In the North East of England, where industry and innovation have shaped history, economic challenges persist. For many workers and job seekers, financial barriers are a significant obstacle to achieving sustainable employment. From rising living costs to inadequate financial literacy, the impact on both individuals and businesses is profound. But, by addressing these barriers head-on, employers can help create a more resilient and productive workforce. That’s where financial wellness comes in.

The Financial Challenges Facing Employees in the North East

According to data from the Office for National Statistics (ONS), the North East had an unemployment rate of 5.6% in 2023, higher than the UK average of 4%. Meanwhile, wages in the region are some of the lowest in the country, with full-time employees earning an average of £571 per week compared to the national average of £640 per week. But beyond these figures, financial insecurity manifests in many ways:

1. Debt and Financial Stress: Many employees are battling debt, particularly after the impact of inflation. This stress has a direct effect on their work performance, resulting in lower productivity and higher absenteeism.

2. Childcare and Transport Costs: Rising transport and childcare costs are also creating barriers to employment, with many workers finding it financially difficult to stay employed. The North East, with its mix of rural areas and cities like Newcastle and Sunderland, is particularly affected by these challenges.

3. Lack of Financial Education: A significant portion of the workforce lacks basic financial literacy, leading many to miss out on making the most of their earnings. Some fall into costly traps, like high-interest loans or credit card debt, simply because they lack guidance.

Why Employers Should Care

These financial barriers are more than just an HR issue—they’re a productivity issue. Employees struggling with financial stress are less engaged, more likely to call in sick, and more likely to seek other employment for slightly higher pay. Retention, engagement, and productivity are all impacted when workers are not financially secure.

Introducing Financial Wellness Programmes: A Win-Win for Employers and Employees

At McCalden Financial Wellness Training Solutions, we specialise in creating comprehensive financial wellness programmes that directly address the needs of businesses in the North East. By partnering with us, employers can empower their workforce to overcome financial challenges, reducing stress and improving focus at work. Here’s how we can help:

1. Financial Education Workshops:

Our workshops provide your employees with practical guidance on budgeting, debt management, and saving strategies. We cover key topics like emergency funds, investments, and understanding pensions—equipping workers to make informed financial decisions.

2. Tailored Financial Wellness Programmes:

We offer customised financial wellness programmes that address the unique challenges of your workforce. Whether it’s guidance on managing household expenses or preparing for unexpected costs, we help ensure your team feels more financially secure.

3. Boosting Retention and Engagement:

Employees who feel financially secure are more engaged and focused at work. Our programmes give your workforce the tools to stay on top of their finances, leading to fewer distractions and a more productive work environment.

4. Supporting Working Parents:

Rising childcare and transportation costs disproportionately affect working parents. By helping employees manage their finances better, employers can alleviate some of these stresses, leading to improved performance.

The Ripple Effect of Financial Wellness

When employees feel supported financially, the positive effects extend beyond the workplace. Financially secure employees are more focused, productive, and loyal, which benefits both your business and its culture.

Why Now is the Time for Action

The North East has always been a region defined by resilience and community, but for many, financial struggles remain a constant. By offering financial wellness support to your employees, you can help them overcome these challenges and, in turn, drive your business forward.

At McCalden Financial Wellness Training Solutions, we’re passionate about transforming the financial well-being of workers in the North East and beyond. Together, we can build a brighter, more prosperous future for both your employees and your business.

Let’s connect to explore how we can help your company thrive by empowering your employees to achieve financial wellness.

Contact Sarah directly here: [email protected]