How independent advice can reduce stress when it comes to employees’ financial decisions

Employees have many decisions to make when it comes to managing their finances. Making the right decisions, for their particular needs, can be the difference between financial wellness and financial stress (and all that can come with that). 

Confused employee

With such decisions crucial to their financial wellbeing therefore, is it any surprise that employers sometimes hesitate when it comes to getting involved in helping their staff to tackle their financial concerns? In REBA’s Employee Wellbeing Research only just over half (52 per cent) of the companies surveyed had a financial wellness strategy in place and 7 per cent had no plans to embrace financial wellness at all.  

Others believe the lack of support is higher. Dr Duncan Brown, head of consulting at the Institute for Employment Studies who spoke at REBA’s FinWell Forum in March, said that only 10% of employers have a financial wellbeing strategy and that more than two-thirds of employers fail to offer staff any form of financial guidance or support. He said employers cite excuses such as nervousness about being seen to be giving financial advice.  

Yet the benefits of intervention can be huge. Providing access to independent financial advice through the workplace can be crucial to reducing stress levels and boosting productivity within your business. 

The value of independence 
There are many areas in which such independent advice can be useful – from pension advice to managing debts and savings. However, one of the most significant can be around providing mortgage advice. For those employees looking to get better control over their finances remortgaging can be an easy way of releasing extra cash – either in a lump sum, which can be used for things like home improvements, or on a monthly basis by sourcing a better deal when a mortgage tie-in period ends. There may be other reasons for remortgaging too – such as paying off a larger amount or reducing the mortgage term. 

Most mortgage lenders will contact their customers directly once a fixed term mortgage ends, in an attempt to encourage them to move to a different mortgage product with them. Some customers will choose to do so, simply because they perceive it’s easier, while others will do nothing or may not realise their fixed term mortgage rate is ending and so simply revert to the lender’s Standard Variable Rate, which can be significantly higher than they were paying before and therefore cause more stress in the long run. 

Providing a better deal for employees 
Yet providing independent mortgage education sessions in the workplace can help employees avoid such a scenario and allow them to find a better mortgage that can ease stress and improve their overall wellbeing. At Charles Cameron & Associates we source the most appropriate mortgage product to suit their individual circumstances. We also have access to exclusive products which aren’t available directly from high street lenders. This enables your employees to get the best mortgage from the whole of the market, rather than just one lender. Independent mortgage advice means a better chance of finding the most appropriate mortgage fit, which can potentially save employees money and reduce financial stress, leading to an overall increase in productivity and wellbeing.

With no cost to either you or your employees, can you really afford not to look more closely at the benefits of providing independent financial education services to your staff?

This article is sponsored by Charles Cameron & Associates. 


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