Employee engagement is more than just a buzzword – it’s the component that can result in employees that perform better, are more productive, and more likely to stay with your company for the long haul. However, because employee engagement is a complex and multifaceted issue, in order to address it meaningfully, it requires thoughtful and strategic analysis and planning.In this article, we'll delve into the role financial wellbeing plays in employee engagement, especially in the cost of living crisis, and provide you with practical strategies for boosting engagement levels in your workplace.Increases in financial stressMoney and mental health are closely linked – and it is a critical component of achieving employee engagement. While many employers are already starting to recognise the importance of addressing mental wellbeing, as the cost of living takes hold, financial stress is an increasing area of concern. From rising housing costs, fuel expenses to soaring healthcare costs, it's becoming increasingly difficult for many people to make ends meet – even those in well-paid positions are feeling the strain. In a YouGov x YuLife survey, 79% of those surveyed said that they were worried about the cost of living – with that increasing to 84% among women. And almost half expected things to get worse over the coming year. And, unfortunately, that is impacting employee engagement at work, with 80% of workers believing that stress around financial wellbeing can negatively impact their performance in the workplace. And those aged 25-34 are most likely to believe this to be the case.Tactics for easing financial stressThe YouGov x YuLife survey suggests the solution for financial stress isn’t a simple one. Research found that just 24% of UK working adults would be comfortable telling an employer they feel financial stress. And 66% feel uncomfortable discussing this issue.1) Provide holistic mental health support An Employee Assistance Programmes (EAPs) can provide an anonymous resource for employees to self-serve support, but to ensure it’s understood and utilised by employees, education is needed to highlight how EAPs can help as a preventative measure – not just for a crisis point. The best EAP programmes will look at support holistically - such as by including measures such as mindfulness training, alongside professional counselling.Wellbeing Manager, Paul Cauldwell believes any help you can provide needs to be holistic."So if an employee has money worries, can you help them not just with the financial issue, but also the emotional impact? Ask yourself: do your policies and processes line up to support people? Do they allow them, for instance, to take half an hour out for that counselling session? It's really about looking after the whole person." says Paul.2) Insurance and financial healthFinancial resilience is a key component in achieving financial wellbeing. And insurance has a big role to play. In the YuLife x YouGov survey, 48% of respondents said that life insurance would help them to achieve financial wellbeing, rising to 63% amongst those with children. Whether it’s Group Income Protection, Critical Illness Cover or Group Dental Insurance, providing your employees with these policies can provide a financial safety net that gives long-term financial protection for moments when it’s needed most. 3) Education for better money management There are a number of tools businesses can use to help employees manage their money, and reduce financial stress. As Ian Russel, Moneyhub's Head of Performance Marketing explains, "Employers don't have unlimited funds to provide inflation-busting wage increases," he says. "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.”Financial coaching is one benefit worth considering to reduce financial stress and boost engagement. Professional financial adviser support that can help them to plan their budget and better face any monetary concerns, can make a huge impact.Financial management apps are also helpful resources that can provide the education and daily support needed. For example, you could offer a financial planning app that allows employees to track their spending, create a budget, and monitor their savings goals. By providing these resources, you are empowering your employees to take control of their finances, which can lead to reduced stress and increased engagement at work.But even on a more basic level, knowledge is power. Ensuring your team understands what financial support and benefits are available through workshops and seminars – how their pension works, what group insurance is available – will support them in achieving financial wellbeing. By offering financial wellness support, you are showing your employees that you care about their well-being and want to support them in their financial goals. This can help increase employee loyalty and engagement.4) Financial supportFinancial support may seem like the first choice – but, realistically, bonuses, incentives, and promotions, aren’t always an option. However, we know that when employees feel recognised and appreciated, they are more likely to be engaged and motivated to continue producing high-quality work. The answer?Reward schemes that offer financial rewards can provide the day-to-day support that makes a difference. As inflation hits local supermarkets, vouchers for food retailers like Tesco and Aldi can make weekly shops go further, for example. See how YuLife is rewarding wellbeing with a financial boost here. 5) Make help easy to accessThe likelihood is, you have employee benefits that can help your people ease financial stress – but the survey found that one-quarter of workers (24%) feel their workplace does not clearly explain the support it offers.Find a solution, such as an employee benefits app, that centralises your employee benefits and provides easy access to drive up-to five times the engagement. Here are 6 ways YuLife supports your people in the cost of living crisis. To find out how the cost of living is impacting other people's leaders, download our eBook here.