Wales TUC: Time to open up about money at work

• The Wales TUC is calling on employers to do more to help workers tackle their money worries.
• 94% of employees admit to money worries and 77% say that they take their worries into work with them – impacting on both their happiness and productivity.
• As part of Talk Money Week the union body is calling for action on unfair pay, for more employers to set up financial well-being policies, and greater access to payroll savings schemes.

Wales TUC is calling on bosses to do more to support workers who are struggling with money.

The union body is calling for action on unfair pay, for more employers to set up financial well-being schemes, and greater access to payroll savings options – and they claim that these measures could create greater openness about money issues among workers.  

The call comes as part of Talk Money Week, an annual awareness campaign coordinated by the Money and Pensions Service to encourage everyone to open up about their money and pensions. Talk Money Week aims to reduce the stigma around money by encouraging conversations among families, friends, neighbours, customers, colleagues and communities.

Research from the Chartered Institute for Personnel and Development shows:

• Less than half of employers (49%) have a financial wellbeing policy in place.
• Almost 8 in 10 UK employees take their money worries to work – with money worries the biggest cause of stress.
• 4.2 million worker days are lost across the UK in absences due to lack of financial wellbeing – the equivalent of £626 million in lost output. 

Wales TUC is calling for action to tackle the issue including:

• Employers working with trade unions to establish new financial wellbeing policies.
• More employers working with credit unions in Wales to offer payroll savings through the newly established national Moneyworks Wales programme.
• Stricter enforcement of the law to tackle employers who underpay their workers.

Kevin Williams, Union Learning Support Officer from Wales TUC said:

“With the cost of living rising, the continued impact of the Covid pandemic and the recent cuts to Universal Credit, now is a crucial time for everyone to start opening up and talking about financial management on a domestic level in order for families to fight back against the hardship suffered by so many over the past 18 months.

We need to see employers step up and give workers who are struggling the support they need. And we need government to act when employers seek to exploit workers who find themselves with money troubles”

Caroline Siarkiewicz, Chief Executive at the Money and Pensions Service says:

“As we continue to respond to the challenges of the Covid-19 pandemic, financial wellbeing remains key to the UK’s recovery: a financially healthy nation is good for individuals, communities, business, and the economy.

Talk Money Week provides a key opportunity for the nation to break the taboo of discussing money and finances. We are pleased to see so many organisations encouraging conversations about money – from pocket money to pensions – to help people across the country make better informed and more positive decisions about their finances.