Combining post-Christmas blues, cold nights and the arrival of unpaid credit card bills, it’s no surprise that January is host to ‘Blue Monday’. A date for your diaries – this year the alleged most depressing day of the year falls on Monday 21 January.
But whilst the post-festive blues will lift and the long, cold nights will eventually get lighter, do our bank balances ever truly bounce back? A recent ThinkTank study by the Royal Society of Arts found “Economic insecurity has become the ‘new normal’ in the UK with at least 70% of the UK’s working population chronically broke.” It comes as no surprise then, that over a third of working Brits have less than a month’s salary saved, according to a recent Neyber study.
But what are the implications of money worries beyond struggling to make ends meet? Well, according to recent studies – stress, worry and mental ill health.
· Two thirds of workers say financial insecurity contributes to poor mental health
· More than a quarter of millennials say financial stress affects their job performance and made them feel physically ill and depressed.
· Nearly half of employees have financial concerns, causing them to lose an average of six productive work days annually. (Northwestern Mutual Report, 2017)
Here at Stretching the City, we consider wellbeing to be a 360 concept that goes beyond simply practicing yoga and drinking green juice. We follow a similar model to the ‘Wellbeing circle’ below and encourage our clients to consider all aspects of wellbeing – physical, mental, emotional and financial when planning their workplace wellbeing strategy.
Since their launch in 2018, our Financial Fitness workshops have been a popular choice amongst clients wishing to address one of our most significant causes of stress. Lead by leading finance coaches and money experts, our two workshops address our personal money mindset and the nuts and bolts of personal finance – aiming to educate and empower employees to take control of their bank balance, rather than the other way round.
Before signing off we’ll leave you with a a top financial top from Stretching the City’s money coach and financial workshop leader, Catherine Morgan:
“One of the greatest stress on our finances is unexpected costs, such as the car tyre needing a replacement. Reflect on these unexpected costs and set aside a small amount of money each month for these extra costs.”
Interested to find out more about our financial wellbeing workshops? Click here: