3 financial wellness tips for employers to consider in the UK
In a report by financial wellbeing platform nudge Global, just 9% of UK employees learned how to manage their money at school or through a course. This discovery means most of the UK’s working professionals may lack a basic understanding of saving and what steps to take to improve their financial wellness. More so, one in three employees (37%) feel anxiety about their financial situation, and one in four (25%) feel ashamed.
Other than ensuring employees have specific employee benefits to match their needs, employers have the opportunity – and responsibility – to present financial wellness solutions to help their workforce cope.
Fortunately, this Pacific Prime UK article has 3 financial wellness tips for employers to consider when looking at ways to support employees who experience financial difficulties.
1. Connect with your employees to understand their financial concerns
Be aware that employees may have several financial affairs to deal with outside of work. As such, they may find it challenging to cope with everything at once. However, employers, especially HR professionals and/or managers, are in a great position to connect with employees and address their issues.
Create a workshop to discuss financial matters
Perhaps you can create a workshop or offer a financial education presentation to discuss financial matters. These can help address financial concerns, such as debt counselling and/or debt consolidation. Employees may appreciate listening to others and learning some great tips to resolve their concerns in the process. Group workshops can also make it easy for individuals to open up to one another too.
See our article on how to ease your employees’ financial worries and discover more ways to help your employees feel more in control of their finances. Just don’t forget to talk with them first!
2. Offer the right benefits from day one
Providing benefits like group health insurance, discounts on gym memberships, free meals, and on-site childcare are fantastic options. But still, for employees that are experiencing financial hardship, these perks won’t do much good.
Thus, it’s worth checking if your current employee benefits genuinely cover the full spectrum of employees’ needs. Since the UK is slowly recovering from the COVID-19 pandemic, many young and old employees will also need financial support.
Apply benefits that appeal to every cohort
According to the report, employees have an appetite to improve their financial knowledge. Almost a third (30%) of 18-24 years olds turn to YouTube videos to educate themselves about personal finances. On the other hand, older generations may already have good financial knowledge but cannot keep up with the pace of things. So when reviewing your employee benefits plan, consider solutions that apply to all demographics, regardless of age, ethnicity, or background.
Further reading:
3. Invest in a financial wellness program
Nothing will sound better to employees with financial problems than knowing that their employer offers an effective financial wellness program. As income providers, employers can add a financial wellness program to their employee benefits plan.
Note: Adding this benefit can also make your company stand out from the competition and attract talent.
Why a financial wellness program?
A well-rounded financial wellness program can help promote accurate and proper use of money. It can also develop one’s understanding of financial solutions, now and in the future. Empowering your employees to make the right financial decisions can yield excellent results, too. These include better work productivity, fewer sick days, and lower employee presenteeism.
For further information, see the employer’s guide to financial wellbeing in the UK.
Reach out to Pacific Prime UK for more employee benefits solutions!
If the tips above have proven useful thus far, why not reach out to Pacific Prime UK for a free consultation and review of your existing employee benefits plan? You can also download our Global Employee Benefits Trends 2020 Report to delve deeply into the forces shaping the employee benefits landscape and discover valuable tips on implementing the benefits in question.
As a health insurance broker and employee benefits specialist, we are experts in helping companies of all industries and sizes design corporate health insurance and employee benefits solutions.
Contact our corporate team to learn more!
His expert view and wealth of knowledge on insurance can also be found in his blogs for the UK, China, Dubai, Thailand, Hong Kong, and Singapore.
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