How Can Employers Help Staff Experiencing Financial Difficulties?

When might an employee experience financial difficulties?

With the UK currently facing its worst cost-of-living crisis in decades, many are feeling the negative effects of increasing financial pressure. A recent YouGov survey commissioned by the Chartered Institute of Personnel and Development found that only half of all workers are keeping up with all their bills and credit commitments without any difficulties. Despite rates of inflation falling slightly in recent weeks, the cost for essentials such as food, housing and energy is still much higher than in previous years, placing a significant strain on household budgets.

Financial difficulties may also arise as a result of a major life change which causes income to drop and outgoings to increase, for example: