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12 Jan 2016
by Liz Morrell

Benefits Shifts 2016: Financial education and advice to increase by third in 2016

As employers embrace financial wellbeing as a key strategy, the introduction of financial advice and education is set to see the biggest expansion in 2016 and beyond, according to research from the Reward & Employee Benefits Association (REBA) and JLT Employee Benefits. 

financial wellness

The REBA/JLT Employee Benefits Shifts Research 2016, found that the number of employers providing access to an independent financial advisor or other financial education is set to increase by nearly a third (28.6%) in 2016 and beyond. Much of the growth will come from employers providing financial advise or education as a core benefit but the number of respondents offering it through flexible benefits, salary sacrifice or an employee paid discount scheme, is also set to more than double.

Debi O’Donovan, partner at REBA, said that the increase was proof of employers being more understanding of how employees can be impacted by money worries. “The pressure that individuals and families can be under financially means that worrying about debt and savings can take over everyday life. By helping employees better manage their financial situation employers can ensure that employees are more focused in work and have less to worry about outside of work too,” she said.

Download the REBA/JLT Employee Benefits Shifts Research 2016