Mintago features in The Scottish Sun

Summary of article

With the current cost of living crisis resulting in financial struggles for many people and affecting businesses of all sizes, employers are having to adapt to support their employees in whatever ways they can.

Research shows that ¾ of small and medium-sized businesses are now worried about the long-term impact of the cost of living crisis on their business and employees, with rapid inflation and increasing energy bills causing financial distress for many. Some businesses that are able to have been increasing staff wages or introducing subsidies for energy bills, but for some employers this is not an option. Even if this is the case, employers must take steps to prioritise employee financial wellbeing in this challenging climate. Businesses are offering new ways of working and improved sick-pay arrangements to employees adversely affected by the Covid19 pandemic.

In response to Barclays’ SME Barometer (a quarterly survey of business sentiment among small and medium employers conducted for the banks) over 51% of firms said they were concerned that increasing prices would mean a reduction in consumer spending. This is confirmed by research from the Office for National Statistics which has revealed that retail sales volumes in Britain dropped by 1.4% in March, after a decline of 0.5% in February as shoppers adjusted their spending to rising costs.

A recent survey conducted by Mintago found that 36% of millennials felt that financial worries had impacted their work performance. This indicates how important it is for employers to support employee financial wellbeing in effective and manageable ways.

  

This article was published as part of The Scottish Sun newspaper. No link is available. 

By Mintago Team

Mintago is an FCA regulated company that helps businesses save on their workplace pension NI costs and improves the financial wellbeing of their employees. For the employer, Mintago provides a salary sacrifice pension hassle-free implementation program which creates direct savings on monthly (National Insurance) NI payments. We manage the whole process including communication, compliance and ongoing management. No need to switch pension provider, either. For the employee, Mintago’s unique financial wellbeing platform helps find lost pensions quickly, manage employee pension contributions, while helping them understand their financial situation with over 1,000 pieces of content.

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