Sheffield Chamber of Commerce and Industry has launched a new Financial Wellbeing Support Service to help employees in the city region amid growing cost of living concerns.
Partnering with Mortgage PA, Forest Oak Financial Planning, Money Helper, Step Change Debt Charity, Mind and Sheffield Credit Union, SCCI is offering the free-to-access service to all Chamber members.
It is split into two halves: the Financial Wellbeing Support Programme – available to all levels of membership offering a range of support through an online self-serve portal and a Financial Friend Session – available to Premium and Patron members.
Through this service, a financial expert will visit an organisation to offer one-on-one specific, tailored advice for employees.
The introduction of these services comes as the Bank of England reported that UK households and businesses remain under pressure from higher borrowing costs. Interest rates are expected to remain high and more than 1.5 million people are reported to be experiencing both problems with debt and mental health*.
Liam Hughes, MD at Mortgage PA, said: “One in three people are said to be experiencing anxiety caused by debt related worries or fears over job insecurity or unemployment. Regardless of the industry you work in, financial wellbeing is highly important, both for greater confidence in a business but in the wellbeing of employees too.
“Finance related anxiety, and more specifically debt related stress, is reported to cause sleepless nights, higher chances of anxiety and depression, and diminished social lives which can all lead to lessened wellbeing for individuals.
“We’re grateful to partner with Sheffield Chamber and work together to help those people that are struggling or who want greater confidence in managing their finances.”
