5 ways YuLife supports your people in the cost of living crisis

Employee money worries surrounding the cost of living crisis are having serious consequences in the workplace. Discover 5 ways that YuLife helps you to support your people’s financial, physical and mental wellbeing.

Yugi the Giraffe - 6 September 2022

YuLife’s recent Employee Wellbeing Survey in partnership with YouGov found that 80% of working people’s workplace performance is being negatively impacted by money worries.

But what can you do to help your employees through the cost of living crisis? Financial support in monetary gains may be the first consideration – but there are more ways to support your team, and show you care. We’ve been talking to HR leaders about the actions they’re taking to support their teams: from increasing mileage compensation prices, to pay rises.

But here, we take a look at five ways that YuLife’s employee insurance, award-winning health and wellbeing benefits and customisable employee app can be used to support employees, and mitigate the business impact of financial stress within the workforce.

1) Mental health support when it’s needed most 

A crucial contributor to our mental health is how we feel about finances, with concerns around cash correlating with mental health impacts.

Services such as Employee Assistance Programmes (EAPs), which move beyond just mental health support, can be a vital anonymous resource for employees to self-serve and seek help in a way that suits them. 

This enables them to address issues before they impact their personal life and professional performance. But education is needed to highlight how EAPs can help as a preventative measure – not just for a crisis point.

Communicating benefits to employees becomes easier with YuLife, because YuLife provides businesses with a centralised Wellbeing Hub that makes it easy for people to access benefits. And because members earn 'YuCoin' for walking, cycling and meditating, it achieves 11x the average wellbeing app engagement.

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2) Insurance and financial health 

One of the biggest causes of stress during the cost of living crisis isn't so much budgeting in the here-and-now, but understandable concerns about the future. Particularly for parents, insurance can provide the security of a financial safety net when it’s needed most. 

In the YuLife x YouGov wellbeing survey 2022, 48% of respondents said that life insurance is important to their sense of financial wellbeing, rising to 63% amongst those who live in households with children. From a range of options, a plurality 30% chose income protection or critical illness cover as their favoured policy a workplace can offer.

63% of parents believe that life insurance is important to their sense of financial wellbeing.”

With the cost of living crisis making us all more uncertain about our future, employee insurance will inevitably become more and more important in helping the workforce to feel financially secure.

YuLife’s range of group protection products including group life insurance, group critical illness and group income protection provide long-term financial protection supported by an extensive package of preventative health benefits that protects the wellbeing of employees today and in the future.

3) Education for better money management  

YuLife provides members with six months' free access to Moneyhub, a money management app that helps people build good financial wellness habits. 

Moneyhub allows employees to group their accounts from different providers, including current accounts, savings, investments, pensions and more, in one central space. Then through clever AI, the app analyses transactions across all these accounts, and auto-categorises them so that it's easy to see what's going on. 

As Ian Russel, Moneyhub's Head of Performance Marketing explains, the platform is just one of a number of tools businesses can wield in helping workers as the crisis starts to bite. 

"Employers don't have unlimited funds to provide inflation-busting wage increases and in fact, the government is actively encouraging firms not to give rises at the moment," he points out. "So employers need to think creatively about how they can help employees ensure their cash goes further, and give them resources and access to important information.”

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4) Access to financial coaching

Over the longer term, financial wellness relies on planning ahead. And so any help your business can provide to employees with financial planning can make a huge impact.

One quarter of workers feel that their workplace does not clearly explain the financial support it can offer them.”

When you provide financial coaching, you're preparing people for what could happen, and making sure they have provisions in place to manage things they can't control – which is why budget planning is so important.

So while there's very little you can do as an employer about current rising petrol prices, for example, what you can do is provide employees with the guidance to change in their monthly expenditure in a way that remedies that, giving them the capacity to deal with an increase in cost of living.

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5) A one-stop shop for all of your employee benefits

The YuLife x YouGov wellbeing survey 2022 found that around one-quarter of workers (24%) feel their workplace does not clearly explain the support it offers.

So why don't employees just ask? The survey found that 66% of workers would be uncomfortable telling an employer they're experiencing financial stress, and just 21% say they'd feel comfortable doing so.

With so many benefits, it can be hard for your people to know where to find everything – which in turn means they don't use them at all.

That's where the YuLife Wellbeing Hub shines. It sits within the YuLife app and serves a centralised, customisable place for employees to find all of their company benefits and wellbeing tools – driving 77% engagement. 

It gives your people one easy-to-access destination for all current employee benefits, in addition to everything you get with YuLife (EAP, Virtual GP services, and more), with key information right there waiting for them. This means all the initiatives that matter to your organisation will be right there, every time your employees access the YuLife app.

To find out how the cost of living is impacting other people leaders, download our eBook here.

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Yugi the Giraffe

Yugi is our YuLife mascot. Like all giraffes they've got a big heart – in fact the biggest heart of all land animals.