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So, you know that feeling when money's tight and everything seems to cost more? That’s the new C word. The cost-of-living crunch. It's like this constant noise in the background, following us everywhere we go. It doesn't matter who you are or what you do – we're all in the same boat. Prices are skyrocketing at the supermarket, bills are creeping up, petrol prices are hitting the roof, transportation is getting more expensive, and mortgage rates are climbing. It's like a never-ending squeeze on our wallets. And guess what? Businesses and the folk who run them are grappling with the same headache too. But here's the kicker – there's no quick fix. No magic wand to suddenly make wages shoot up and make things better for everyone, employees and employers alike.
There's a silver lining. Businesses are waking up to the fact that their employees are feeling the cost-of-living pinch and are seeing a correlation to how this affects the business’s bottom line. Some are stepping up, actually caring about what their employees are going through, and showing it by staying true to their values.
A business is like a big melting pot of ideas, beliefs, how things are done, and how people act. That's what we call culture. It's not just about the work environment, but how the business deals with customers, partners, and the whole gang. When a business has a rock-solid, positive culture, it makes a huge difference. People are happier, work gets done better, more folks stick around, and the business shines.
It’s no surprise then that employers are paying attention to how their employees are feeling about their money situation during a cost of living crisis. People dealing with money stress spend about 13% of their day thinking about it. And it's not just about numbers; it's about how they're feeling too.
When businesses support their employees to help them with financial wellness, good things happen. People are more into their work, they're not calling in sick all the time, things get done quicker, everybody's feeling mentally tip-top, and the business ends up ahead of the game.
A whopping 87% of employees are hungry for some money know-how, and guess when they want to learn about it? You got it – during work hours.
This is why personal money matters matter, even at work.
Some not so fun facts. 45% of people are seriously feeling money stress. More than half – 61% to be exact – say money is their biggest stress source. And if that wasn't enough, 52% are saying that money worries are dragging them down, making them feel grumpy, worn out, and sleep-deprived (see source information below.)
In my career as a financial adviser and planner, I've been crisscrossing the country for years, giving talks and running workshops about money smarts to companies, schools and sports teams. No matter where I go though, one thing's clear -
Talking about money is often not talked about at all. It can be seen as personal, taboo or even rude.
In NZ, we'll chat about anything – family, work, friends – but money? It's like a no-go zone (like religion and politics too).
Here’s an example of a business walking the talk and taking care of their employees.
For their July Winter Wellbeing Program, Wētā Workshop teamed up with me for a bunch of sessions all about dealing with the money squeeze. They set up workshops for their crew, spread out over two days and even threw in a virtual one in case anyone was out of office. We ran a money chat loaded with tips and good advice on how to handle your money.
Just goes to show – some businesses understand the importance of looking out for their team and are doing what it takes to ease one of life's biggest stressors: MONEY.
So, what's the vibe in your workplace? Are you planting seeds to make your culture thrive? A good start could be diving into a Financial Wellbeing Workshop for your employees. Or how about joining the Te Ara Ahunga Ora Retirement Commission’s Sorted Money Month? Check it out here.
In a world full of 'C' words, let's make sure our culture is the one that makes us all high-five and say, "Yeah, we got this."
Dean.
Sources:
Employee Financial Education Division – Financial Literacy for Employees Survey (November 2012).
Employee Financial Education Division – Financial Education in the Workplace Survey (Dec. 2011). Employee Financial Education Division – Whitepaper: Increase Profitability Through Employee Financial Literacy – Restore Productivity and Regain Organizational Commitment Through Employee Financial Education. Proposal to the Federal Task Force on Financial Literacy: “Educating Employers on the Value of Educating Employees on Financial Literacy”
Hi everyone! My name is Dean, and I am Financial Adviser and coach. I work with people to help them to achieve their financial goals and assist them to make smarter financial decisions. Drop me a line for a chat and to work through your goals. I work with you to become financially fit and together we create a game plan for your financial future. D.
Disclaimer: Dean Blair (FSP87402) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see Dean’s disclosure statement on our website.