A Partners& survey of 169 senior HR, Finance, and C-suite professionals – representing a combined workforce of almost 189,000 employees – confirms that 2023 looks set to be a financially gloomy one for employees.
The survey* – which took place on 30 November 2022 – found that an overwhelming number of employers (97%) expect the number of their employees experiencing financial difficulties to increase either a little (33%) or significantly (64%) during the current calendar year. Not one employer expected a decrease in numbers facing financial challenges.
Employers continue to cite the cost-of-living crisis (inflation) as the single largest financial challenge for their workers this year (31%), although a smaller number (6%) expect interest rates – and particularly the impact on mortgage repayments – to be the more significant issue in 2023.
Almost two-thirds of employers (62%) felt that the combined impact of high inflation and rising interest rates would pose the biggest threat to employee finances.
The survey also revealed that more than two-thirds (67%) of employers were already aware of employees experiencing financial difficulties.
This research provides further evidence that employers should be seeking to support their workers with low-cost financial wellbeing services (prices start from just £1 per employee, per month) and access to tangible discounts on everyday spending via a quality employee discount scheme.
For more information on these services please follow the links above, speak to your usual Partners& Consultant, or visit our website here.
*The Research was undertaken at the Partners& Employment Webinar on 30 November 2022 amongst an audience of 169 senior Human Resources (HR), Finance, Payroll, and C-suite attendees representing a combined workforce of almost 189,000 employees. The employers represented in the survey arose from a range of Private, Public, and Third Sector employers.
