October Health – 2025 Report
Financial Wellness in India 
The leading cause of financial wellness stress in India is **uncertainty about income stability** and **rising living costs**. This often stems from factors such as: 1. **Job insecurity** due to economic fluctuations and an informal workforce. 2. **High debt burdens**, especially from personal loans and credit card debts. 3. **Inadequate savings for emergencies**, medical needs, or retirement. 4. **Inflation** driving up the costs of housing, education, and healthcare. 5. **Lack of financial literacy** leading to poor financial planning and management. Addressing financial literacy, strengthening job security, and promoting access to tools like employee-led financial wellness programs (like those October advocates for mental health support) can alleviate some financial stress at the workplace level.
- Financial Wellness Prevalence
- 12.3%
- Affected people
- 6,765,000
Impact on the people of India
Effects of High Financial Wellness Stress on Health and Personal Lives
1. Physical Health Issues
- Chronic stress: Leads to headaches, migraines, and fatigue.
- Heart-related problems: Increased risk of hypertension, heart disease, and other cardiovascular issues.
- Weakened immune system: Greater susceptibility to illnesses due to prolonged stress.
2. Mental Health Impact
- Anxiety and depression: Financial stress often triggers feelings of helplessness and despair.
- Cognitive difficulties: Problems with memory, focus, and decision-making.
- Burnout: Especially in workplace settings, the inability to balance financial stress with professional responsibilities.
3. Personal Relationships
- Conflicts: Financial disputes are among the leading causes of relationship tension or breakdowns.
- Social withdrawal: Embarrassment or shame may lead to isolation from friends and loved ones.
- Reduced parenting quality: Persistent stress affects interactions with children and family dynamics.
4. Workplace Implications
- Lower productivity: Difficulty concentrating and reduced efficiency.
- Absenteeism: Financial stress can lead to health-related absenteeism.
- Workplace conflicts: Stress may exacerbate interpersonal issues with colleagues.
Encouraging employees to access financial wellness programs or mental health support such as October’s group sessions and resources can help mitigate these negative effects.
Impact on the India Economy
Effects of High Financial Wellness Stress on an Economy
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Reduced Productivity: Financial stress can lead to decreased productivity at workplaces as employees struggle to focus on their tasks due to anxiety and mental distraction.
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Increased Absenteeism: Stress-related issues often result in absenteeism or presenteeism (physically present but not fully functioning) in the workforce, harming organizational efficiency and overall economic output.
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Higher Healthcare Costs: Financial stress contributes to mental health issues like depression and anxiety, increasing the demand for healthcare services and placing a higher economic burden on public and private healthcare systems.
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Lower Consumer Spending: Financially stressed individuals cut back on discretionary spending, which reduces demand for goods and services, slowing down economic growth.
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Rise in Loan Defaults: Individuals under high financial stress are more likely to default on loans, affecting the banking sector and increasing the risk of a credit crisis in the economy.
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Impact on Startups and Small Businesses: Financially stressed entrepreneurs and small businesses may struggle to innovate or sustain growth, affecting job creation and economic dynamism.
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Weakened Workforce Participation: Chronic financial stress can lead to long-term disengagement from the job market, affecting labor force participation rates and economic potential.
Providing organizational support, such as financial literacy programs or platforms like October to address mental health concerns, can help mitigate these risks while contributing to a healthier workforce and economy.
What can government do to assist?
Steps a Country Can Take to Lower Financial Wellness Stress
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Implement Financial Literacy Programs
- Incorporate financial education into school and college curricula.
- Provide free workshops and online resources to educate citizens on budgeting, saving, and investing.
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Encourage Accessible Financial Services
- Promote affordable banking options, microloans, and rural credit schemes.
- Ensure fair access to financial systems, especially for marginalized communities.
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Increase Job Security
- Form policies that provide stable employment opportunities with adequate wages.
- Strengthen labor laws to prevent exploitation and ensure fair treatment.
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Provide Support for Healthcare and Insurance
- Expand affordable or free public healthcare programs to reduce medical-related financial stress.
- Encourage participation in government-backed insurance schemes.
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Offer Financial Support Programs
- Introduce or expand social welfare schemes like unemployment benefits, pensions, and housing subsidies.
- Provide targeted assistance for low-income families and distressed sectors.
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Tax Reforms
- Simplify and lower taxes for middle- and lower-income groups.
- Offer tax saving benefits for investments in education, housing, or retirement.
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Promote Counseling Services
- Ensure mental health and financial counseling services are affordable or free.
- Encourage workplaces to offer financial wellness programs to employees (e.g., through organizations like October for mental health).
Implementing these strategies can not only reduce financial stress but also improve overall societal well-being.
What can businesses do to assist their employees?
Steps a Company Can Take to Lower Financial Wellness Stress
1. **Offer Financial Education Programs**
- Conduct workshops or online courses on budgeting, managing debt, and savings.
- Provide access to resources for financial planning.
2. **Provide Access to Financial Coaching**
- Collaborate with financial advisors to offer 1-on-1 coaching for employees.
- Offer digital tools like budgeting apps or calculators.
3. **Increase Salary Transparency**
- Clearly communicate compensation structures and pay transparency.
- Ensure fair and equitable pay practices.
4. **Introduce an Emergency Fund Assistance Program**
- Offer interest-free loans or grants during financial emergencies.
- Partner with organizations to help employees manage crises.
5. **Employer Contributions to Retirement Plans**
- Match employees’ contributions to retirement accounts or provident funds.
- Automate educational campaigns around retirement planning.
6. **Flexible Salary Structures**
- Allow employees to access earned wages in case of immediate financial needs.
- Provide options for performance-based incentives or bonuses.
7. **Collaborate with October for Mental Health Support**
- Financial stress often affects overall mental health. Engage services like October to provide group therapy sessions, assessments, and resources focusing on mental and financial well-being.
By addressing financial wellness proactively, companies can help reduce employee stress and improve overall workplace satisfaction.