Most employers fail to support lower income workers

A survey of 1,333 full-time and part-time UK workers has found that:Most employers fail to support lower income workers during cost-of-living crisis:

• 62% of Britons say that the rising cost-of-living is their greatest source of stress
  • This rises to 69% among those earning under £30,000
• Just 36% of Britons say that their employers have initiatives in place that are designed to improve the financial wellbeing of staff
  • This falls to 26% of those earning less than £30,000
• 44% of employees would leave their current jobs to work for an employer that provides better financial wellbeing support

 
Employees who earn less than £30,000 are bearing the brunt of the cost-of-living crisis, with their employers far less likely to offer meaningful financial wellbeing support, according to new research from Mintago.

The financial wellbeing platform surveyed a national representative sample of 1,333 UK adults in full- or part-time work. It found that two fifths are either ‘very stressed’ (9%) or ‘somewhat stressed’ (30%) at present – of those, 62% said the rising cost of living is a contributor, making it the UK’s most prevalent cause of stress. Among those earning less than £30,000, this figure rises to 69%.

Despite this, just 36% of workers say their employers have initiatives in place that are designed to improve the financial wellbeing of staff. For employees earning less than £30,000, this figure drops to 26%.

The support provided to those earning less than £30,000 also appears to be less impactful, with fewer than one in five (18%) stating that support provided by their employer has improved their financial situation, compared to a UK average of 29%.

The survey also found that just 20% of employees earning under £30,000 think that their employers care about their financial wellbeing. Almost half (44%) of employees would leave their current jobs for an employer that provides better financial wellbeing support.
 
Chieu Cao, CEO of Mintago, said: “With inflation remaining at an level, employees are continuing to struggle with the ongoing cost-of-living crisis and require support from their employers now more than ever. This is even more necessary for those on average or lower incomes, with our research showing that those earning under £30,000 are suffering most from the impact of the economic climate.

“Regardless of industry or income level, it is vital that employers step up and deliver robust, complete, and impactful financial wellbeing support. It must fit the unique needs of each individual member of staff – businesses cannot take a tick-box approach.”
 
About the research
 
The market research was carried out between 6th and 11th April 2023 among 2,000 UK adults via an online survey by independent market research agency Opinium. Opinium is a member of the Market Research Society (MRS) Company Partner Service, whose code of conduct and quality commitment it strictly adheres to. Its MRS membership means that it adheres to strict guidelines regarding all phases of research, including research design and data collection; communicating with respondents; conducting fieldwork; analysis and reporting; data storage. The data sample of 2,000 UK adults is fully nationally representative.