This report from Spring by the Work Foundation suggested that we were living through an unparalleled and enduring crisis in living standards.
With inflation outpacing pay increases, workers were materially worse off than a year ago. In response, the Government launched a large package of support with household energy bills. However, the Work Foundation believed many workers were still struggling with their finances and were experiencing the largest scale industrial action since the winter of discontent in 1978-79.
- High inflation was harming UK employers and limiting bandwidth for support.
- Rising inflation was already impacting workers and their families.
- Employers could shape and develop benefits packages that drove down living costs.
- Security, predictability, and flexibility were all crucial in supporting financial wellbeing.
- There were approximately six million workers in severely insecure jobs in the current workforce
- The UK Government needed to strengthen employment rights to ensure everyone had access to secure and high-quality work.
- Senior leaders needed to review their employment contracts and prioritise increasing job security.
- Employers needed to develop a strategic approach to financial wellbeing and embed it into their organisation’s overall approach to health and wellbeing.
- Employers needed to consult with workers and shape financial wellbeing strategies to provide as much certainty about the future as possible.
- Employers needed to build a strong evidence base to understand the desires of their workforce and monitor the impact of financial wellbeing support.
Read more here.