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Why is talking about money in the workplace such a taboo?

If there is one thing that every industry, every job and every career, regardless of age or stage of life has in common, it's money.

Despite this, conversations around money in the workplace are not commonplace, and in many cases, such conversations are actively discouraged. According to the CIPD, over half of employees are reluctant to be open about their money worries for “fear of being judged or that it would affect their promotion prospects".

86% of employees admit they have money worries. 74% admit that these worries affect them at work. This leads to 3.6 lost hours every week per employee.

Employees who are suffering from money-related anxiety and stress cost UK businesses up to £70 billion per year due to lost productivity, absenteeism, and high staff turnover.

So the money worries of staff members negatively impact productivity. And yet money remains a taboo subject in the workplace. Counter-intuitive right?

At Savvy, we believe that financial education should be a fundamental part of every professionals journey right from the start. Whether you are just entering the workforce or have decades of experience, understanding topics such as income tax, pensions and budgeting is a necessity.

Greater financial literacy empowers your staff to make better career decisions and plan for their future and can be a catalyst for career growth. Money transparency in the workplace and creating a work culture that removes any stigma with regard to finances means your staff members will feel safer, more comfortable in their role and will more likely reach out if they are struggling.

According to PWC, 46% of millennials say that loyalty to their employer is influenced by how much the company cares about their financial wellbeing and 81% of millennials are more likely to be attracted to another company that cares more about their financial wellbeing. Supporting your employee’s financial wellbeing by providing access to financial education and expert support can have a positive effect on your staff retention rates.

Financial wellbeing is an essential part of overall employee wellbeing and employers owe it to their employees to create a work place culture where employees feel supported when it comes to personal finances.

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