Building better conversations about financial wellbeing
One third of UK employees say that finances are their biggest concern, but talking about money in the workplace can be an awkward conversation. Is it too personal or off-limits for employees to discuss? Is it appropriate for employers to help employees with their finances?
There is plenty of evidence to show that poor financial wellbeing not only affects individuals’ personal lives, it also hits their productivity at work. Employers are involved, no matter where they believe the boundaries lie when it comes to blending personal finance and work.
But the good news is that it seems that employers care more about their employees’ finances than employees might believe. In our The DNA of Financial Wellbeing 2017 report, which surveyed 10,000 employees and more than 500 HR decision makers the research showed that businesses are now starting to realise that employees with financial worries also struggle at work and are slowly waking up to ways to help them.
The report includes a section dedicated to trends and views, presented by industry sector and allowing businesses to benchmark themselves against others in the same field.
The influence of Brexit
The study also shows the impact of Brexit with more than a third (35%) of employees saying ‘Brexit’ has affected the way that they feel about their finances. The report explores what they are worried about, and which age groups are feeling the greatest effects.
Understanding financial uncertainty for employees?
A quarter of the employees we surveyed have an income that fluctuates by over 10% each month which can make it a challenge to plan and handle unexpected expenses, which in turn affects them at work.
But the study also showed questioned whether employees really understand their financial situation. Only 3 in 10 employees regularly check their credit score and 40% have limited or no understanding of what the numbers mean.
Are members of your workforce financially excluded?
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. Yet over a quarter of businesses believe that some of their workforce are financially excluded. How can employers respond as a result?
Whether you are yet to convince your company of the benefits of workplace financial wellbeing, are ready to start supporting your employees with their finances but don’t know where to begin, or want to see how your existing provision compares to others, this report will give you the data, insight and analysis that you need to prove that the benefits of financial wellbeing are tangible for employees and employers alike.
To download the report click here.
This article was provided by Neyber.
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