A big problem: Employee financial stress
As many as 8% of households have registered problematic debts and 50% of households are financially vulnerable. This makes financial stress a major social problem.
Employee financial stress can lead to lost productivity and absenteeism. If an employee gets into debt, their wages can be garnished. The employer is then required to transfer a portion of the employees’ wages directly to the bailiff or collection agent. There are high costs in dealing with wage garnishment, absenteeism and lost productivity.
Signs of money worries among staff may include:
· Frequent short absences
· Asking for an advance of holiday pay
· Not participating in social activities
· Concentration problems at work
· Strong stress sensitivity
What can you do as an employer?
Often the shame for financial problems is high. This makes people less likely to raise the alarm. Therefore, it is important to facilitate help as a precaution rather than reactively respond. Preventive measures can help prevent or address financial stress. We find that budget coaching can be very helpful in this regard.
Are you helping with the research?
As a member of Oval, we greatly appreciate your participation in this survey as an employer. To get a good picture of the current situation, it is important for the study that employers from as many companies and industries as possible complete the survey. The link below allows you to fill out the form anonymously.
Do you have questions about opportunities to use budget coaching within your company? Then please contact us, we will be happy to help you.