YuLife’s recent Employee Wellbeing Survey in partnership with the international polling firm 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 challenging economic times? Financial support with raises and one-time bonuses may be the first consideration – but there are more ways to support your team and show you care.Here, we take a look at six ways that YuLife’s Group Insurance, award-winning wellbeing benefits and customizable 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 Programs (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 preventive measure – not just for times of crisis.Communicating benefits to employees becomes easier with YuLife because YuLife provides businesses with a centralized Wellbeing Hub that makes it easy for employees to access benefits. And because members earn 'YuCoin' for walking, cycling and meditating, it achieves 11x the average wellbeing app engagement. 2) Insurance and financial health One of the biggest causes of stress during the challenging financial times 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 disability or critical illness cover as their favored 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 employer-sponsored and voluntary insurance products including life insurance, disability insurance, dental insurance, vision insurance, and more, 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) Access to financial coachingOver 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 rising inflation and interest rates, what you can do is provide employees with the guidance to change their monthly expenditure in a way that remedies that, giving them the capacity to deal with an increase in the cost of living. 4) Rewarding wellbeing with a financial boostReward schemes offering money-saving and discounts are another great way to alleviate the pressures that employees are feeling right now and help the rising inflation feel less costly.The YuLife app engages and incentivizes employees to participate in daily wellness activities such as walking, cycling and mindfulness in exchange for YuCoin, our virtual wellbeing currency, that can be redeemed for discounts and vouchers to spend at an extensive range of major brands. And as inflation hits local supermarket shelves, we are partnering with major food retailers to help make YuLifers' weekly shops go even further. 5) A one-stop shop for all of your employee benefitsThe 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 are 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 means they don't use them at all.That's where the YuLife Wellbeing Hub shines. It sits within the YuLife app and serves as a centralized, customizable 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, social impact benefits and more), with key information right there waiting for them. This means all the initiatives that matter to your organization will be right there whenever your employees access the YuLife app.To find out how increases in cost of living are impacting other people leaders, download our eBook here.