Jen Norris
Financial Wellbeing Expert, Isio
Support is available to help ease the cost of living crisis, including from employers and wider resources. A financial wellbeing expert highlights some of the initiatives available.
Jen Norris, financial wellbeing expert at pensions advisory firm, Isio, admits that she has never known a time like it. The cost of living crisis is soaring, inflation is high and energy bills are skyrocketing. “We’ve been through recessions before, but this is a worrying period,” she says. “On the positive side, people are starting to talk openly about money — which has been taboo in the past — and sharing tips with each other. That’s really useful.”
Security in everyday life
The words ‘financial wellbeing,’ will be in many conversations because if you don’t have it, you’re going to want to get it. “I see it as having the tools, capability and confidence to make the most of your money and help you feel more in control,” says Norris, who works with organisations that want to find ways to support their employees with the cost of living. “In the past, some organisations have thought of financial wellbeing as a ‘nice to have’ service for their employees. Now, it’s top of their agendas.”
That stands to reason because happy employees are more efficient and productive. “If employees are under financial stress, it can affect their mental wellbeing,” agrees Norris. “And if they can’t afford to eat properly or go to the gym, it can affect their physical wellbeing.”
The words ‘financial wellbeing,’ will be in many conversations because if you don’t have it, you’re going to want to get it.
Financial tips that make a difference
Many employers have support initiatives in place, so Norris advises employees to ask what is available. “They may have discount platforms that offer staff savings off the weekly food shop and contribute towards fitness and health activities. Or they may run an EAP — an employee assistance programme — to help with debt, mental health and more.” Outside the workplace, people should investigate state support, including help with energy bills and any benefits they’re eligible for.
Trends in your bank account
But if Norris has one big money management tip for future-proofing finances, it’s this: study where your cash is going.
“Tracking your spending is a good budgeting exercise because it helps you identify areas where you don’t even know you are spending money,” she says. “It also shows you where you spend the most. It’s not about staying in, spending nothing and doing nothing. That’s like a fad diet: it’s really hard and won’t work in the long run. Instead, it’s about making little changes for a better financial balance.”