UK CPI Data – Financial wellbeing expert reacts – Chieu Cao (Mintago)

Chieu Cao, CEO of Mintago, said: “Another month, another ominous set of inflation data. It is hard to put a positive spin on the figures, with many Britons still likely to feel as though they’re walking on a tightrope without a safety net as they navigate the ongoing cost-of-living crisis.

“For all the scrutiny on supermarkets and the government, we should not overlook the role employers can play in stepping up to the mark and providing the support that is so desperately needed by many employees. Just as with the pandemic, these challenging periods are when the better employers come to the fore. People will ask themselves, is my organisation doing enough to help me through this cost-of-living crisis – if the answer is no, many employees will consider their options.

“Supporting staff in meaningful ways will boost loyalty and productivity. This support can come in many forms, but it must meet the unique needs of each individual – businesses cannot use a tick-box approach to financial wellbeing. Unfortunately, too many employers continue to see financial wellbeing support as an optional extra, rather than an absolute imperative. This needs to change – the sooner that businesses can provide their staff with the tools they need to maintain their financial health the better.”