By Jonathan Watts-Lay, Founder and Director at WEALTH at work
National Parent Mental Health Day – on 30th January – serves as a powerful reminder of the unique challenges faced by working parents. Juggling the demands of raising a family alongside the pressures of a career can take a toll on mental wellbeing. Financial worries on top of this can often exacerbate these struggles. Research from REBA and WEALTH at work sheds light on this topic, revealing the growing awareness of the important link between financial wellbeing and the mental health of working parents.
The research amongst 236 companies representing 1.3 million employees found that 73% of respondents, held concerns regarding the specific risks to financial wellbeing of parents in their workforce. The high costs associated with raising children paired with economic uncertainty and inflation, provide the perfect conditions for financial stress.
Research from WEALTH at work also shows that over 80% of employees are concerned that the rising cost of living means they will be less comfortable in retirement because of a shortfall in savings. Inadequate preparations add to the financial worries that weigh heavily on working parents, further impacting their wellbeing and their ability to fully engage with both family and work.