Giving money worries the chop: Edinburgh hair salon group Medusa introducing financial advisor for staff
Staff at Edinburgh-based hairdressing group Medusa have all been given access to a financial advisor to help manage the increasing cost of living – and, longer term, avoid money woes leading to debt and depression.
It is the latest move by managing director Colin McAndrew as part of the firm’s “mission to positively impact the culture of salons” – with Medusa having also implemented leave for staff undergoing fertility treatment and education on the menopause, free period products for employees and clients, and launched a campaign to boost women’s safety.
Medusa noted the finding that 83 per cent of UK adults saw their cost of living rise in March, plus the forecast that at least 40 per cent of households will fall into fuel poverty this winter – and Mr McAndrew said he doesn’t want anyone in his team to become part of the latter statistic.
He hopes that by making a financial advisor available to all staff, they can each understand how to balance their incomings/outgoings, and able to better plan to help remove some of the financial stress everyone will endure in the coming months and years.
Confidential appointments with the financial advisor “will allow team members to openly discuss their household income, and by creating an honest representation of their financial situation will hopefully ease some of the pressure”, the MD said.
He added: “The cost of living is, and will continue to, affect every single one of us. Business will be tight and salaries will have to stretch further, this will impact the mental health of all involved. I’m proud that Medusa is already a Living Wage Employer and career and salary progression is supported for all our team members.
"By supporting them in planning for the future and put strategies in place today, I hope to eliminate some of the financial burdens that can lead to low morale, debt and depression. I want to help them understand that when finances are stretched there are alternatives to reaching for an overdraft or payday loan.
“The next couple of years are going to be hard for us all – but when we come together and support one another great things happen. I’m determined to reduce the impact that the rising cost of living will have on my team and my business.”