INSIGHT: What impact is work and the cost-of-living having on our wellbeing?

Friday 27 October 2023

Hundreds of islanders have taken part in a study about workplace wellbeing, laying bare their financial anxieties and desire for more flexible working options...

The 'Beyond the Paycheck' research, by workplace wellbeing specialists Anova and pensions and benefits firm Alexforbes, sought data to support Island employers’ efforts to attract and retain staff.

It involved 617 survey participants across 70 different organisations – including 549 Jersey respondents – who answered a series of questions on several topics, including their wellbeing and finances.

Around 38% of respondents did not agree that they earn enough money “to afford their bills, pay rent, and buy essentials”, with a significantly higher figure (54%) recorded among 21- to 30-year-old workers.

Additionally, 40% of respondents reported that thinking about their finances “made them feel anxious and stressed”.

The report stated that it was a “crucial” time to conduct the study due to the “high-pressure job market”, as well as the “increasingly high cost of living” and “rising levels of stress and burnout”.

According to the study, 40% of workers reported that thinking about their finances “made them feel anxious and stressed”

The chief executive of Caritas Jersey, which promotes the adoption of the “living wage”, Patrick Lynch, said the figures indicated that “salaries don’t go as far as they used to”.

He added: “It shows the cost issues facing Islanders at the moment, with exponential rises in rents and the cost of a weekly shop.” Mr Lynch also noted that financial anxiety would negatively influence workplace productivity.

“You would expect people to be paid enough to cover expenses and not be in constant worry about meeting their basic necessities such as rent and household bills.”

Jenny Winspear, the chief operating officer for Anova, said: “This research is important for the Island – we need to stay in touch with our workforces and understand their views on how new ways of working are impacting their expectations, how cost of living is affecting their wellbeing, what they value outside of financial benefits, and how our Island life differs to that of other jurisdictions.

“There is no point in driving change unless we first take the time to understand the people that are affected by it. By taking the time to ask the questions, we hope this research will influence workplaces to adapt and enable people to truly thrive.”

The key findings...

Flexible working

• Over a quarter (27%) of people disagreed that their organisation had a "competitive" flexible working offering.
• Better flexible working options were the most popular selected workplace initiative that could be implemented to improve employees' wellbeing.

Wellbeing and development

• 73% agreed that organisational policies or programmes were in place to support employee wellbeing.
• 48% agreed that wellbeing initiatives are more than a "tick-box" exercise at their work.
• 64% of respondents believed that if they "knew it was going to make a difference", they would like the opportunity to give anonymous feedback to their employer.
• Less than a third (31%) agreed that their workplace is "proactive" with wellbeing support.

Financial anxiety

• 40% of respondents found that thinking about their finances "made them feel anxious and stressed". The 21 to 30 year-old group of respondents were 9% more likely to agree with this statement.
• 62% of respondents agreed that they earned enough money to afford their bills, pay rent, and buy essentials. Two-thirds (66%) of 41-50 year-old workers agreed with this statement versus less than half (46%) of 21-30 year-old workers.

Pension

• 1 in 4 Jersey employees did not have a workplace pension.
• 81% of employees "understood" their pension.
• Less than half (42%) knew how much income they will need in retirement to retire "comfortably".
• 42% felt they knew how much to save each month to meet their retirement income target.
• 57% felt they cannot afford to save as much as they would like into their pension.
• 34% felt their company pension plan is sufficient for them to meet their retirement goals.