A recent survey from global advisory firm WTW has revealed a growing disconnect between the priorities of UK employers and the needs of their employees when it comes to wellbeing support. According to WTW's 2024 Wellbeing Diagnostic Survey, while companies are placing significant emphasis on mental and physical health initiatives, many workers are increasingly concerned about their financial wellbeing. This trend is causing tension as employees face rising financial stress in a challenging economic environment.The survey found that financial wellbeing support was the top priority for UK employees, with 59% of workers expressing concern about their financial health. In stark contrast, only 24% of employers identified financial wellbeing as a primary focus in their workplace wellbeing programmes. Instead, the majority of employers are concentrating on mental (72%) and physical (45%) wellbeing. This divergence highlights a significant gap between the wellbeing support offered by companies and what employees are seeking most urgently.“Companies have been leaning heavily into physical and mental wellbeing to make it a core part of their human capital strategy,” said Kazune Kozen, Clinical and Data Analytics Lead in Health & Benefits at WTW. “We know that these investments have improved employees’ perceptions of these initiatives,” Kozen added. However, the data reveals that these efforts, while beneficial, are not fully aligned with the most pressing concerns of workers.Financial wellbeing takes the leadThe survey’s findings underline the critical role of financial stability in overall employee wellbeing. The cost-of-living crisis, inflation, and rising debt levels have exacerbated financial strain for many UK workers, pushing financial health to the forefront of their concerns. Despite this, many companies continue to focus primarily on traditional forms of wellbeing support, such as Life Insurance and Disability Insurance or retirement savings programmes, rather than more tailored financial education or decision-making assistance for areas like spending, borrowing, and saving.The report further highlights that two-fifths (42%) of employees are grappling with moderate or major issues across multiple areas of their wellbeing, and poor health in any of these dimensions often leads to increased absenteeism, presenteeism, and burnout. Moreover, financial stress is strongly linked to lower work engagement and productivity, making the case for employers to revisit their priorities.The survey’s findings also indicate that more than half of employees (59%) are experiencing above-average levels of stress, while 40% report symptoms of anxiety or depression. Kozen notes that the mental health crisis has prompted many companies to focus heavily on physical and mental health. However, she cautions that the financial aspect of wellbeing cannot be overlooked. “There is a disconnect between the wellbeing areas that employers are investing in and what employees are saying they need help with,” Kozen remarked.Disconnect in perceived effectivenessDespite employers’ best intentions, employees’ perceptions of the effectiveness of wellbeing programmes have been in decline since the pandemic. According to the survey, only 27% of employees believe these programmes are effective, a notable drop from 38% in 2022. While a significant 69% of employers see their wellbeing efforts as crucial in supporting their workforce, only 29% of employees agree, indicating a significant perception gap.This growing dissatisfaction has led to discussions on how employers can better optimise their support to align with employee needs. WTW’s findings suggest that organisations need to evolve their approach to employee wellbeing, focusing on creating more accessible and targeted programmes. As Kozen observed, “Organisations that are highly effective at employee wellbeing often report better business outcomes, such as enhanced financial performance and reduced employee turnover.”The path forwardIn response to the survey, many employers are now reevaluating their approach to wellbeing support. Currently, only 8% of companies have made wellbeing a foundational element of their human capital strategy, but a significant portion (35%) plan to make it a central focus within the next three years. Additionally, 65% of employers are aiming to improve communication about their wellbeing initiatives, and 56% are working to embed wellbeing into their corporate culture.Gaby Joyner, Head of Employee Experience Europe at WTW, emphasised the importance of delivery and communication in wellbeing programmes. “The delivery of wellbeing initiatives is just as important as the content of the programmes. Communication, accessibility, and creating a connected culture that links back to company and employee values is key to building a stronger employee experience when it comes to wellbeing,” Joyner explained.As employers continue to adjust their wellbeing strategies, they are increasingly recognising the importance of listening to their workforce and addressing the specific challenges employees face. For many, this means placing greater emphasis on financial wellbeing and providing more robust support systems that go beyond traditional benefits packages. “It’s important that employers focus on getting the right priorities in place to support the varied needs of their workforce,” Joyner added.Group Life Insurance's role in financial wellbeing benefitsGroup Life Insurance is one of the foundational financial wellbeing benefits offered by many UK employers, providing employees with essential protection for their families in the event of their death. While this form of coverage offers peace of mind and long-term security, the WTW survey suggests that many workers need more than just traditional benefits to address their immediate financial concerns. Group Life Insurance, though valuable, doesn't directly address day-to-day financial stressors like debt, rising living costs, or budgeting challenges. Which is why YuLife offers an innovative approach to employee wellbeing by integrating Life Insurance with a broader range of financial, physical, and mental health support. Unlike traditional Life Insurance, YuLife uses a gamified app to encourage healthy habits and wellbeing activities, rewarding employees for engaging in positive behaviors such as walking, meditating, and practicing mindfulness. These rewards, in the form of discounts, vouchers, and gifts, help employees feel more engaged with their wellbeing while receiving tangible benefits for improving their health.Additionally, YuLife provides access to financial wellbeing tools, such as budget trackers and financial advice via partners, to help employees manage their day-to-day finances. This holistic approach helps bridge the gap between the foundational support of Group Life Insurance and the more personalised financial education employees are increasingly seeking.By combining Life Insurance with ongoing engagement in health and financial wellbeing, YuLife offers a comprehensive solution that aligns with the needs highlighted in WTW’s survey, helping employers offer more relevant and proactive support to their workforce.ConclusionWTW’s 2024 Wellbeing Diagnostic Survey has shed light on the growing need for employers to prioritise financial wellbeing alongside physical and mental health support. With 59% of UK employees placing financial wellbeing at the top of their list, there is a clear imperative for companies to adapt their wellbeing programmes to reflect the evolving needs of their workforce. As the survey demonstrates, failure to do so could result in lower employee satisfaction, increased burnout, and decreased productivity.In an era where financial pressures are mounting, companies that successfully address these concerns will likely see stronger business outcomes, reduced turnover, and a more engaged workforce. To achieve this, employers must not only offer relevant wellbeing initiatives but also ensure they are effectively communicated and aligned with the core concerns of their employees. As Joyner aptly summarised, “It’s not just about offering programmes; it’s about making sure they are the right programmes for the right people.”About the studyThe 2024 Wellbeing Diagnostic Survey was conducted from March to April 2024, surveying 131 UK employees working at medium and large private sector employers. A related study, the 2024 Global Benefits Attitudes Survey, was carried out from January to March 2024 with 6,000 UK employees.About YuLifeYuLife is working to reimagine the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work?Our award-winning app uses behavioural science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance programme, your team gets access to mental, financial and social support, virtual GPs, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for free today.