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07 Dec 2020

Five tips to build an inclusive financial wellbeing strategy

Money worries can affect anyone, regardless of whether they’ve got a million pounds in the bank or they’re trying to make their last few pennies stretch to payday. Given this, an inclusive financial wellbeing strategy is key to supporting every employee, however their finances stack up.

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Although it may sound like a by-product of having a healthy bank balance, financial wellbeing is all about being in control. Knowing your money is working as effectively as possible for the short and long-term, as well any rainy days that may crop up, can be incredibly empowering. 

Sadly though, our November 2020 Deadline to Breadline research shows just how precarious many households’ finances are. It found that the average household is just 24 days from the breadline, significantly shorter than the 90 days they believe they’ve got.

As an inclusive financial wellbeing strategy can help employees turn this around, these are our tips to getting it on the workplace agenda.

1. Do your homework

It’s worth spending some time finding out what financial issues your employees have. As well as running surveys to find out what they want to know, look at the management information you already hold. Data on pension contribution rates, pay advances and benefit take-up can show you more about employees’ financial habits than they’d ever tell you.

2. Education, education, education

Making poor financial decisions is one of the key reasons personal finances get into a mess, so it’s important to provide employees with financial education so they can take control of their money. This could include information from benefits providers but there’s also plenty of great material available from the government’s Money & Pensions Service.

3. Go broad

It’s impossible to know what money issues employees may be facing, so make sure the financial education content you provide is as broad as possible. It’s also worth making it available across lots of different platforms including online, paper-based and face-to-face where appropriate. This suits different employees and makes sure that as many as possible can benefit.  

4. Promote your benefits

As well as making employees aware of your financial education resources, promote the benefits you have as these can also support an employee’s financial wellbeing. Pensions, workplace savings and discount schemes are obvious financial wellbeing heroes, but group protection can also help employees safeguard their family’s financial future. Explaining how benefits support employees will help to drive take-up and appreciation too.

5. Put your financial wellbeing campaign on repeat

Yes, you could wait until Talk Money Week in November to push financial wellbeing, but it’s much better to make it part of your communications all year round. An unexpected bill can mean employees suddenly find themselves needing financial support. Conversely, an unexpected windfall such as an inheritance or a lottery win, can make tips on securing a better income in retirement priceless.

This article is provided by Legal & General.

In partnership with Legal & General

One of the UK's leading group protection providers with over 85 years' experience.

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