16 Sep 2020

Iona Bain Young Money blog writer on rethinking financial wellbeing for young workers

Iona Bain Young Money blog writer delivered a keynote address at REBA's Employee Wellbeing Congress on why employers need to rethink work, money and financial resilience to attract young talent in a post-coronavirus world.

Iona considers how financial products employers offer young staff will evolve in the coming years. She said that there is likely to be a shift to flexi-wage loans, savings pots that allow employees to move their money at the touch of a button, debt coaching apps and rental protection.

She added that there are many areas where employers can support their young workers to improve their financial resilience including helping them with goal prioritisation and raising awareness of the importance of auto-enrolment and this will also allow employers to open a conversation with young staff about long-term saving.

Iona said that new approaches need to be taken in order to reach young workers and help improve their financial wellbeing. This, she said, needs to take the form of putting financial wellbeing on par with mental health, speaking with employees to find out what they want, segmenting offerings and ensuring all the initiatives and products are provided in a joined up way.