Mar 8, 2021
This study explores the impact of workplace financial wellbeing interventions (WFWI) on the mental health of young workers, through analysis of Britain and Asia's Healthiest Workplace survey data and a literature review. Findings suggest that WFWI are a potentially promising approach, but there is a pressing need for further evidence. Employees should consider implementing WFWI and we provide recommendations to support this process.
Financial wellbeing is defined as the ability to meet current and ongoing financial obligations, feel secure in one's financial future and make choices that allow enjoyment of life. The proportion of young workers globally with financial concerns is high, and the link between financial concerns and mental health is well known. Workplace financial wellbeing interventions (WFWI) are a potentially promising approach to prevent and address mental health problems in young workers. There is, however, a lack of consolidated learning about their effectiveness on the mental health of this group of workers. In this report, we present analysis of Britain's Healthiest Workplace (BHW) and Asia's Healthiest Workplace (AHW) survey data and the findings of a literature review (including a Rapid Evidence Assessment). Our analysis of the survey data showed that participation in WFWI is associated with better mental health. In addition, we found that participation is associated more strongly with better mental health amongst certain subgroups (such as 18–24-year olds and those with low incomes), although some of these findings do differ according to whether the UK or Asian sample is concerned. Literature on existing studies in this area suggests that these interventions have a positive impact on mental health. It is, however, important to acknowledge the small number of relevant studies identified, and the risk of bias in these. From our findings we produce recommendations for employers and highlight this as an important area for further research.
Introduction and background
Evidence of the effectiveness of WFWI
Discussion and key messages for employers