Business owners in the South West have stepped in to support their employees as the cost-of-living crisis continues.
According to research by Rathbones, 42% of South West business owners have provided their employees with regular financial support over the past six months, while a further 14% have given a one-off lump sum to their staff to help with rising costs.
The investment management company, which has offices in Bristol, Cheltenham, Exeter and other locations throughout the UK, found that nationally 43% of business owners have offered regular financial support to their employees. Those in the East of England were the most generous to staff with three quarters reporting to have offered regular financial support in the last six months.
Inflation rose in February by 10.4%. Business owners in the South East (38%) and those in Greater London (42%) have also been providing considerable regular monetary support to their employees.
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More widely, Rathbones’ research found that higher earners across the UK have also been stepping in to support their loved ones. Nearly two fifths (38%) of high net worth individuals in the South West have helped their children or grandchildren over the last six months with regular financial support for bills, with a further 26% having provided a one-off cash payment. Many have also been regularly supporting extended family members such as aunts, uncles, and cousins (38%) and their close friends (36%).
James Fox, regional director at Rathbones commented: “It is in challenging times where you feel the benefits of having your community the most. With times tough for many individuals, it’s encouraging to see so many business owners stepping in to support their employees. Whether it’s regular financial support or a one-off payment, the help provided by business owners or higher earners will make a real difference in many people’s lives.
“However, it’s vital that business owners are also protecting their businesses and their personal finances throughout this time too. With limited support for SMEs currently available, many could see their costs rise significantly in the coming months. SMEs account for 99.9% of the UK business population and play an important role both as an employer across the UK and to our economy. Ensuring your business is equipped to handle whatever comes next is therefore important.”
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