Today, more than ever, financial wellbeing is proving to be a critical success factor for businesses, particularly in the retail sector. This is due to the ripple effects of financial stress on both individuals and organisations.

When we speak of financial wellbeing, we're talking about the ability of an individual to meet all their current and ongoing financial obligations, feel secure in their financial future, and make choices that allow them to enjoy life.

In association with the Retail Trust, we dug deep to understand the real picture of financial wellbeing in the UK, and our findings paint a startling picture. A staggering 48% of the UK population is distracted by money worries while they're at work.

Another alarming statistic is that 50% of UK households do not have enough savings to cover an unexpected bill of £300. This lack of financial preparedness makes these people vulnerable to unexpected costs, leading to more stress and financial instability.

Even more concerning is the fact that 70% of the population is described as "chronically broke." This means they are consistently strapped for cash and unable to make ends meet, leading to a persistent state of financial stress.

These are not just figures and percentages. They represent real people, possibly your employees, struggling to achieve financial stability. But, there's good news for employers who are ready to step up and make changes to enhance their employees' financial wellbeing.

Here are three key takeaways from our research:

1. Transparency is crucial: By providing clear information on expected earnings, you're helping your employees budget more effectively and take control of their finances.
2. Promote the habit of saving: Implementing savings nudges, like automatic deductions or employer match programs, can make saving feel achievable and manageable.
3. Personalised financial coaching and support: Every employee has a unique financial situation. Offering tailored financial coaching and support can help address individual needs and drive meaningful behavioural changes.

The question is, are you ready to put these insights into action? Our report details an actionable plan for change, providing you exactly what you need to do to ensure the long-term financial wellbeing of your retail staff.

Remember, financial wellbeing isn't just about the individual. It's about the overall success of your business. Enhancing your employees' financial wellbeing leads to a more engaged workforce, improved productivity, and a better bottom line.

Download the report today.