Declining mental health for almost 9 out of 10 hospitality workers


New research, State of Financial Wellbeing: Hospitality Outlook 2023, by financial wellbeing experts at Wagestream has found that more than two million UK hospitality workers are reporting declining mental health because of money worries, with 87% of hospitality workers’ mental health worsening due to money worries.

In the research workers ranked financial wellbeing, specifically, the  number one cause of all other wellbeing issues (mental, physical, social), and that it’s becoming quite crippling.  67% have cut back on spending and 42% have missed a bill during the cost of living crisis. The ones who’ve had to dip into savings because of the cost of living spent an extra 50 days last year, feeling depressed and anxious.

In Scotland, almost 3 times as many (36%) hospitality workers have directly asked their employer for more financial support compared to the average across Scottish workers (13%), while they are 63% more likely to have missed a bill and 93% more likely to have sought support from a debt adviser.

Scottish hospitality workers were also 83% more likely than the rest of Scottish workers to say their ’employer doesn’t care enough’ to step in with financial wellbeing support.

Overall, the research shows that there is a financial stress understanding gap between hospitality workers and their employers with almost a third worrying about money every day, and 14% with no savings – but just 1% of employers realise it.

The research show that there are signs that hospitality operators are taking steps to close the gap with three quarters (76%) introducing at least one new financial benefit to staff last year, with the most common being educational workshops, health cash plans, and flexible pay. 57% of hospitality employers focused more on the issue as a response to the cost of living crisis – though that is a 20% decrease on the average across other industries.

Emily Trant, Head of Impact and Inclusion at Wagestream, comments, “Our latest State of Financial Wellbeing index highlights the two things hospitality workers want most: more predictable income, and the ability to choose their own pay cycle. Every hospitality operator is in a war for talent – and if they are serious about winning, these are the new dynamics of pay they should be building their people strategy around. By doing so they will see a huge swing in recruitment, retention and shift uptake – which are key foundations for success in the current environment.”

Compiled by financial wellbeing experts at Wagestream, with input from leading bodies and experts such as Money and Pensions Service, StepChange and the Work Foundation, the  State of Financial Wellbeing research programme benchmarks the views and actions of 10,000 workers and 1,000 employers across the UK. Launched in 2021, the programme is designed to improve understanding of the blockers and drivers of workers’ financial wellbeing.



Category: News, People
Tags: Emily Trant, Financial Wellbeing, Hospitality Outlook, Wagestream