Inflation and rising prices are having a greater impact on people’s well-being than ever before

Inflation and rising prices are having a greater impact on people’s well-being than ever before

Regardless of the Bank of England’s statement urging acceptance of a lower standard of living, a recent study indicates that inflation and rising costs are significantly impacting people’s well-being. The Future of Wellbeing study conducted by Researchbods sheds light on the increasing influence of financial stability on overall happiness. As the cost of living continues to rise, individuals are facing challenges that affect their well-being on multiple levels. This article explores the key findings of the study and highlights the need for brands to address the cost-of-living crisis appropriately.

Financial Well-Being Takes Center Stage

According to the research findings, financial well-being has emerged as the second most influential factor affecting consumers’ overall happiness. A staggering 81% of respondents indicated that financial stability played a significant role in their well-being, trailing only behind physical well-being at 83%. This underscores the magnitude of the financial impact on individuals’ lives.

Growing Cost of Living as a Major Influence

Over half of the respondents (55%) identified the growing cost of living as a major external factor influencing their overall happiness. This highlights the significant burden individuals face in meeting their basic needs and maintaining their desired standard of living. With prices continuing to rise, it becomes increasingly challenging for individuals to manage their finances and maintain a sense of security.

Deteriorating Financial Situation and Future Concerns

More than half of the participants (55%) reported a decline in their financial situation over the past year, while nearly half (49%) expect it to worsen in the coming year. These statistics indicate a concerning trend of worsening financial circumstances and a lack of optimism for the future. The cost-of-living crisis has placed a strain on individuals’ ability to manage their finances effectively, leading to feelings of uncertainty and diminished well-being.

Remote Work as a Financial Well-Being Solution

A significant finding from the study is that one-third (32%) of individuals who have transitioned to remote work or plan to do so believe it will benefit their financial well-being. The reduced commuting costs and related factors associated with remote work are seen as a positive influence on their financial stability. This highlights the potential benefits and flexibility that remote work can provide in navigating the cost-of-living challenges.

Brands’ Role in Supporting Financial Well-Being

According to Sarah Askew, innovation director at Researchbods, financial well-being encompasses various aspects of an individual’s life, making it a complex factor to quantify. Nevertheless, it is evident that the cost-of-living crisis is elevating the importance of financial well-being in overall happiness. Brands have an opportunity to make a positive impact by offering guidance and support to consumers navigating these challenges.

Balancing Responsibility and Genuine Assistance

The study revealed that a considerable portion of consumers (38%) are receptive to utility brands and financial services firms discussing or taking a stand on financial wellness through their marketing channels. However, it is crucial for brands to strike the right balance and avoid “well-washing” or performative actions that may be perceived as taking advantage of the situation. Authenticity and tangible support are key to fostering a sense of control and delivering significant savings to individuals.

Promoting Well-Being: Dazzle London’s Comprehensive Workspace Solutions

Dazzle London one of the leading commercial cleaning companies, takes a comprehensive approach to promote well-being by creating a workplace environment that prioritizes the health and happiness of staff. We offer hyper sterile and clean workplace solutions, including general office cleaning services, to ensure a safe and inviting atmosphere that employees are eager to be a part of.

Dazzle commercial cleaning is committed to reducing their carbon footprint and we set an example by not using cars in our business operations. Instead, all of our staff utilizes public transport for commuting. Our workspace well-being initiatives encompass various elements such as air purifiers to remove pollutants, hand sanitizer stations, office fruit packages, office flowers and trees, drink packages for both non-alcoholic and alcoholic options, as well as healthy snack packs/boxes. By integrating these amenities, Dazzle London creates an engaging environment that enhances the overall well-being of employees and visiting clients, fostering a positive and enjoyable workspace experience.