We’re sharing some free financial wellbeing resources to support you through this period of economic uncertainty, including EAPs and how to access them
The cost of living is on the rise and financial hardship is placing a burden on our mental wellbeing. Managing finances can cause stress for many people; trying to balance the cost of energy bills, rent or mortgage repayments, whilst many are having to decide between heating and eating.
Recent announcements are all the more confusing, worrying and, quite frankly, tiring. However you’re feeling right now, know that you are not alone. Below, we examine the benefits of EAPs - including what they are and how you can access them - as well as some additional support systems and free financial wellbeing resources.
What are EAPs?
Employee Assistance Programmes (EAPs) are a type of employee benefit that many employers offer their staff. In an effort to minimise lower levels of productivity, EAPs are designed to help staff with personal problems that could impact their performance, physical and mental health, and wellbeing.
Generally, EAPs provide services such as face-to-face, online or telephone counselling and expert support for employees and their immediate families. The service is provided for little to no cost and is confidential.
While EAP schemes used to be predominantly for issues such as alcohol or substance misuse and family problems, they now often cover a broad range including legal problems, wellness advice, stress management and financial concerns, which makes them a useful resource during the cost of living crisis.
According to People Management, almost all businesses nowadays have an Employee Assistance Programme in place, but only an average of 5% of employees are utilising them.
Whilst EAPs provide a number of benefits to companies, including reduced absenteeism and higher productivity, their key benefit lies in the ability to promote wellness and help employees through personal challenges.
How can EAPs help during the cost of living crisis?
The Reward and Employee Benefits Association (REBA) outlines four ways in which EAPs can support people during the current cost of living crisis.
1. Providing financial information and support
EAPs are available 24/7 and are there to provide unbiased advice and support for those struggling with finances. They can be especially useful in our society where we still struggle to have open and honest conversations about money, particularly with our employers. Having access to an EAP means individuals are able to find the support they need in confidence.
2. Offering financial help
Whilst some companies are offering bonuses to their staff to help them through the toughest period of the crisis, many businesses are also affected by the economic downturn. EAPs often offer employees benefits such as discounts and vouchers for retailers and groceries, which can go some way to supporting those struggling to feed their families.
3. Access to mental health services
As financial stress has been known to increase anxiety and Read more