In the midst of rising living costs , the current UK workplace has overlooked the crucial necessity of providing employees with essential financial education . Consequently , workers grapple with financial challenges , impacting both their health and accumulating debt .

The research finds that only 46 % of HR professionals actively promote a culture of financial openness , with a mere 16 % of employees actually feeling this support at work . This significant gap underscores the challenge in creating supportive workplace environments for financial discussions , with nearly half ( 48 %) of surveyed employees stating that their employer does not offer any financial wellbeing support .

This lack of financial support , coupled with the stigma surrounding money issues , hinders employees from seeking help . To cultivate a supportive workplace , businesses must not only bridge this gap but also address the discomfort associated with discussing financial challenges .

The impact of this financial unease is reflected in the anxiety experienced by the UK workforce , with three-quarters ( 75 %) worrying about money at least monthly or more often , and over a quarter ( 26 %) dealing with daily concerns . The survey also reveals a reliance on friends / family ( 43 %) and search engines ( 29 %) for financial education , while only 12 % turn to their employers for advice .

Recognising the need for change , HR professionals acknowledge their role in supporting employees . Threequarters ( 75 %) believe they need to do more to enhance financial wellbeing , with 84 % stating that the current cost of living crisis has heightened the importance of supporting their workforce ’ s financial wellbeing .

This acknowledgement stems from increased demand , as 68 % of HR professionals report a surge in requests for financial education or support initiatives in the past year . On average , almost a fifth ( 19 %) of their current workforce proactively approached them seeking financial wellbeing support . Overall , it ’ s clear that current support is not enough to meet the demand .

The study , conducted by ABI Research highlights the accelerating migration from physical to digital wallets , with more than 80 % of those surveyed confirming that they have used a smartphone or smartwatch to make contactless payments . Security , convenience and future digital wallet innovations cement the growing trend towards device first approaches .

For the first time ever , the study found that the majority of consumers prefer to use their mobile phone or wearable to pay over a contactless card . Additionally , when compared to other payment options including contactless cards , QR Codes and cash , consumers rated NFC contactless as the most secure , most convenient , most reliable and easiest way to pay in-person .

The study provides a renewed understanding of consumer adoption , familiarity , and experience with NFC technology at both a global and regional level , with 55 % of respondents saying they would prefer to use their smartphone or smartwatch to make a payment rather than their card . 95 % of those surveyed have left their physical wallet or purse at home on at least one occasion , choosing instead to rely solely on mobile payments . 53 % confirmed they do so multiple times each week .

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“ The 2024 study highlights a significant paradigm shift in the way that people use their contactless devices ,” said Andrew Zignani , Research Director at ABI Research .

“ Daily use of mobile payment platforms is becoming increasingly common , with users citing the security , reliability and convenience of digital solutions as core driving factors . As familiarity and understanding of NFC continues to grow , so too does demand for additional applications and use cases for the technology . We are now entering an end user perception step change whereby NFC is not just considered a payments technology , but a technology that can underpin a variety of different applications and use cases , such as the ability to tap to receive additional product information , for digital car and / or house key storage , use across brand protection or tap to register a product warranty to name but a few ,” added Zignani .

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