Video tutorial: MetLife’s Jo Elphick on low-cost strategies to improve financial wellbeing

Better understanding and a behavioural approach can have a big impact on improving financial wellbeing, according to Jo Elphick, UK marketing director at MetLife.

Speaking at the Employee Wellbeing Congress 2018, she said that the high proportion of employees struggling to live pay-day to pay-day had to be addressed, and that low-cost strategies that would change behaviours were key or else companies would risk losing staff.

She said financial wellbeing had to be defined and was about the four Cs: control, capacity, confidence and choices. But she said organisations had to understand what was driving staff to do or not to do things if they wanted to change behaviour.

“When you start to peel that back you can be really, really effective in how you build your programmes of communication and support,” she said.

Changing behaviour isn’t costly but is hugely effective, Elphick explained. “Don’t solutionise before you know what the real issues are,” she said. “Get them to think about their gaps, make them feel slightly uncomfortable and start to create a culture where it feels that it’s ok to talk about their finances at work,” she said.

This video was recorded at the Employee Wellbeing Congress 2018, held in London on 5 July.

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