Video tutorial: IES’ Duncan Brown on why 90% of employers don't have a financial wellbeing strategy
While some organisations are embracing financial wellbeing, there are many employers that still don’t understand its importance, according to Dr Duncan Brown, head of consulting at the Institute for Employment Studies.
Presenting a keynote address at the REBA FinWell Forum, Dr Brown talked through the findings of IES research carried out with the CIPD for the Money Advice Service. Despite the perfect storm of financial challenges faced by staff, he said only 10% of employers have a financial wellbeing strategy and more than two-thirds fail to offer staff any form of financial guidance or support.
He said the results were surprising with many boards making excuses as to why they weren’t promoting financial wellbeing. Employer concerns included it not being their responsibility, nervousness about being seen to be giving financial advice and a belief that good pay and benefits packages were enough.
“We found that giving the scary stats didn’t really work. We had to get evidence internally in terms of what is the case for acting on this,” said Brown. He urged organsiations to do research within their own companies to understand their specific employees needs but also to audit what they were doing already – pointing out that in some cases it’s more than companies think. “Quite often there’s a base you can build off,” he said.
Making a plan and getting support at senior level was critical, he explained. “Get on that journey,” he said.
This video was recorded at the REBA FinWell Forum, held in London on 7 March 2019.