Cost-of-Living Crisis Financial Wellbeing Guide

This guide examines the impact of the cost-of-living crisis on employees and businesses, detailing how financial wellbeing can be prioritized to support both. It outlines the origins of the crisis, which began in late 2021, and highlights the significant rise in essential goods and services prices, driven by factors such as inflation and labor shortages. The document presents statistics indicating that a majority of workers have experienced a deterioration in their financial situation. It discusses the implications of rising debt and in-work poverty, emphasizing the need for employers to assist employees in managing financial stress. The guide suggests that providing access to financial wellbeing services can help improve employee morale and productivity. Furthermore, it notes the disproportionate effects on female employees, with higher percentages reporting financial distress. The guide ultimately advocates for proactive measures by employers to enhance their employees' financial health and overall wellbeing.