FINANCIAL WELLNESS
encompass workshops on budgeting and personal
finance, pensions education,
savings and credit, and finding ways to cut household bills. By offering this education within the workplace, employers can potentially benefit from higher levels of employee engagement, and retention. “For many workers, financial worries
directly impact their ability to be productive at work,” says Steven Cameron. “Money concerns can cause stress and disruption, leading to individuals being distracted whilst carrying out tasks or taking days off due to financial stress. Financial education is a simple and effective way of improving this.” Aegon’s research suggests that almost
half of HR professionals support offering access to financial advice because it would make their business more competitive when it comes to attracting new talent and retaining existing staff. “Whilst young workers may be
concerned about saving up for a house deposit, older workers will be concerned about providing for their children or their retirement,” he says. “Employers who tailor their approach to each age group will see the best results.”
Help for staff overseas CABA is the charity which works with members of the Institute of Chartered Accountants in England and Wales both in the UK and internationally to help them manage and maintain their wellbeing – in both a personal and professional capacity. Kelly Feehan, Service Director, CABA, says wellbeing affects all aspects
Steven Cameron, Aegon’s pensions director,
says employers need a shift in mindset, with financial wellbeing viewed as the equal of traditional physical and mental wellbeing, not the poor sibling. “Broadening access to financial education
and providing the tools that enable employees to plan and manage their finances is key to providing an environment of support,” he says. One of the primary ways that businesses
can help their employees to manage their finances is through the provision of financial education. “Our evidence suggests employees who
have access to financial education and clear information on the benefits open to them through their workplace have stronger financial wellbeing than those who don’t.” Financial wellness programmes can
of a person’s life and covers a range of pressures, including financial, physical and mental health. An important part of wellbeing is
financial security, which is different depending on whether employees are based in the UK or abroad. “Financial wellbeing is less of a concern
for those abroad, with just 15% saying they feel financially insecure,” she says. “For UK members, this insecurity level is 27%. A common benefit of working abroad is excellent levels of pay, and this is certainly ref lected in the trends we see from members based abroad versus the UK.” However, it’s important to remember
that financial wellbeing will impact how well an employee does their job. Feeling financially insecure causes great stress and anxiety, which for those abroad could prevent them settling and lead to a failed assignment. “We are seeing an increasing trend of employers taking a more proactive stance on financial wellbeing and this is good to see. Providing team members with educational resources helps not only to possibly prevent any fiscal mishaps down the line, but it engages them with the company too, and highlights a duty of care.”
Helping employees manage their money better As well as financial workshops and personal financial education, there are a number of new initiatives that support employers in helping their employees with monthly cashf low issues.
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