How Schools Can Tackle Financial Stress and Boost Wellbeing

 

Financial stress is a significant issue affecting many workers, with one in five employees often distracted by money problems. For schools, addressing these concerns and supporting staff with financial issues can greatly improve overall productivity and well-being

CREDIT: This is an edited version of an article that originally appeared on Training Express

Statistics show that one in five workers are often distracted by financial issues. In the UK, financial stress resulted in an estimated £3.7 billion in lost productivity in 2023, with around 12% of employees taking time off due to money-related concerns. This financial strain can be especially tough for schools with tight budgets.

Discussing financial matters and offering support to your staff can yield significant benefits – financial concerns are a leading source of stress for UK employees. A recent report revealed that 60% of workers feel their financial worries hinder their performance, and 20% believe their financial situation impacts their work.

Improving financial knowledge

When supporting staff with debt issues, school business leaders need to be mindful of several legal considerations, including ensuring confidentiality. To help your employees make informed financial decisions, consider implementing financial education initiatives.

You could organise workshops on budgeting, savings, debt management and retirement planning. Additionally, you may be able to provide resources such as access to financial advisors, online courses, books and articles on financial topics to enhance your staff’s financial well-being.

To effectively support staff dealing with debt, school business leaders should develop a sustainable plan featuring comprehensive assistance programs and ongoing support. Implementing Employee Assistance Programs (EAPs) can be highly beneficial, providing confidential, one-on-one sessions with financial experts, resources on debt management, budgeting and financial planning.

Community support

Encouraging the formation of employee support groups or forums can be highly effective for tackling debt management and financial challenges. These groups enable staff to share experiences, seek advice and provide mutual support, thereby fostering a supportive and empowered community. School business leaders can further assist by signposting staff to relevant external support services – another great place to find such support and information is at the Education Executive Live events!