The emergence of Coronavirus has affected nearly every facet of daily lives for millions of people across the world, with many fearful of the physical health risks it poses for themselves and their loved ones but also the mental health impact it may have due to a - more than likely - uncertain financial future.
It seems that for every piece of good news there are a string of bleak statistics: the government’s furlough scheme may have covered 7.5m jobs for the time being, but unemployment is to rise to 9% this year (according to a projection from the Bank of England) and the likelihood of a recession soon seems inevitable. It’s no wonder the nation’s mental health worries are reaching peak levels.
A study carried out before the outbreak of Coronavirus suggests that Millennials and ‘Gen Z-ers’ are more likely to be affected by money worries which could in turn have an impact on financial wellbeing. Further insight found that these groups of individuals are insecure about attaining financial freedom and happiness, due to the uncertainty of reaching saving goals or preparing for unexpected events.
This year, Mental Health Awareness Week (18 May to 24 May) couldn’t have come at a better time and with the theme being kindness, it has been encouraging to see that - throughout these challenging times - we have seen many beautiful moments of kindness. From the weekly clap for carers bringing the nation together, to stories of new found friendships with long-time neighbours. Here’s hoping that this kindness is something that will continue, long after the pandemic has subsided.
Money is not something that you would naturally link together with kindness, but money is one of those rare things that impacts so many areas of our lives. Kindness truly can have a positive impact on our wellbeing - so can kindness towards money too.
Recent statistics have shown that there has been a rise in demand for financial advisory and support platforms such as Mind (who have published advice to help people manage their wellbeing) during the outbreak. It is clear therefore that there is now an even more pressing demand for places where people can be comfortable to speak openly about their finances. Money is a hugely sensitive issue, it is important for people to feel that they will not be judged and will be treated with kindness when approaching the topic. Just like the old (but very true) cliché: sharing is caring.
It has also come to light that people are increasingly turning to their employers for support both on a practical level but also emotionally and being there simply to listen, can offer people some much needed relief from financial worries.
Just like mental health, it takes time to improve financial wellness. At Mintago, we want to help people support their people, by making that personal conversation around money easier to kick start. Our platform provides the ongoing support, key to helping employees handle their finances and ultimately feel great about their money.
Having a savings tool like Mintago has never been more needed in these uncertain times. For more information visit our website, Facebook, Twitter and LinkedIn