General Insurance Article - 4 in 5 think employers must help with cost of living crisis


Increase in salary, contribution to bills, and introduction of travel allowance are top support measures wanted by employees. 27% say their employer has promised to help with rising living costs but has failed to deliver. 48% say the cost of living crisis is impacting their mental health

 As the cost of living crisis takes its toll and inflation continues to hit new highs, research from Canada Life reveals that four in five (80%) employees feel their employer should provide support to help with rising living costs. The top ways employers are looking for support from their employers to help with rising costs are increase in salary (54%) and contribution to bills (23%). Others include:

 • Introduce a travel allowance - 23%
 • Reduce mandatory office days - 18%
 • Provide one-off support payments - 14%

 However, a quarter (27%) say their employer has promised to support employees with rising living costs but has failed to deliver. Additionally, nearly half (47%) say their employer doesn’t realise the impact of rising living costs on the team, while a similar amount (48%) say the cost of living crisis is having an impact on their mental health.

 Dan Crook, Protection Sales Director, Canada Life, comments: “It’s clear the cost of living crisis is taking its toll on the UK workforce and employees are turning towards their employers for support and guidance. As such, employers will benefit from being flexible and listening to the needs of their staff when thinking about the role they can provide in the context of the workplace.

 “Through uncertain times the benefits of workplace protection cannot be underestimated, and we urge employers to highlight the additional benefits and demonstrate the value it has for their employees. We know that financial distress and mental health are intrinsically linked3. Through workplace support services employees can access expert guidance on financial issues, including reducing outgoings, budgeting advice, as well as debt management support.”
  

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