By Jonathan Watts-Lay, Founder and Director at WEALTH at work
National Parent Mental Health Day – on 30th January – serves as a powerful reminder of the unique challenges faced by working parents. Juggling the demands of raising a family alongside the pressures of a career can take a toll on mental wellbeing. Financial worries on top of this can often exacerbate these struggles. Research from REBA and WEALTH at work sheds light on this topic, revealing the growing awareness of the important link between financial wellbeing and the mental health of working parents.
The research amongst 236 companies representing 1.3 million employees found that 73% of respondents, held concerns regarding the specific risks to financial wellbeing of parents in their workforce. The high costs associated with raising children paired with economic uncertainty and inflation, provide the perfect conditions for financial stress.
Research from WEALTH at work also shows that over 80% of employees are concerned that the rising cost of living means they will be less comfortable in retirement because of a shortfall in savings. Inadequate preparations add to the financial worries that weigh heavily on working parents, further impacting their wellbeing and their ability to fully engage with both family and work.
It is encouraging that over 70% of employers identified the mental wellbeing of their workforce as the top driver for offering financial wellbeing provisions. The statistic that those faced with persistent financial difficulties are 5.5 times more likely to experience a mental health problem, further emphasises the importance of this issue, particularly among working parents who are already navigating the pressures of family life.
Poor parental mental health has tangible consequences for businesses, with stress and anxiety potentially leading to decreased productivity, reduced focus, and ultimately lower output. Supporting employee wellbeing fosters a positive work environment, boosts engagement, and ultimately improves business performance and profitability.
On National Parent Mental Health Day, it is very encouraging to see growing levels of recognition amongst UK employers about the importance of supporting the financial and mental wellbeing of working parents. Helping employees to understand the key financial issues that relate to them is an effective way of helping to overcome these risks. Empowering parents with financial knowledge and resources not only reduces stress and improves mental health, but also cultivates a more engaged, productive, and resilient workforce.