Younger workers and Financial Wellbeing

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Why are younger workers experiencing financial difficulties differently to the rest of the workforce?

Younger workers are fighting between the pressure to save for the future, and the need to afford their bills and daily living costs. With rising costs and so much information coming from various sources, it is so important to ensure their Financial Wellbeing. 

Why are younger workers feeling increased financial stress?

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With the economy being such a focal topic in news and media outlets, it is no surprise that there is a surplus of financial information being spread. It is overwhelming and difficult for young people to know what is legitimate or not.

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Amidst the lack of succinct education, it is difficult to know the dangers of rising credit options. Buy now, pay later, is a growing means of payment alongside credit cards and payday loans. These can put people in difficult situations if they are used without knowledge.

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The disproportionate rise in house costs and rise in wages means that it has become significantly difficult to make it onto the property ladder. This often means that young people are forced to spend money on renting without the ability to save the necessary funds.

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With the Cost of Living causing prices to rise, all workers look to their employers to boost their wages. For younger people with less experience, it's far more difficult to move jobs and ask for higher salaries amidst competition from those with many more years of experience. This means it is even harder to obtain the necessary wages to pay for bills and expenses, leading to debt.

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Support younger workers with finances

It is clear that while financial uncertainties affect people of all ages, there are a lot of younger workers who are feeling the strain simply due to their age and lack of professional and financial experience. What can you, as an employer, do to support younger workers? Here are just a few options that can help boost financial wellbeing.
06 SF Craft

Providing Education Content

Educational content that comes through an employer is seen as a much more trusted source than information sent directly to workers. This ensures you can provide information that you know comes from a reputable source, that younger workers are far more likely to listen to.

Easing the strain within the workplace

Creating a space where employees feel less stressed about money has direct impacts on productivity and happiness. Examples include discounted meals on shift or in office, cycle to work schemes, and one-off bonuses. These allow employees to build trust with their employer and digest information directly from them.

Financial Wellbeing Providers

Financial wellbeing providers allow workers to access information and support directly, knowing it is safe and reliable through their employer. Salary Finance offers options that cater for specific needs, including low-cost loans, advances, savings and a financial education platform.