Pub, restaurant and bar operator Ever So Sensible signed up for Money First Aid training so colleagues facing financial pressure have someone at work they can turn to.
Why money matters in hospitality
Hospitality runs on its people, and the sector finds it hard to recruit and keep staff. Money worries play a big part in that. Research by PwC found that 57% of people name money as the main cause of their stress. According to Fair4All Finance, around 70% of financially vulnerable people are in work. Fair4All also estimates that money problems cost employers about £6.2 billion a year through absence and lost productivity.
Many workplaces already have Mental Health First Aiders and wellbeing champions. Very few have anyone trained to help with money problems, even as the cost of living keeps rising.
Why Ever So Sensible chose Money First Aid
Ever So Sensible wanted to support colleagues through rising financial pressures. Learning & Development Manager Kerry Webster became a Money First Aider®. That gives colleagues someone they can talk to openly about money worries, without judgement, and who can point them to trusted expert help.
“We completed Money First Aid training to better look after our employees should they be facing financial pressures, especially in today’s challenging economic climate.”
Kerry Webster, Learning & Development Manager, Ever So Sensible
What the training covers
The CPD-accredited online course has five modules and takes about three hours, done at your own pace. Money First Aiders learn to:
understand the role of a Money First Aider®, including its boundaries and confidentiality
recognise the most common economic challenges and the signs that someone may be struggling with money
understand practical ways people can improve their financial health and wellbeing
find reliable sources of expert help and signpost colleagues to them
Money First Aiders are not financial advisers. Their role is to listen, support and point people to the right help.
The impact
“This training has enhanced our ability to approach financial conversations with confidence and empathy, ensuring we can provide appropriate guidance. It strengthens our overall wellbeing initiatives and helps us offer more effective support to our team.”
When employees feel supported, it shows in the service they give guests. For a hospitality business, financial wellbeing training helps look after people and helps keep them.
As featured in the Institute of Hospitality magazine, Issue 3, 2024.
If you’d like to train members of your team as Money First Aiders®, get in touch.
