Keeping restaurant owners’ wellbeing and finances in check

In the wake of Favouritetable’s survey showing that up to 75% of UK restauranteurs are struggling with their mental health, Mark Ferguson speaks to Cameron Waldron, Lead Consultant at The Financial Wellbeing Lab, about what hospitality business owners need to focus on in an increasingly competitive sector. 

Mark Ferguson (Favouritetable): Today I'm joined by Cameron Waldron from the Financial Wellbeing Lab. Cameron, could you introduce yourself and explain what the Financial Wellbeing Lab does, especially in relation to finance and overall wellbeing? 

Cameron Waldron (Financial Wellbeing Lab): Thanks for having me, Mark. I've spent decades in financial services, mainly in the UK, but my career began in HR, focusing on remuneration and benefits. Over the years, I’ve seen how financial issues impact general wellbeing.  

Financial wellbeing is not just about money; it’s about how our finances affect our overall sense of wellness, including health, family, and social connections. It's a holistic view that considers the psychological aspects of managing finances, not just the numbers. 

Mark: Are we talking about a mix of accountancy and psychology? How do you approach the issue, especially given the stress finances can cause today? 

Cameron: It's a blend of both. Money doesn’t guarantee happiness, but financial issues can affect overall wellbeing, influencing health, family, and social life. Our approach focuses on building self-efficacy—confidence in managing financial challenges.  

It’s not just about literacy, but about having resilience, confidence, and control over finances, which leads to true financial wellbeing. 

Mark: So, financial wellbeing is more about mindset than just income? 

Cameron: Exactly. It’s not solely about how much money one has. I’ve seen clients with modest incomes who are content because they have control and confidence over their finances. Conversely, wealthy clients may still struggle if other life aspects are out of balance.  

For instance, I know a pensioner who lives a simple, content life because he has a sense of security and alignment with his values. On the other hand, some clients with millions still face financial anxiety because of unrelated issues like health or personal losses. 

Mark: Favouritetable recently surveyed hospitality workers across the UK, finding that 75% reported mental health struggles. What advice would you offer to restaurant owners who feel overwhelmed, particularly when there isn’t enough money coming in? 

Cameron: Running a restaurant is stressful, and financial pressures can be overwhelming. The key is to focus on supporting employees and practicing self-care as a business owner. For employees, stress and anxiety are prevalent in hospitality. Reducing staff stress involves creating a positive, empathetic work environment.  

Managers' empathy is crucial because the staff's behaviour affects the customer experience. When teams feel supported, their wellbeing improves, which benefits the business. 

Mark: What practical steps can restaurant owners take to show empathy to their staff? 

Cameron: Empathy means understanding staff pressures and acknowledging their contributions. Practical actions include offering job security, fair pay, and a work-life balance, though challenging given the industry's hours.  

Empowering staff to make decisions about their roles, like menu choices, fosters creativity and a sense of value. When I worked in HR, we didn't have a formal "ideas box," but we encouraged a culture where people felt comfortable sharing suggestions, which made a big difference. 

Mark: What about restaurant owners? How can they manage their own financial and mental health? 

Cameron: Owners need to prioritise self-care and trust their team to handle daily operations. I’ve seen restaurant owners benefit from training their staff to take on more responsibilities, allowing them to take breaks and recharge.  

Financially, it's about building a resilient business model that can withstand economic fluctuations. This might mean diversifying revenue streams or cutting non-essential costs. Equally important is maintaining a confident mindset, which helps in managing financial challenges effectively. 

Mark: You’re advocating for a balance—investing in both the business’s financial health and the wellbeing of the people running it. 

Cameron: Absolutely. Financial wellbeing is not just about the numbers; it’s about approach and mindset. By building resilience, confidence, and a supportive work culture, restaurant owners can create a thriving business environment. When staff are happy and productive, the business succeeds, which, in turn, alleviates the owner's stress. It’s all interconnected. 

Mark: Cameron, you mentioned how hospitality should be enjoyable not just for customers but also for workers. What practical steps can workers and managers take to reduce stress and create a positive work environment? 

Cameron: People go to restaurants for fun, so the workplace should embody that spirit. Stress can make a workplace feel hostile, so it's essential to actively prevent it. A few approaches include: 

Establish control: Having a sense of control reduces stress. Simple actions like starting the day with small, deliberate tasks set a positive tone and contribute to a sense of readiness and accomplishment. 

Create a positive atmosphere: Small gestures, like greeting colleagues at the start of a shift, build camaraderie. This unity helps staff handle challenges, like difficult customers or a busy rush. 

Manager support: Managers must support their staff, especially in challenging situations. If a customer complaint arises, staff need to feel backed up by management. This support builds confidence and reinforces a positive culture. 

Mark: It sounds like a supportive, team-oriented environment is crucial. How can hospitality workers build resilience in such a fast-paced industry? 

Cameron: Resilience is about recognising your strengths and applying them. Skills in one area of life can transfer to another. For example, if you can come back from a setback in a sport, you can manage a difficult restaurant shift. Resilience involves handling challenges without losing purpose. Training that focuses on skills outside of the immediate job, like financial wellbeing workshops, can improve confidence and help staff handle stress better. 

Mark: Financial stress is a major issue in hospitality. What practical financial tips can you share to help workers and managers feel more in control? 

Cameron: Technology offers great tools for managing finances. A traditional piece of advice was to use cash to manage spending, but now, budgeting apps can offer similar control. For example, I use an app that alerts me with each purchase and transfers unspent money into savings at the month’s end.  

Small, manageable steps like this can help create a sense of control over spending. Another tip is to replace spending with saving; for instance, if you decide not to buy a £3 coffee, you can set up a system to transfer that money to savings instead. These small habits can add up over time. 

Mark: Looking ahead, what trends do you see in the future regarding financial wellbeing and stress management in the hospitality sector? 

Cameron: I’m optimistic. Advances in AI and technology offer quick, personalised financial tools that help people manage their money better. We’re also seeing a shift toward preventive care in health and finance.  

Small, deliberate actions today—like building an emergency fund—can lead to better decision-making and less stress in the future. Employers are also recognising the importance of mental health, which is leading to better approaches to stress management. 

Mark: Cameron, your insights are both practical and encouraging, especially as we approach the holiday season—a reminder for everyone in hospitality to take care of their wellbeing and finances. Thank you for sharing your thoughts with us today. 

Cameron: My pleasure, Mark. I wish everyone in the hospitality industry a fantastic season. Remember, small, deliberate actions—whether building resilience, saving more, or starting your shift with a positive mindset—can make a big difference.