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In Focus Consumer Credit


do so, but 15% of young people are turning to bank overdrafts, 6% to loan sharks, and 4% to payday lenders. Employers are aware that their staff are


struggling. Of the 500 HR directors that we surveyed, 39% believed that their employees are using credit cards, bank loans (33%), overdrafts (31%), and existing savings (31%). However, they also see payday lenders


(19%) and loan sharks (16%) as potential sources of finance for their employees. Financial exclusion – the inability to conveniently access suitable financial products at an appropriate cost – can leave individuals prey to payday lenders and other high-cost forms of finance. Over a quarter of businesses believe that some of their workforce are financially excluded. We also found that there is a disconnect


between firms’ and employees’ perceptions of how much employers care about their financial wellbeing. While 75% of employers believe they care about employees’ financial wellbeing, only 39% of employees say that their employer cares. That raises questions about the overall effectiveness of workplace communications


July 2017


when it comes to giving staff messages about financial benefits and broader wellbeing. Helping employees to feel more in


control of their money has benefits for both employers and employees. Over a third


(34%) of employees said that they have felt stressed due to money worries in the past year, and 24% have lost sleep worrying. That has an inevitable knock-on effect for employers in terms of reduced productivity, so the benefits of financial wellbeing are tangible for both employers and employees.


Financial exclusion – the inability to conveniently access suitable financial products at an appropriate cost – can leave individuals prey to payday lenders and other high-cost forms of finance. Over a quarter of businesses believe that some of their workforce are financially excluded


Conclusion Learning disability charity Mencap has recognised the importance of financial wellbeing for its staff and has recently chosen Neyber to provide support to its 6,000 employees. Over the coming months, we will help Mencap’s staff to build their financial knowledge and resilience. Our financial-wellbeing programme will


offer tools ranging from one-to-one clinics, financial-wellbeing seminars and low-cost loans direct from salary, to podcasts and videos, available on a wellbeing hub. Our mission is to enable employers to


support their workforce’s financial wellbeing through access to affordable loans, attractive savings and sound financial guidance – all at no cost or risk to the employer. CCR


www.CCRMagazine.co.uk 19


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