Zarah ChoudharyAccording to research from REBA and WEALTH at work, financial stress is a significant factor affecting the mental wellbeing of working parents, with 73% of employers expressing concerns about the financial risks faced by parents in their workforce.
Poor parental mental health has tangible consequences for businesses, with stress and anxiety potentially leading to decreased productivity, reduced focus, and ultimately lower output.
The study, conducted among 236 companies representing 1.3 million employees, highlighted that the high costs associated with raising children, combined with economic uncertainty and inflation, create the perfect conditions for financial stress.
These financial pressures are not just short-term concerns—research from WEALTH at work also found that over 80% of employees are worried that the rising cost of living will leave them with inadequate savings for retirement.
The burden of financial insecurity further impacts working parents’ mental wellbeing and their ability to fully engage in both work and family life.
The link between financial and mental wellbeing is well-documented.
The research highlighted that those experiencing persistent financial difficulties are 5.5 times more likely to develop a mental health problem.
Recognising this, over 70% of employers have identified mental wellbeing as the primary reason for offering financial wellbeing provisions.
On National Parent Mental Health Day, 30th January, the findings point to a growing awareness among UK employers about the importance of supporting working parents.
Providing employees with financial education and resources can help mitigate these risks, reducing stress and improving mental health.
In turn, this fosters a more engaged, productive, and resilient workforce, benefiting both employees and businesses alike.
