FINANCIAL WELLBEING
O nly recently has the construction industry carried a nasty stigma, forcing many to bottle up their emotions and not ask for the support they need. While the negative connotations around mental health are changing, transformation has been slower when it comes to talk of financial struggles. “People might not want to admit they’re struggling because they fear it reflects poorly on their ability to manage their business,” says Iain Kirtley, FMB South Director and member of FinWELL Training Ltd’s construction sector become more vocal about mental health. For decades it group. “There’s this idea that struggling financially means you’re not good with money, which isn’t true.” There are many factors at play – often uncontrollable – that could affect someone’s ability to run their business: cash flow, late payments, personal illness, material price fluctuations, a global pandemic. The list could go on, but you get the idea.
R;pple Suicide Prevention, and Mental Health First Aid England to tackle the link between financial stress, mental health challenges, and suicide prevention. Significant challenges The last few years have not been easy for small business owners who have faced significant challenges. “The loss of income many experienced during the Covid-19 pandemic has had a long-lasting impact,” says Grace Brownfield, Head of Influencing and Communications at Money Advice Trust – the charity that runs Business Debtline. Many people used up all of their savings during lockdowns and have not yet been able to recreate an emergency fund or savings package to move forward again. “The cost of living crisis that followed the pandemic sent many small businesses’ costs skyrocketing. This volatility can put significant strain on small businesses’ finances and undermine financial stability,” Brownfield adds. The construction industry has always been challenging, especially for those who are self- employed or operating smaller businesses, says
“The reality,” Kirtley explains, “is that financial stress affects sleep, relationships, and mental wellbeing. It’s all interconnected.” (See boxout: ‘Harsh realities’.) Construction is still a male-dominated industry – despite many efforts to make it more inclusive. “This brings additional challenges,” says Ryan Briggs, founder of FinWELL Training Ltd. “Many workers feel pressure to appear as if they have everything under control. “I call it the ‘changing room dynamic’ similar to professional sports, where nobody wants to admit they’re struggling until it’s too late. We need to change that culture and encourage open conversations – whether it’s through leadership or influential on- site figures who are willing to share their experiences and make financial wellbeing discussions normal.” Financial wellbeing is always important to discuss, but perhaps more timely right now given that April is Financial Wellbeing Month – a collaboration by FinWELL Training,
27
Master Builder
www.fmb.org.uk
Made with FlippingBook Online newsletter maker