Mental Health Day: The Link Between Money Worries and Wellbeing
As we mark World Mental Health Day, it’s important to address a significant issue affecting millions across the UK: the impact of money worries on mental health. Money problems are often an overwhelming source of stress, and unfortunately, it’s something many experience.
In fact, research shows that nearly 1 in 4 people in the UK report feeling anxious because of their financial situation. The rising cost of living, housing pressures, and unexpected expenses can create a persistent sense of worry, which can quickly lead to anxiety, depression, and even burnout.
At Pioneering People, we believe in reducing these stressors. We connect businesses with verified, temporary staff quickly and efficiently, but more importantly, we ensure that our Pioneers (workers) are paid on the day or within 2 days of working, where their hourly rates are above Living Wage.
Why? There are several factors, but in short, we know that financial uncertainty can significantly impact a person’s wellbeing, and immediate access to earnings can ease that burden.
How Money Affects Mental Health
It’s no secret that financial struggles affect more than just the bank balance. Mind, the mental health charity, found that people with problem debt are more likely to suffer from mental health issues. The stress of making ends meet can lead to sleepless nights, strained relationships, and even withdrawal from social life.
Money issues and mental health often create a vicious cycle: financial strain can worsen mental health, and poor mental health can make it harder to manage money. Someone dealing with anxiety or depression may find it difficult to work, budget, or keep up with bills, leading to a worsening of both their financial and mental situation.
Our Approach: A Healthier Solution for Workers
By ensuring that people have access to same-day pay or next day pay and earn above the Living Wage, we aim to alleviate some of the financial strain that comes with temporary or gig work. Knowing that they can receive their earnings quickly helps to reduce anxiety about bills, food, or travel costs. With us, workers don’t have to wait for a payday that might still be weeks away.
Our approach provides a level of financial security that not only improves mental health but also promotes a positive work-life balance. Workers can focus on their roles without the worry of when they will be paid or if they will be paid enough.
Supporting Mental Health Through Fair Work
The UK government’s Thriving at Work report showed that poor mental health costs UK employers between “£33 billion and £42 billion” annually. This isn’t just about the bottom line, though; businesses and workers alike benefit when mental health is prioritised.
By offering fair pay and prompt payments,we hope to foster a work environment where people feel supported, both financially and mentally. Financial peace of mind helps build confidence and wellbeing, making workers more engaged, productive, and happier in their day-to-day lives.
This World Mental Health Day, let’s not forget the impact that financial security can have on wellbeing. We are proud to play our part in reducing financial stress and helping workers lead healthier, more balanced lives.