A recent national study has found that UK employees spend an average of £174 per month on wellbeing products.
The average is significantly higher in London, where workers spend almost £350 each month on wellbeing products.
The study, led by Canada Life Group Insurance, found that consumer interest in both long-term services and day-to-day wellbeing products is on the rise. Gym memberships have become increasingly popular with UK workers in recent years, as have health insurance and income protection plans.
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Notably, workers between the ages of 18 and 34 (known to many as the millennial generation) spent more than double the national monthly average on wellbeing products throughout 2018 (£380). The research also revealed that women are much less likely to spend money on these insurance products compared to men (49% vs 31%).
The benefit to UK business
The majority of employees (56%) say they take care of their physical and mental wellbeing, though a significant proportion admit that they can do more. Over a third of respondents (38%) admitted they need to take greater care of their physical wellbeing, while a further third (31%) said the same about their mental wellbeing.
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Additional holiday days, private medical insurance, gym membership and free eye tests all rank among the most popular wellbeing perks. Just one in ten people (11%) said that the prospect of additional wellbeing benefits would make them feel more positive towards their employer.
Paul Avis, Marketing Director at Canada Life Group Insurance, commented: “Offering a wide range of wellbeing products certainly has benefits for employers. The research shows they would be viewed more positively by staff, which aids retention and helps maintain a healthier workforce in the long run.
“People are now spending a significant portion of their pay each month on wellbeing products, so naturally they will look for employers that offer to cover these costs through company benefits and perks. Not only is this beneficial for current employees, it also helps to attract future talent.”
