4 ways to nurture the financial wellbeing of your team during Covid

The last year has been like no other and as lockdown continues into 2021 we want to look at the ways you can help nurture the financial wellbeing of your team, to the end of lockdown and beyond.

1. Breaking the last taboo

Here at Wagestream, we want to end the last taboo, talking about money.

Talking about money makes some of us blush but we all have money and even money worry at some point in our lives. Whether it’s discussing the best savings rates or chatting about your latest snazzy budgeting app, talking about money should be as normal as talking about the weather.

But we know, at least for now, talking about money is not as easy as talking about the weather. So when you start talking to your team about money keep it relaxed and start dropping your money thoughts into conversations, the more honest the better. This might just be about an offer you’ve spotted when switching bank providers or an easy new savings challenge you’ve started. Leading by example when talking about money means your team will feel more comfortable talking about money if they see you doing it.

As a manager, you could tell your team that you are always there to help them with their finances by operating an ‘open door’ policy. 

2. Engaging financial tips and tricks 

Having engaging financial tips and tricks at your fingertips means you can encourage your team to explore it in their own time. The Learn section in the Wagestream app offers tips on how to make the most out of your money, all the articles are provided by The Money and Pensions Service covering lots of topics that can help improve the financial wellbeing of your team.

The Learn section of the app also arms you as a manager with knowledge around money management that can help you answer any questions you might get from your team.

3. Know and understand what extra support is available

Navigating the variety of financial support on offer during Covid can be tricky, but if anyone in your team is really struggling financially because of covid there are lots of options when it comes to government support. From mortgage payment holidays to council tax breaks find out everything you need to know in our Money Toolkit: The Lockdown Edition.

4. Consider all pillars of wellbeing

The four main pillars of wellbeing, financial, mental, physical, and emotional are inextricably linked and when one pillar is flourishing or struggling the rest will also thrive or struggle.

When focusing on financial wellbeing it is also important to think about mental wellbeing. After all, worrying about money can make you stressed and if you’re really stressed you could worry about money, this is especially true during Covid, lockdown and 2021. Now more than ever it’s important to recognise the link between financial health and mental health, being a supportive manager means simply being there for your team and being someone who is willing to listen and support them.

Don’t worry you’re not expected to carry the burden of your team’s financial health and nobody expects you to offer psychological advice. If you feel anyone in your team needs further mental health support you can signpost these organisations below: