Financial wellbeing: The rising cost of doing nothing

Lifetime FM: Financial stress isn’t just an employee problem – it’s a business risk

Money worries are quietly eating away at UK workplaces. When it comes to money, anxiety doesn’t stop for the nine-to-five. When a team member is worried about paying bills, facing a surprise expense, or supporting a struggling family member, they’re not full present or productive.

While the cost-of-living crisis may no longer dominate headlines, the financial strain that it has exposed hasn’t gone away. In fact, it’s deepening. According to the Financial Conduct Authority, 43% of Britons have suffered anxiety or stress as a result of the cost of living, with 14.6 million people across the UK reporting that they’re not coping financially and are finding it difficult to cope. Financial stress is a national issue, and it’s one that employers cannot afford to ignore.

Zest: Why now?

Financial stress is a silent productivity killer. It’s been linked to higher levels of absenteeism, presenteeism, and staff turnover. And it doesn’t discriminate – it affects everyone from the shop floor to the C-suite.

With inflation still volatile, energy bills unpredictable, and unsecured debt rising, we’re seeing employees increasingly distracted, disengaged, and in some cases, pushed to the point of burnout. For employers trying to build engaged, diverse, and loyal workforces, financial stress is now a critical risk to performance, wellbeing, and long-term retention.

Z: What is the broader social cost of financial insecurity?

We know that prolonged financial pressure can impact mental health – but its ripple effect is even wider. It affects relationships, limits social mobility, and exasperates inequalities. Women, people of colour, young workers, single parents, and carers are disproportionately affected by financial stress and the knock-on effects it creates.

Without intervention, this creates a cycle where short-term survival trumps long-term planning, and employees are left without the tools or confidence to build better financial futures.

Z: Is there an employer opportunity hiding in plain sight?

There’s good news: supporting financial wellbeing isn’t just good ethics. It’s good business. Employers already committed to financial wellbeing see:

• Lower staff turnover and absenteeism
• Higher employee engagement and productivity
• Stronger progress on DEI and mental health goals
• Better retirement outcomes and pension uptake

But this only works when support is personalised, proactive, and practical, not just another list of tools buried on an intranet.

Z: Is there a better way to support your employees’ financial futures

At Lifetime, we help employers support their people with financial coaching, tools, and advice that meet them where they are – whether they’re saving for a house, budgeting for childcare, or trying to make their retirement goals a reality.

We believe everyone deserves to feel confident with money. That’s why our financial wellbeing benefit is designed to reduce stress, improve decision-making, and create long-term financial security – for every employee, and their whole household.

Whether you’re looking to tackle absence, boost engagement, or build a more resilient workforce, financial wellbeing is the foundation. And we’re here to help you put it in place.

To find out more about Lifetime FM, visit our Marketplace offering here.