even more acute focus, as people return to normal life after the holiday season or set New Year’s resolutions to address their finances.
While in the past financial problems might have been considered a private matter that people leave at home, that mentality has shifted. There’s now a much greater understanding that those money worries leave people’s homes with them and can negatively impact their working lives.
Employees suffering with the cost-of-living crisis are not only reducing their spending and digging into their savings – many are asking for pay rises, searching for higher paid roles, or even taking on additional jobs to try to make ends meet.2 And even if they’re not, they may well be distracted by their worries – affecting their wellbeing and their productivity.
It's clear that the problem isn’t one that employers can just ignore, so how can employers support their people during difficult financial times?
Why now is the right time to introduce financial wellness resources

You’re probably not going to be surprised to hear that financial stress can quite literally make people sick. Researchers have found people experience symptoms of both mental and physical distress when they worry about money.3 And being in a low mood can make the situation even worse – creating a vicious cycle when it impacts someone’s ability to make decisions about crucial money matters, like paying off debt or taking on a loan.
High levels of financial stress can manifest as physical symptoms, including sleep loss, anxiety, headaches, migraines, weakened immune systems, digestive problems, high blood pressure, muscle tension, heart arrhythmia, depression, or a feeling of being overwhelmed.4
And as general inflation soars, the symptoms of financial stress could be causing presenteeism in the workplace as well as absenteeism through illness. According to a 2023 Aon survey, one-fifth of employees said financial worry was making them less productive at work.4
Given the potential physical manifestations of financial stress, are there warning signs that we should all be looking out for with our colleagues? 5

What are the signs someone is suffering from financial stress?
· Arguing with people close to them about money
· Difficulty sleeping
· Tiredness
· Feeling angry, fearful, or experiencing mood swings
· Withdrawing from others
· Feeling guilt for over-spending
· Delaying healthcare treatments due to the cost
· Drug or alcohol use to help cope
· Thoughts of self-harm or suicide.6

Are employers doing enough to help their people with financial stress?
While financial wellness tools might be considered underused at the moment, the demand for them may be growing. Generation Z employees, in particular, value companies that offer broad wellbeing programmes and are more likely than any other demographic to name their employer as a primary source of mental health support.8
Given the growing percentage of the workforce that Gen Z makes up, there could be not only a gap in employers’ recognition of the scale of the financial stress problem, but a chasm between the kinds of employee benefits (EB) workers would value, and what’s actually on offer.
Of course, it’s also possible some employees may not be fully aware of the resources already available to them.
As with all employee benefits, one of the biggest challenges is communicating them effectively so your people know what support is available and how to access it easily.
Because, ultimately, benefits, policies and perks that help people improve their financial fitness are only helpful if employees know they’re there and how to use them.
How to take action

Dr Leena Johns, Head of Health & Wellness at MAXIS GBN, explains how multinationals can turn the idea of financial wellbeing support into reality.
She said: “In these uncertain economic times, it's crucial for multinational companies to clarify the financial resources available to reassure their employees. It's beneficial to remind employees about the various benefits provided by the company, including retirement plans and savings initiatives. These perks not only help employees save and strengthen their financial stability but also reinforce their trust in the organisation.
"Additionally, encouraging staff members to use free digital financial tools, such as budgeting applications and expenditure trackers, can enhance their understanding of financial principles and boost their confidence in managing money.
"Companies may also consider, if they are not already, revising and enhancing their EB offerings to align with the evolving needs of their workforce. Collaborating with providers offering financial wellness services can be a strategic move, granting employees access to valuable wellness resources, local financial experts, and relevant products.
"By updating your EB offerings to incorporate financial well-being services, you're not only providing employees with peace of mind amid economic uncertainty but also aligning with contemporary expectations for employer support. This approach can significantly contribute to attracting and retaining top talent."
So, what skills could you be helping your people work towards to support their financial wellness goals?


Andrew Davies, Chief Executive of MAXIS' wellness partner ICAS World, a Lyra Health company, said: “Supporting employees' financial wellbeing is not merely a moral imperative, but a strategic advantage that directly impacts a company's productivity and engagement levels. Financial stress can significantly influence an individual's overall health and job satisfaction, leading to increased absenteeism and decreased productivity.
"Employee Assistance Programs (EAPs), equipped with resources and tools that help manage financial health, are essential in reducing stress and promoting overall wellbeing. They are an investment in human capital, fostering not only financial stability but also a healthier and more productive work environment.
"By offering financial consultations as part of EAPs, organisations can help alleviate financial stress and empower employees to make informed financial decisions.
"The result is a financially secure workforce that is not only more productive, engaged, and loyal but also contributes to a positive work environment. This approach not only enhances individual productivity but also fosters loyalty and job satisfaction, creating a more inclusive and equitable workplace.”

What can employers do to help?
Multinationals can play a vital role in supporting their employees’ mental health during difficult economic times by ensuring their EB programme provides their people with access to the resources they need. And today’s digital wellness technology boom empowers employers to go even further and invest in smart tools that put everything from budgeting to spending tracking at their employees’ fingertips.
However, it’s not as simple as just adding financial wellness services to your benefits offering. For employees to take advantage of your help, they need to know what is on offer. By proactively communicating details about benefits targeted to support employees’ financial wellness, including mental health help and educational resources, you can show your people you’re there for them when they need help the most.
Will your New Year’s resolution be to help your employees get their finances on track in 2024?

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[1] Anon. Lyra. State of workforce mental health. 2023. https://www.lyrahealth.com/2023-state-of-workforce-mental-health-report/ (Sourced: December 2023)
[2] Anon. Mercer. Rethinking what we need from work. 2023. https://www.mercer.com/assets/uk/en_gb/shared-assets/local/attachments/pdf-2023-rethinking-what-we-need-from-work.pdf (Sourced: December 2023)
[3] Anon. Healthdirect April 2023. Financial stress and your health.https://www.healthdirect.gov.au/financial-stress (Sourced: August 2023)
[4] Anon. Purdue University. Healthy Boiler Newsletter Issue 12. January 24, 2020. A surprising connection: Financial wellness and your overall health. https://www.purdue.edu/hr/CHL/healthyboiler/news/newsletter/2020-01/finances-health.php#:~:text=High%20levels%20of%20financial%20stress,a%20feeling%20of%20being%20overwhelmed (Sourced: October 2023)
[5] Anon. Aon. Supporting Financial Wellbeing: 7 Secrets to Success. 2023. https://www.aon.com/unitedkingdom/employee-benefits/resources/whitepapers/supporting-financial-wellbeing-seven-secrets.jsp (Sourced: December 2023)
[6] Anon. Healthdirect April 2023. Financial stress and your health.
https://www.healthdirect.gov.au/financial-stress (Sourced: November 2023)
[7] Anon. Lyra. State of workforce mental health. 2023. https://www.lyrahealth.com/2023-state-of-workforce-mental-health-report/ (Sourced: December 2023)
[8] Coe, E. and Doy, A. McKinsey Health Institute. Gen Z mental health: The impact of tech and social media. April 8, 2023. https://www.mckinsey.com/mhi/our-insights/gen-z-mental-health-the-impact-of-tech-and-social-media (Sourced: November 2023)
[9] Anon. Consumer Financial Protection Bureau. January 2015. Financial well-being: The goal of financial education. https://www.consumerfinance.gov/data-research/research-reports/financial-well-being/ (Sourced: November 2023)
This document has been prepared by MAXIS GBN and is for informational purposes only – it does not constitute advice. MAXIS GBN has made every effort to ensure that the information contained in this document has been obtained from reliable sources but cannot guarantee accuracy or completeness. The information contained in this document may be subject to change at any time without notice. Any reliance you place on this information is therefore strictly at your own risk.
The MAXIS Global Benefits Network (“Network”) is a network of locally licensed MAXIS member insurance companies (“Members”) founded by AXA France Vie, Paris, France (“AXA”) and Metropolitan Life Insurance Company, New York, NY (“MLIC”). MAXIS GBN, a Private Limited Company with a share capital of €4,650,000, registered with ORIAS under number 16000513, and with its registered office at 313, Terrasses de l’Arche – 92727 Nanterre Cedex, France, is an insurance and reinsurance intermediary that promotes the Network. MAXIS GBN is jointly owned by affiliates of AXA and MLIC and does not issue policies or provide insurance; such activities are carried out by the Members. MAXIS GBN operates in the UK through its UK establishment with its registered address at 1st Floor, The Monument Building, 11 Monument Street, London EC3R 8AF, Establishment Number BR018216 and in other European countries on a services basis. MAXIS GBN operates in the U.S. through MAXIS Insurance Brokerage Services, Inc., with its registered office located at c/o Katten Muchin Rosenman LLP, 50 Rockefeller Plaza, New York, NY, 10020-1605, a NY licensed insurance broker. MLIC is the only Member licensed to transact insurance business in NY. The other Members are not licensed or authorised to do business in NY and the policies and contracts they issue have not been approved by the NY Superintendent of Financial Services, are not protected by the NY state guaranty fund, and are not subject to all of the laws of NY. MAR01338/0124