A leading UK insurance company is campaigning in order to persuade employers to allow employees a small amount of time each month to sort out their money issues. According to the insurance company financial management has become far more of an issue lately, with rising repayments on mortgages, higher inflation, increasing costs on things such as food and insurance, and other rising costs making it difficult for consumers to balance their income and out goings.
The insurance company plans to launch the campaign, which is known as ‘My Budget Day’ on 21st November, and has the backing of Unite, the country’s largest union, and the Confederation of British Industry. The campaign is urging employers to allow employees to take one hour off each month to deal with money issues and budgeting, claiming that this could actually save employers money and time in the long run by reducing stress levels amongst financially struggling staff members.
The insurance company has already stated that it is giving all of its employees the first hour off on the 21st November to deal with their finances, and urges other companies to do the same. One official from the Confederation of British Industry described the campaign as a breath of fresh air, and a great way for employers to motivate their workers whilst increasing morale and reducing stress levels.
According to recent figures employers in the UK lost around £9.6 billion last year through absenteeism through stress, and much of this stress is thought to stem from money issues that employees are finding difficult to deal with. One industry official stated that most employees are already spending around three hours a month on non-work related activities such as texting, emailing friends, and gossiping. He stated that compared to this allowing one hour for something as constructive as budgeting was not a lot to ask.