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Feature


Business Banking & Finance


Seven steps


to reducing financial worry


W


hat does “financial wellness” mean to your business and your staff?


Is it about supporting individuals who are struggling with debt or encouraging them to put more aside for retirement? Do you want to help employees better manage their tax or make sure they are saving into the right financial products for their needs? Are you focused on creating a more productive workplace where individuals are in control of their finances and are not distracted by money worries and stress?


It could be all, or any, of the


above - or a completely different interpretation based on your workforce’s needs. Whatever your priorities for financial wellness, building a strategy that really resonates with your employees and creates positive change for them is essential. But it’s not always possible to address every possible angle all at once. Getting started could be about prioritising what’s most pressing for your workforce or addressing a specific challenge,


such as encouraging staff to save more into their pension as their career progresses. The workplace is a great place to


deliver communications, guidance and advice about individuals’ finances. Most employees are already used


to getting information about work and money from their employer through their regular salary and pension payments. But crucially, a successful financial wellness strategy needs to take things one step further – it should enable


It is important to build a strategy that resonates with your employees


employees to take action to improve their finances. The key ingredients of a


successful financial wellbeing strategy need to focus on the following seven steps:


1. Planning and budgeting Helping staff to take control of their finances, so that they know how much they’re spending and can build up savings to cope with unexpected everyday costs.


2. Managing debt Prioritising which debts to pay off first and making sure employees put aside the money to meet these.


3. Protection Taking out personal protection, to give individuals the peace of mind that they are covered in difficult times.


4. Savings The workplace is an ideal place to help staff save into the right products for them and build a long- term plan for their finances.


5.Planning for retirement Even if it seems a long way off, it’s important to think about how the savings that an employee (and employer) puts aside for retirement will turn into income in later life.


52 CHAMBERLINK October 2018


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