Automotive sector employees' concerns about low income and debt are being addressed by the launch of two free online financial tools by the industry charity Ben.
In 2017, 42% of people Ben supported had money problems, with ‘low income’ accounting for 52% of this and debt and money management among their other key financial concerns.
Mental health issues were the second biggest concern, affecting 31% of people last year, while 17% were worried about their physical health and 10% had social health concerns such as relationship breakdowns, isolation and loneliness.
In response, Ben has launched two new online tools available on Ben’s website in a bid to help people get their finances back on track:
- The Turn2us Benefit calculator – see what benefits you may be entitled to
- The Turn2us Grant Search Tool – search for grants to access
- Budgeting tool – to help you manage your money and make ends meet
These new tools have been launched in line with Ben’s current financial health and wellbeing campaign.
Ben’s chief executive Zara Ross said: “The automotive industry is going through a challenging time at the moment and this undoubtedly has an impact on its people.
"Low income and debt are currently the biggest concerns for those we support. At Ben, we are well placed to advise automotive employers of the potential issues currently facing their employees so they can offer relevant support.
“The fact that financial health is consistently the biggest concern for the people who contact us means that the industry needs to understand this is a key issue.
"Individuals who are struggling with money problems are likely to be stressed and, therefore, it is likely to impact on their overall wellbeing.
"According to the CIPD, 1 in 10 staff say they have found it hard to concentrate or make decisions at work because of money worries.
"Therefore, it’s in the best interests of employers to be aware of these issues and support their employees as much as possible.”
We will be providing more information, tools and advice on financial health and wellbeing to the automotive community over the coming weeks to help people tackle the challenges they face.