Top 10 financial concerns as heard by UK’s largest EAP provider

Manchester, England. 17 July 2023 - As the cost-of-living crisis rages on, mortgage rates have reached the highest level in over 15 years. And as the bleak financial landscape shows no signs of improvement, more and more people are seeking support.

Health Assured, the UK and Ireland’s largest independent Employee Assistance Programme (EAP) provider, has today released the top 10 financial concerns received by their counsellors and a warning about the potential crunch still to come with mortgage rates continuing to climb.

The 10 most commonly asked financial questions asked by callers to Health Assured’s helplines are:

• How can I create a budget plan for my home finances? • What should I be considering or reviewing now that the cost-of-living crisis is affecting me? • How can I get help to manage my finances? • I feel overwhelmed by the amount of debt I have, where can I access support? • I’m already struggling with debt and something else has just come up, what can I do? • I am struggling to buy the things I need, is there any support? • I just can’t afford to get to work anymore, what are my options? • Is there any help from the Government? • Are employers obligated to do anything to help with cost of living? • Where can I get more help?

Bertrand Stern-Gillet, CEO at Health Assured, says: “Financial worries are among the most common reasons for people to seek support and advice from our counsellors, and we’ve seen a steady rise in the number of calls received. But there’s no denying that the most asked questions highlight a severe lack of support from both the Government and other organisations.

“It’s no secret that people are struggling, and the latest mortgage hike is going to put even more people under pressure. But feeling overwhelmed and unsupported, or struggling to even afford to commute to work, signifies deeper issues to come if these concerns are not properly addressed and support put in place.

“There’s only so far that people can stretch their finances, and when the inevitable breaking point is reached, all that’s left is a question - what could have been done to help prevent this issue?

“While companies and organisations are also feeling the financial burden, it’s important to have sound support systems in place to support the wellbeing and mental health of their people. Prevention is always better than cure, and employers have a duty of care to look after the wellbeing of their employees.

“While employers are not able to keep raising wages every few months in response to increased costs, they can offer financial literacy, education and support for employees who are struggling. Cultivate a positive organisational culture where people feel respected and valued, and able to raise concerns or struggles without fear of judgement.

“If you’re able to implement this within your organisation, you’ll be prepared for any future volatility in the economy, safe in the knowledge that your team feel supported, safe, and focused on their respective roles.”

--ENDS—

Bertrand Stern-Gillet is available for interview.

Contact Miriam Payne – Associate Director of Group PR and Comms T: 07929 711809 | E. [email protected]